|   |
|--------|

**FORM      10-K**

**December      31, 2006**

|                             |   | **Exact                  name of registrant as specified in charter,** |   |                                       |
|----------------------------------|--------|------------------------------------------------------------------------|--------|--------------------------------------------|
| **Commission**                   |   | **state                  of incorporation, address of principal**      |   | **I.R.S.                  Employer**       |
| **File                  Number** |   | **executive                  offices and telephone number**            |   | **Identification                  Number** |
|                             |   |                                                                   |   |                                       |
| 001-32206                        |   | **GREAT                  PLAINS ENERGY INCORPORATED**                  |   | 43-1916803                                 |
|                             |   | (A                  Missouri Corporation)                              |   |                                       |
|                             |   | 1201                  Walnut Street                                    |   |                                       |
|                             |   | Kansas                  City, Missouri 64106                           |   |                                       |
|                             |   | (816)                  556-2200                                        |   |                                       |
|                             |   | www.greatplainsenergy.com                                              |   |                                       |
|                             |   |                                                                   |   |                                       |
| 000-51873                        |   | **KANSAS                  CITY POWER & LIGHT COMPANY**             |   | 44-0308720                                 |
|                             |   | (A                  Missouri Corporation)                              |   |                                       |
|                             |   | 1201                  Walnut Street                                    |   |                                       |
|                             |   | Kansas                  City, Missouri 64106                           |   |                                       |
|                             |   | (816)                  556-2200                                        |   |                                       |
|                             |   | www.kcpl.com                                                           |   |                                       |

**Each        of the following classes or series of securities registered pursuant to Section        12(b) of the Act is registered on the New York Stock        Exchange:**

| **Registrant**                                    | **Title                  of each class**                                   |
|---------------------------------------------------|----------------------------------------------------------------------------|
| Great                  Plains Energy Incorporated | Cumulative                  Preferred Stock par value $100 per share  | 3.80% |
|                                              | Cumulative                  Preferred Stock par value $100 per share       | 4.50% |
|                                              | Cumulative                  Preferred Stock par value $100 per share       | 4.35% |
|                                              | Common                  Stock without par value                            |   |
|                                              | Income                  PRIDESSM (to February 16, 2007)                    |   |

----

|                                                                                                                                                                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  Indicate by check mark if the registrant is a well-known seasoned                issuer,                as defined in Rule 405 of the Securities Act.                                                                                                          |
|                  Great Plains Energy Incorporated                                                                                                                                                                                                                                    | Yes |  X                  | No |                     |   | Kansas                City Power & Light Company | Yes |                       | No |  X                    |
|                                                                                                                                                                                                                                                                                      |
|                  Indicate by check mark if the registrant is not required to file                reports                pursuant to Section 13 or Section 15(d) of the Act.                                                                                                     |
|                  Great Plains Energy Incorporated                                                                                                                                                                                                                               | Yes |                       | No |  X                    |   | Kansas                City Power & Light Company | Yes |                        | No |  X  |
|                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|                  Indicate by check mark whether the registrant (1) has filed all reports                required to be filed by Section 13 or 15(d) of the                                                                                                                      |
|                  Securities Exchange Act of 1934 during the preceding 12 months (or                for                such shorter period that the registrant was required to                                                                                                   |
|                  file such reports), and (2) has been subject to such filing requirements                for the past 90 days.                                                                                                                                                  |
|                  Great Plains Energy Incorporated                                                                                                                                                                                                                                    | Yes |                        | No |  X  |   | Kansas                City Power & Light Company | Yes |                       | No |  X                    |
|                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |
|                  Indicate by check mark if disclosure of delinquent filers pursuant                to Item                405 of Regulation S-K is not contained herein, and will                                                                                               |
|                  not be contained, to the best of registrant’s knowledge, in definitive                proxy or information statements incorporated by reference                                                                                                          |
|                  in Part III of this Form 10-K or any amendment to the Form                10-K.                                                                                                                                                                 |
|                Great Plains Energy Incorporated                                                                                                                                                                                                                                      | X |   | Kansas                City Power & Light                Company          X  |   |
|                                                                                                                                                                                                                                                                                      |
|                  Indicate by check mark whether the registrant is a large accelerated                filer, an accelerated filer or a non-accelerated filer. See                                                                                                                |
|                  definition of “accelerated filer and large accelerated filer” in Rule                12b-2 of the Exchange Act.                                                                                                                                    |
|                  Great Plains Energy Incorporated                                                                                                                                                                                                                               | Large                accelerated filer |  X                    | Accelerated                filer |       | Non-accelerated                filer |                       |
|                  Kansas City Power & Light Company                                                                                                                                                                                                                          | Large                accelerated filer |                        | Accelerated                filer |       | Non-accelerated                filer |  X |
|                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  Indicate by check mark whether the registrant is a shell company                (as                defined in Rule 12b-2 of the Exchange Act).                                                                                                                      |
|                  Great Plains Energy Incorporated                                                                                                                                                                                                                                    | Yes |                       | No |  X                    |   | Kansas                City Power & Light Company | Yes |                        | No |  X |
|                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  The aggregate market value of the voting and non-voting common equity                held                by non-affiliates of Great Plains Energy                                                                                                              |
|                  Incorporated (based on the closing price of its common stock on the                New                York Stock Exchange on June 30, 2006) was                                                                                                                |
|                  approximately $2,234,971,993. All of the common equity of Kansas                City                Power & Light Company is held by Great Plains                                                                                                          |
|                  Energy Incorporated, an affiliate of Kansas City Power & Light                Company.                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  On February 21, 2007, Great Plains Energy Incorporated had 85,925,671                shares of common stock outstanding. The                                                                                                                                   |
|                  aggregate market value of the common stock held by non-affiliates                of Great                Plains Energy Incorporated (based upon the                                                                                                            |
|                  closing price of its common stock on the New York Stock Exchange                on                February 21, 2007) was approximately                                                                                                                         |
|                  $2,735,366,235. On February 21, 2007, Kansas City Power & Light                Company had one share of common stock outstanding                                                                                                                           |
|                  and held by Great Plains Energy Incorporated.                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **                 Kansas City Power & Light Company meets the conditions set forth in                General Instruction (l)(1)(a) and (b) of Form 10-K and is therefore****                 filing this Form 10-K with the reduced****disclosure                format.** |
|                                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Documents                Incorporated by Reference**                                                                                                                                                                                                                                    |
|                  Portions of the 2007 Proxy Statement of **Great                Plains Energy Incorporated**                to                be filed with the Securities and Exchange                                                                                         |
|                  Commission are incorporated by reference in Part III of this                report.                                                                                                                                                                            |

| **TABLE                  OF CONTENTS** |
|----------------------------------------|
|                                   |   | **Page** |
|                                   |   | **Number** |
|                                   | Cautionary                  Statements Regarding Forward-Looking Information |  3 |   |
|                                   | Glossary                  of Terms |  4 |   |
|                                   | PART                  I |   |   |
| Item                  1                | Business |  6 |   |
| Item                  1A               | Risk                  Factors |  14 |   |
| Item                  1B               | Unresolved                  Staff Comments |  21 |   |
| Item                  2                | Properties |  22 |   |
| Item                  3                | Legal                  Proceedings |  23 |   |
| Item                  4                | Submission                  of Matters to a Vote of Security Holders |  26 |   |
|                                   | PART                  II |   |   |
| Item                  5                | Market                  for the Registrant's Common Equity, Related Stockholder                  Matters |  26 |   |
|                                   | and                  Issuer Purchases of Equity Securities |   |   |
| Item                  6                | Selected                  Financial Data |  29 |   |
| Item                  7                | Management's                  Discussion and Analysis of Financial Condition |  30 |   |
|                                   | and                  Results of Operation |   |   |
| Item                  7A               | Quantitative                  and Qualitative Disclosures About Market Risks |                    56 |   |
| Item                  8                | Consolidated                  Financial Statements and Supplementary Data |   |   |
|                                   | Great                  Plains Energy |   |   |
|                                   |  Consolidated                  Statements of Income |  59 |   |
|                                   |  Consolidated                  Balance Sheets |  60 |   |
|                                   |  Consolidated                  Statements of Cash Flows |  62 |   |
|                                   |  Consolidated                  Statements of Common Stock Equity |  63 |   |
|                                   |  Consolidated                  Statements of Comprehensive Income |  64 |   |
|                                   |  Kansas                  City Power & Light Company |   |   |
|                                   |  Consolidated                  Statements of Income |  65 |   |
|                                   |  Consolidated                  Balance Sheets |  66 |   |
|                                   |  Consolidated                  Statements of Cash Flows |  68 |   |
|                                   |  Consolidated                  Statements of Common Stock Equity |  69 |   |
|                                   |  Consolidated                  Statements of Comprehensive Income |  70 |   |
|                                   |  Great                  Plains Energy |   |   |
|                                   |  Kansas                  City Power & Light Company |   |   |
|                                   |  Notes                  to Consolidated Financial Statements |  71 |   |
| Item                  9                | Changes                  in and Disagreements With Accountants on Accounting |  128 |   |
|                                   | and                  Financial Disclosure |   |   |
| Item                  9A               | Controls                  and Procedures |  128 |   |
| Item                  9B               | Other                  Information |  131 |   |
|                                   | PART                  III |   |   |
| Item                  10               | Directors,                  Executive Officers and Corporate Governance |  131 |   |
| Item                  11               | Executive                  Compensation |  132 |   |
| Item                  12               | Security                  Ownership of Certain Beneficial Owners and Management |  132 |   |
|                                   | and                  Related Stockholder Matters |   |   |
| Item                  13               | Certain                  Relationships and Related Transactions, and Director                  Independence |  133 |   |
| Item                  14               | Principal                  Accounting Fees and Services |  133 |   |
|                                   | PART                  IV |   |   |
| Item                  15               | Exhibits,                  Financial Statement Schedules |  134 |   |

**CAUTIONARY          STATEMENTS REGARDING CERTAIN FORWARD-LOOKING INFORMATION**

**GLOSSARY          OF TERMS**

| **Abbreviation                    or Acronym** |   | **Definition**                                                                                                               |
|------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------|
|                                           |   |                                                                                                                         |
| **ARO**                                        |   | Asset                    Retirement Obligation                                                                               |
| **BART**                                       |   | Best                    available retrofit technology                                                                        |
| **CAIR**                                       |   | Clean                    Air Interstate Rule                                                                                 |
| **CAMR**                                       |   | Clean                    Air Mercury Rule                                                                                    |
| **Clean                    Air Act**           |   | Clean                    Air Act Amendments of 1990                                                                          |
| **CO****2**                               |   | Carbon                    Dioxide                                                                                            |
| **Company**                                    |   | Great                    Plains Energy Incorporated and its subsidiaries                                                     |
| **Consolidated                    KCP&L**  |   | KCP&L                    and its wholly owned subsidiaries                                                               |
| **Digital                    Teleport**        |   | Digital                    Teleport, Inc.                                                                                    |
| **DOE**                                        |   | Department                    of Energy                                                                                      |
| **EBITDA**                                     |   | Earnings                    before interest, income taxes, depreciation and                    amortization                  |
| **ECA**                                        |   | Energy                  Cost Adjustment                                                                                      |
| **EEI**                                        |   | Edison                    Electric Institute                                                                                 |
| **EIRR**                                       |   | Environmental                    Improvement Revenue Refunding                                                               |
| **EPA**                                        |   | Environmental                    Protection Agency                                                                           |
| **EPS**                                        |   | Earnings                    per common share                                                                                 |
| **ERISA**                                      |   | Employee                    Retirement Income Security Act of 1974                                                           |
| **FASB**                                       |   | Financial                    Accounting Standards Board                                                                      |
| **FELINE                    PRIDES****SM**     |   | Flexible                    Equity Linked Preferred Increased Dividend Equity Securities,                                    |
|                                           |   | a                    service mark of Merrill Lynch & Co., Inc.                                                           |
| **FERC**                                       |   | The                    Federal Energy Regulatory Commission                                                                  |
| **FIN**                                        |   | Financial                    Accounting Standards Board Interpretation                                                       |
| **FSS**                                        |   | Forward                    Starting Swaps                                                                                    |
| **GAAP**                                       |   | Generally                    Accepted Accounting Principles                                                                  |
| **GPP**                                        |   | Great                    Plains Power Incorporated                                                                           |
| **Great                    Plains Energy**     |   | Great                    Plains Energy Incorporated and its subsidiaries                                                     |
| **Holdings**                                   |   | DTI                    Holdings, Inc.                                                                                        |
| **HSS**                                        |   | Home                    Service Solutions Inc., a wholly owned subsidiary of KCP&L                                       |
| **IEC**                                        |   | Innovative                    Energy Consultants Inc., a wholly owned subsidiaryof                    Great Plains Energy    |
| **ISO**                                        |   | Independent                    System Operator                                                                               |
| **KCC**                                        |   | The                    State Corporation Commission of the State of Kansas                                                   |
| **KCP&L**                                  |   | Kansas                    City Power & Light Company, a wholly owned subsidiaryof                    Great Plains Energy |
| **KLT                    Gas**                 |   | KLT                    Gas Inc., a wholly owned subsidiary of KLT Inc.                                                       |
| **KLT                    Gas portfolio**       |   | KLT                    Gas natural gas properties                                                                            |
| **KLT                    Inc.**                |   | KLT                    Inc., a wholly owned subsidiary of Great Plains Energy                                                |
| **KLT                    Investments**         |   | KLT                    Investments Inc., a wholly owned subsidiary of KLT Inc.                                               |
| **KLT                    Telecom**             |   | KLT                    Telecom Inc., a wholly owned subsidiary of KLT Inc.                                                   |
| **KW**                                         |   | Kilowatt                                                                                                                     |
| **kWh**                                        |   | Kilowatt                    hour                                                                                             |
| **MAC**                                        |   | Material                    Adverse Change                                                                                   |
| **MD&A**                                   |   | Management’s                    Discussion and Analysis of Financial Condition and                                     |
|                                           |   | Results                    of Operations                                                                                     |

| **Abbreviation                    or Acronym** |   | **Definition**                                                                                                                 |
|------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|                                           |   |                                                                                                                           |
| **MISO**                                       |   | Midwest                    Independent Transmission System Operator, Inc.                                                      |
| **MPSC**                                       |   | Public                    Service Commission of the State of Missouri                                                          |
| **MW**                                         |   | Megawatt                                                                                                                       |
| **MWh**                                        |   | Megawatt                    hour                                                                                               |
| **NEIL**                                       |   | Nuclear                    Electric Insurance Limited                                                                          |
| **NO****x**                               |   | Nitrogen                    Oxide                                                                                              |
| **NPNS**                                       |   | Normal                    Purchases and Normal Sales                                                                           |
| **NRC**                                        |   | Nuclear                    Regulatory Commission                                                                               |
| **OCI**                                        |   | Other                    Comprehensive Income                                                                                  |
| **PJM**                                        |   | PJM                    Interconnection, LLC                                                                                    |
| **PRB**                                        |   | Powder                    River Basin                                                                                          |
| **PURPA**                                      |   | Public                    Utility Regulatory Policy Act                                                                        |
| **Receivables                    Company**     |   | Kansas                    City Power & Light Receivables Company, a wholly ownedsubsidiary                    of KCP&L |
| **RTO**                                        |   | Regional                    Transmission Organization                                                                          |
| **SEC**                                        |   | Securities                    and Exchange Commission                                                                          |
| **SECA**                                       |   | Seams                    Elimination Charge Adjustment                                                                         |
| **SE                    Holdings**             |   | SE                    Holdings, L.L.C.                                                                                         |
| **Services**                                   |   | Great                    Plains Energy Services Incorporated                                                                   |
| **SIP**                                        |   | State                    Implementation Plan                                                                                   |
| **SFAS**                                       |   | Statement                    of Financial Accounting Standards                                                                 |
| **SO****2**                               |   | Sulfur                    Dioxide                                                                                              |
| **SPP**                                        |   | Southwest                    Power Pool, Inc.                                                                                  |
| **Strategic                    Energy**        |   | Strategic                    Energy, L.L.C., a subsidiary of KLT Energy Services                                               |
| **T                    - Lock**                |   | Treasury                    Lock                                                                                               |
| **Union                    Pacific**           |   | Union                    Pacific Railroad Company                                                                              |
| **WCNOC**                                      |   | Wolf                    Creek Nuclear Operating Corporation                                                                    |
| **Wolf                    Creek**              |   | Wolf                    Creek Generating Station                                                                               |
| **Worry                    Free**              |   | Worry                    Free Service, Inc., a wholly owned subsidiary of                    HSS                               |

**PART          I**

**ITEM          1. BUSINESS**

**General**

**GREAT          PLAINS ENERGY**

| ·   | KCP&L                  is described below. |
|--------------------|------------------------------------------------|
| ·   | KLT                  Inc. is an intermediate holding company that primarily holds indirect                  interests in Strategic Energy, L.L.C. (Strategic Energy), which                  provides                  competitive retail electricity supply services in several electricity                  markets offering retail choice, and holds investments in affordable                  housing limited partnerships. KLT Inc. also wholly owns KLT Gas                  Inc. (KLT                  Gas), which has no active operations. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Innovative                  Energy Consultants Inc. (IEC) is an intermediate holding company                  that                  holds an indirect interest in Strategic Energy. IEC does not own                  or                  operate any assets other than its indirect interest in Strategic                  Energy.                  When combined with KLT Inc.’s indirect interest in Strategic Energy, the                  Company indirectly owns 100% of Strategic Energy. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy Services Incorporated (Services) provides services                  at cost                  to Great Plains Energy and its subsidiaries, including consolidated                  KCP&L. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CONSOLIDATED          KCP&L**

**Business          Segments of Great Plains Energy and KCP&L**

**KCP&L**

**Regulation**

***Missouri          and Kansas Rate Case Filings***

***Southwest          Power Pool Regional Transmission Organization***

**Competition          **

**Power          Supply**

**Fuel**

|                                                                                     |
|------------------------------------------------------------------------------------------|
|                                                                                     |   |   | **Fuel                        cost in cents per** |
|                                                                                     | **Fuel                        Mix****(a)** |   | **net                        kWh generated** |
|                                                                                     | **Estimated** |   | **Actual** |   | **Estimated** |   | **Actual** |
| **Fuel**                                                                                 | **2007** |   | **2006** |   | **2007** |   | **2006** |
| Coal                                                                                     | 74 | % |   | 75 | % |   | 1.28 |   | 1.15 |
| Nuclear                                                                                  | 22 |   |   | 22 |   |   | 0.45 |   | 0.43 |
| Natural                        gas and oil                                               | 2 |   |   | 3 |   |   | 9.58 |   | 7.37 |
| Wind                                                                                     | 2 |   |   | - |   |   | - |   | - |
| Total                        Generation                                                  | 100 | % |   | 100 | % |   | 1.19 |   | 1.16 |
| (a)Fuel                        mix based on percent of total MWhs generated.   |

***Coal***

***Nuclear          Fuel***

***Natural          Gas***

***Purchased          Power***

**Environmental          Matters **

**STRATEGIC          ENERGY**

**Power          Supply**

**Regulation**

***Transmission***

***Seams          Elimination Charge Adjustment***

***Revenue          Sufficiency Guarantee***

**Competition**

**GREAT          PLAINS ENERGY AND CONSOLIDATED KCP&L EMPLOYEES**

**Officers**

| **Officers                    of Great Plains Energy** |    |
|--------------------------------------------------------|---------|
| **Name**                                               | **Age** | **Current                    Position(s)** | **Year                    First Assumed An Officer Position** |
|                                                   |    |   |   |
| Michael                    J. Chesser (a)*        | 58      | Chairman                    of the Board and Chief Executive Officer | 2003 |
| William                    H. Downey (b)*         | 62      | President                    and Chief Operating Officer | 2000 |
| Terry                    Bassham (c)*                  | 46      | Executive                    Vice President, Finance and Strategic Development                    and Chief Financial Officer  | 2005 |
| Michael                    W. Cline (d)           | 45      | Treasurer                    and Chief Risk Officer | 2003 |
| Barbara                    B. Curry (e)*               | 52      | Senior                    Vice President, Corporate Services and                    Corporate Secretary  | 2005 |
| Michael                    L. Deggendorf (f)      | 45      | Vice                    President, Public Affairs | 2005 |
| Stephen                    T. Easley (g)*         | 51      | Senior                    Vice President, Supply - KCP&L | 2000 |
| Mark                    G. English (h)            | 55      | General                    Counsel and Assistant Secretary | 2003 |
| Todd                    A. Kobayashi (i)          | 39      | Vice                    President, Strategy and Investor Relations | 2005 |
| Shahid                    Malik (j)*                   | 46      | Executive                    Vice PresidentPresident                    and Chief Executive Officer - Strategic Energy  | 2004 |
| John                    R. Marshall (k)*          | 57      | Senior                    Vice President, Delivery - KCP&L | 2005 |
| Victoria                    L. Schatz (l)         | 37      | Assistant                    General Counsel and Assistant Secretary | 2006 |
| Lori                    A. Wright (m)*            | 44      | Controller | 2002 |

| **Officers                    of KCP&L**          |    |
|-------------------------------------------------------|---------|
| **Name**                                              | **Age** | **Current                    Position(s)** | **Year                      First Assumed An Officer Position** |
|                                                  |    |   |   |
| Michael                    J. Chesser (a)*       | 58      | Chairman                    of the Board | 2003 |
| William                    H. Downey (b)*        | 62      | President and                    Chief Executive Officer | 2000 |
| Terry                    Bassham (c)*            | 46      | Chief                    Financial Officer | 2005 |
| Kevin                    E. Bryant (n)      | 31      | Vice                    President, Energy Solutions | 2006 |
| Lora                    C. Cheatum (o)           | 50      | Vice                    President, Administrative Services | 2005 |
| Michael                    W. Cline (d)          | 45      | Treasurer | 2003 |
| F.                    Dana Crawford (p)          | 56      | Vice                    President, Plant Operations | 2005 |
| Barbara                    B. Curry (e)*         | 52      | Secretary | 2005 |
| Stephen                    T. Easley (g)*        | 51      | Senior                    Vice President, Supply | 2000 |
| Mark                    G. English (h)           | 55      | Assistant                    Secretary | 2003 |
| Chris                    B. Giles (q)            | 53      | Vice                    President, Regulatory Affairs | 2005 |
| William                    P. Herdegen III       | 52      | Vice                    President, Customer Operations | 2001 |
| John                    R. Marshall (k)*         | 57      | Senior                    Vice President, Delivery | 2005 |
| William                    G. Riggins (r)             | 48      | Vice                    President, Legal and Environmental Affairs and General                    Counsel  | 2000 |
| Marvin                    L. Rollison (s)             | 54      | Vice                    President, Corporate Culture and Community Strategy  | 2005 |
| Victoria                    L. Schatz (l)   | 37      | Assistant                    General Counsel and Assistant Secretary  | 2006 |
| Richard                    A. Spring             | 52      | Vice                    President, Transmission | 1994 |
| Lori                    A. Wright (m)*           | 44      | Controller | 2002 |

| * | Designated                    an executive officer. |
|---|-----------------------------------------------------|

| (a) | Mr.                    Chesser was previously Chief Executive Officer of United Water                    (2002-2003)                    and President and Chief Executive Officer of GPU Energy                    (2000-2002). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Mr.                    Downey was previously Executive Vice President of Great Plains                    Energy                    (2001- 2003) and Executive Vice President of KCP&L (2000-2002) and                    President - KCP&L Delivery Division                    (2000-2002). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Mr.                    Bassham was previously Executive Vice President, Chief Financial                    and                    Administrative Officer (2001-2005) of El Paso Electric                    Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Mr.                    Cline was previously Treasurer of Great Plains Energy (2005),                    Assistant                    Treasurer of Great Plains Energy and KCP&L (2003-2005), and Director,                    Corporate Finance (2001-2002) of Great Plains                    Energy. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | Ms.                    Curry was previously Senior Vice President, Retail Operations                    (2003-2004)                    and Executive Vice President, Global Human Resources (2001-2003)                    of TXU                    Corporation. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Mr.                    Deggendorf was previously Senior Director, Energy Solutions of                    KCP&L                    (2002-2005), Senior Vice President of Everest Connections, a                    cable                    services company (2000-2002) and Vice President of UtiliCorp                    Communications (2000-2002). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Mr.                    Easley was previously Vice President, Generation Services (2002-2005),                    and                    President and CEO of GPP (2001-2002). He was promoted to Senior                    Vice                    President, Supply of KCP&L in March 2005. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (h) | Mr.                    English was previously Corporate Counsel and Assistant Secretary                    (2003-2005) and Corporate Counsel (2001-2003) of Great Plains                    Energy. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (i) | Mr.                    Kobayashi was previously Investor Relations Officer (2002-2005)                    and                    Director*-*Investor                    Relations and Corporate Development of Lante Corporation, a technology                    consulting firm (2000-2002). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (j) | Mr.                    Malik was appointed as President and Chief Executive Officer                    of Strategic                    Energy effective November 10, 2004 and was appointed Executive                    Vice                    President of Great Plains Energy effective January 1, 2006. Mr. Malik                    was previously a partner of Sirius Solutions LLP, a consulting                    company,                    (2002-2004) and President of Reliant Energy Wholesale Marketing                    Group                    (1999-2002). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (k) | Mr.                    Marshall was previously President of Coastal Partners, Inc.,                    a strategy                    consulting company (2001-2005), and Senior Vice President, Customer                    Service of Tennessee Valley Authority                    (2002-2004). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (l) | Ms.                    Schatz was previously Managing Attorney (2003-2006) and Senior                    Attorney                    (2002-2003) of KCP&L, and in private practice with the Levy &                    Craig law firm (1999-2002). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (m) | Ms.                    Wright served as Assistant Controller of KCP&L from 2001 until named                    Controller in 2002. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

| (n) | Mr.                    Bryant was previously Manager, Corporate Finance (2005-2006)                    and Senior                    Financial Analyst, Corporate Finance (2003-2005) of Great Plains                    Energy.                    Previously he served in successive positions as Senior Treasury                    Analyst                    and Manager, Strategic Planning for THQ, Inc., a software company,                    (2002-2003). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (o) | Ms.                    Cheatum was previously Interim Vice President, Human Resources                    (2004-2005)                    and Director, Human Resources (2001-2004) of                    KCP&L. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (p) | Mr.                    Crawford was previously Plant Manager (1994-2005) of KCP&L’s LaCygne                    Generating Station. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (q) | Mr.                    Giles was previously Senior Director, Regulatory Affairs and                    Business                    Planning (2004-2005) and Director, Regulatory Affairs of KCP&L                    (1993-2004). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (r) | Mr. Riggins was previously General                  Counsel of                  Great Plains Energy (2000-2005). |
|-----|------------------------------------------------------------------------------------------------------------------|
| (s) | Mr. Rollison was previously Supervisor-Engineering                  of                  KCP&L (2000-2005). |
|-----|----------------------------------------------------------------------------------------------------------------|

**Available          Information**

**ITEM          1A. RISK FACTORS**

**The          Company has Regulatory Risks**

***The          outcome of KCP&L’s pending and future retail rate proceedings could have a          material impact on its business and are largely outside its control.***

***The          ability of Strategic Energy to compete in states offering retail choice          may be          materially affected by state regulations and host public utility          rates.***

**The          Company has Financial Market and Ratings Risks**

**Great          Plains Energy is subject to business and regulatory uncertainties as a          result of          the anticipated acquisition of Aquila, Inc., which could adversely affect          its          business.**

**The          Company’s Financial Statements Reflect the Application of Critical Accounting          Policies**

**The          Company is Subject to Environmental Laws and the Incurrence of Environmental          Liabilities**

**Great          Plains Energy’s Ability to Pay Dividends and Meet Financial Obligations Depends          on its Subsidiaries**

**KCP&L          and Strategic Energy are Affected by Demand, Seasonality and Weather**

**KCP&L          and Strategic Energy have Commodity Price Risks**

***Fossil          Fuel and Transportation Prices Impact KCP&L’s          Costs***

***Wholesale          Electricity Prices Affect Costs and Revenues***

** **

**KCP&L          has Operations Risks**

**KCP&L          has Construction-Related Risks**

**Failure          of one or more generation plant co-owners to pay their share of construction,          operations and maintenance costs could increase KCP&L’s costs and capital          requirements.**

**KCP&L          has Retirement-Related Risks**

**KCP&L          has Nuclear Exposure**

**KCP&L’s          participation in the SPP could increase costs, reduce revenues, and reduce          KCP&L’s control over its transmission assets. **

**Strategic          Energy Operates in Competitive Retail Electricity Markets**

**Strategic          Energy has Credit Risk**

**ITEM          1B. UNRESOLVED STAFF COMMENTS**

**ITEM          2. PROPERTIES**

**KCP&L          Generation Resources**

|                         |                                                                                                                                                             |                                            |   |          |      |                                  |                           |        |
|------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|--------|---------------|-----------|---------------------------------------|--------------------------------|-------------|
|                    |                                                                                                                                                             |                                            |   | **Year**      |      | **Estimated                    2007** |                           | **Primary** |
|                         |                                                                                                                                                             | **Unit**                                        |   | **Completed** |      | **MW                    Capacity**    |                           | **Fuel**    |
| Base                    Load | Wolf                    Creek                                                                                                                                    |                                            | 1985   |          |  548 | (a)                                   |                           | Nuclear     |   |
|                         |                                                                                                                                                             | Iatan                    No. 1                  |   | 1980          |      |  460                             | (a)                    (b)     |        | Coal |   |
|                         |                                                                                                                                                             | LaCygne                    No. 2                |   | 1977          |      |  341                             | (a)                            |        | Coal |   |
|                         |                                                                                                                                                             | LaCygne                    No. 1                |   | 1973          |      |  368                             | (a)                            |        | Coal |   |
|                         |                                                                                                                                                             | Hawthorn                    No. 5 (c)           |   | 1969          |      |  563                             |                           |        | Coal |   |
|                         |                                                                                                                                                             | Montrose                    No. 3               |   | 1964          |      |  176                             |                           |        | Coal |   |
|                         |                                                                                                                                                             | Montrose                    No. 2               |   | 1960          |      |  164                             |                           |        | Coal |   |
|                         |                                                                                                                                                             | Montrose                    No. 1               |   | 1958          |      |  170                             |                           |        | Coal |   |
| Peak                    Load | West                    Gardner Nos. 1, 2, 3 and 4 (d)                                                                                                           | 2003                                            |   |  308     |      |                                  | Natural                    Gas |
|                         |                                                                                                                                                             | Osawatomie                    (d)               |   | 2003          |      |  77                              |                           |        | Natural                    Gas |
|                         |                                                                                                                                                             | Hawthorn                    No. 9 (e)           |   | 2000          |      |  130                             |                           |        | Natural                    Gas |
|                         |                                                                                                                                                             | Hawthorn                    No. 8 (d)           |   | 2000          |      |  77                              |                           |        | Natural                    Gas |
|                         |                                                                                                                                                             | Hawthorn                    No. 7 (d)           |   | 2000          |      |  77                              |                           |        | Natural                    Gas |
|                         |                                                                                                                                                             | Hawthorn                    No. 6 (d)           |   | 1997          |      |  136                             |                           |        | Natural                    Gas |
|                         |                                                                                                                                                             | Northeast                    Nos. 17 and 18 (e) |   | 1977          |      |  117                             |                           |        | Oil |   |
|                         |                                                                                                                                                             | Northeast                    Nos. 15 and 16 (e) |   | 1975          |      |  116                             |                           |        | Oil |   |
|                         |                                                                                                                                                             | Northeast                    Nos. 13 and 14 (e) |   | 1976          |      |  114                             |                           |        | Oil |   |
|                         |                                                                                                                                                             | Northeast                    Nos. 11 and 12 (e) |   | 1972          |      |  111                             |                           |        | Oil |   |
|                         |                                                                                                                                                             | Northeast                    Black Start Unit   |   | 1985          |      |  2                               |                           |        | Oil |   |
| Wind                         | Spearville                    Wind Energy Facility(f)                                                                                                            | 2006                                            |   |  -       |      |                                  | Wind                           |        |
| Total                        |                                                                                                                                                             |                                            |   |          | 4,055     |                                  |                           |        |   |
| (a)                          | KCP&L's                    share of a jointly owned unit.                                                                                                    |                                            |   |          |      |                                  |                           |        |   |   |
| (b)                          | The                    Iatan No. 2 air permit limits KCP&L's accredited capacity of Iatan No.                    1 to 460 MWs from 469 MWs                   |
|                         | until                    the air quality control equipment included in the comprehensive                    energy                    plan is operational.       |                                            |
| (c)                          | The                    Hawthorn Generating Station returned to commercial operation                    in 2001 with                    a new boiler, air quality |
|                         | control                    equipment and an uprated turbine following a 1999                    explosion.                                                       |                                            |   |          |      |                                  |
| (d)                          | Combustion                    turbines.                                                                                                                          |                                            |   |          |      |                                  |                           |        |   |   |
| (e)                          | Heat                    Recovery Steam Generator portion of combined cycle.                                                                                      |                                            |   |          |      |                                  |                           |        |
| (f)                          | In                    2006, KCP&L completed the 100.5 MW Spearville Wind Energy Facility in                    Spearville, KS. Wind is not                   |
|                         | currently                    eligible for accredited capacity under SPP reliability                    standards.                                                |                                            |   |          |      |                                  |

**KCP&L          Transmission and Distribution Resources**

**KCP&L          General **

**ITEM          3. LEGAL PROCEEDINGS**

**KCP&L          Missouri Rate Cases**

**KCP&L          Kansas Rate Case**

**KCP&L          Regulatory Plan Appeals**

**Kansas          City Power & Light Company v. Union Pacific Railroad          Company**

**Hawthorn          No. 5 Litigation**

**Iatan          Station Air Permit**

**Weinstein          v. KLT Telecom**

**Tech          Met, Inc., et al. v. Strategic Energy**

**Other          Proceedings**

**ITEM          4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

**PART          II**

**ITEM          5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND          ISSUER          PURCHASES OF EQUITY SECURITIES**

**GREAT          PLAINS ENERGY**

|                                              |   |
|---------------------------------------------------|--------|
|                                              |   | **Common                    Stock Price Range** |   | **Common                    Stock** |   |
|                                              |   | **2006** |   | **2005** |   | **Dividends                    Declared** |   |
| **Quarter**                                       |   | **High** |   | **Low** |   | **High** |   | **Low** |   | **2007** | **2006** |   | **2005** |   |
| First                                             |   | $ | 29.32 |   | $ | 27.89 |   | $ | 31.61 |   | $ | 29.56 |   | $ | 0.415 (a) | $ | 0.415 |   | $ | 0.415 |   |
| Second                                            |   |   | 28.99 |   |   | 27.33 |   |   | 32.25 |   |   | 29.77 |   |   |   |   | 0.415 |   |   | 0.415 |   |
| Third                                             |   |   | 31.43 |   |   | 27.70 |   |   | 32.63 |   |   | 29.82 |   |   |   |   | 0.415 |   |   | 0.415 |   |
| Fourth                                            |   |   | 32.80 |   |   | 31.13 |   |   | 30.23 |   |   | 27.27 |   |   |    |   | 0.415 |   |   | 0.415 |   |
| (a)                    Declared February 6, 2007. |

**Regulatory          Restrictions**

**Dividend          Restrictions**

**Equity          Compensation Plan**

|                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   | **Number                        of securities** |
|                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   | **remaining                        available** |
|                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   | **for                        future issuance** |
|                                                                                                                                                                                                                  |   | **Number                        of securities to** | **Weighted-average** |   | **under                        equity** |
|                                                                                                                                                                                                                  |   | **be                        issued upon exercise** | **exercise                        price of** |   | **compensation                        plans** |
|                                                                                                                                                                                                                  |   | **of                        outstanding options,** | **outstanding                        options,** |   | **(excluding                        securities** |
|                                                                                                                                                                                                                  |   | **warrants                        and rights** | **warrants                        and rights** |   | **reflected                        in column (a))** |
| **Plan                        Category**                                                                                                                                                                              |   | **(a)** |   | **(b)** |   | **(c)** |
| Equity                        compensation plans                                                                                                                                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|   approved                        by                        security holders                                                                                                                                |   |  364,183 | (1) |   |  $                        25.52 | (2) |   |  1,878,929 |   |
| Equity                        compensation plans not                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                              approved                        by security holders                                                                                                             |   | - |   |   | - |   |   | - |   |
|                              Total                                                                                                                                                           |   | 364,183 |   |   | $                        25.52 |   |   | 1,878,929 |   |
| (1)                         Includes                        254,711 performance shares at target performance levels and                        options for                        109,472 shares of Great Plains |
|                          Energy                      common stock outstanding at December 31, 2006.                                                                                                    |
| (2)                         The                        254,711 performance shares have no exercise price and therefore                        are not                        reflected in the weighted average   |
|     exercise                      price.                                                                                                                                                          |

**Purchases          of Equity Securities**

|                                                         |
|--------------------------------------------------------------|
| **Issuer                    Purchases of Equity Securities** |
|                                                         |   |   |   |   |   |   |   |   |   |   |   | **Maximum                    Number** |
|                                                         |   |   |   |   |   |   |   | **Total                    Number of** |   | **(or                    Approximate** |
|                                                         |   |   |   |   |   |   |   | **Shares                    (or Units)** |   | **Dollar                    Value) of** |
|                                                         |   | **Total** |   |   |   | **Purchased                    as** |   | **Shares                    (or Units)** |
|                                                         |   | **Number                    of** |  **Average** | **Part                    of Publicly** |   | **that                    May Yet Be** |
|                                                         |   | **Shares** |  **Price                    Paid** | **Announced** |   | **Purchased                    Under** |
|                                                         |   | **(or                    Units)** | **per                    Share** | **Plans                    or** |   | **the                    Plans or** |
| **Month**                                                    | **Purchased** | **(or                    Unit)** | **Programs** |   | **Programs** |
| October                    1 - 31                            |   | 4,777 | (1) |   | $31.12 |   |   | - |   |   |   | N/A |   |
| November                    1 - 30                           |   | 3,042 | (1) |   | 32.18 |   |   | - |   |   |   | N/A |   |
| December                    1 - 31                           |   | - |   |   | - |   |   | - |   |   |   | N/A |   |
| Total                                                        |   | 7,819 |   |   | $31.53 |   |   | - |   |   |   | N/A |   |
| (1)                                                          | Represents                    shares of common stock surrendered to the Company by certain                    officers to                    pay taxes |
|                                                         | related                    to the vesting of restricted common stock. |   |   |   |   |   |   |

**KCP&L**

**Regulatory          Restrictions**

**Equity          Compensation Plan**

**ITEM          6. SELECTED FINANCIAL DATA**

|                                                                        |
|-----------------------------------------------------------------------------|
|                                                                        |   |   |  **As                    Adjusted** | **As                    Adjusted** | **As                      Adjusted** | **As                      Adjusted** |
| **Year                    Ended December 31**                               |   | **2006** |  **2005****(d)** | **2004****(d)** | **2003(d)** | **2002(d)** |
| **Great                    Plains Energy****(a)**                           |   | (dollars                    in millions except per share amounts) |   |
| Operating                    revenues                                       |   | $ | 2,675 |   | $ | 2,605 |   | $ | 2,464 |   | $ | 2,148 |   | $ | 1,802 |   |
| Income                    from continuing operations                    (b) |   | $ | 128 |   | $ | 164 |   | $ | 175 |   | $ | 189 |   | $ | 136 |   |
| Net                    income                                               |   | $ | 128 |   | $ | 162 |   | $ | 183 |   | $ | 144 |   | $ | 125 |   |
| Basic                    earnings per common                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| share                    from continuing operations                         |   | $ | 1.62 |   | $ | 2.18 |   | $ | 2.41 |   | $ | 2.71 |   | $ | 2.15 |   |
| Basic                    earnings per common share                          |   | $ | 1.62 |   | $ | 2.15 |   | $ | 2.51 |   | $ | 2.06 |   | $ | 1.98 |   |
| Diluted                    earnings per common                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| share                    from continuing operations                         |   | $ | 1.61 |   | $ | 2.18 |   | $ | 2.41 |   | $ | 2.71 |   | $ | 2.15 |   |
| Diluted                    earnings per common share                        |   | $ | 1.61 |   | $ | 2.15 |   | $ | 2.51 |   | $ | 2.06 |   | $ | 1.98 |   |
| Total                    assets at year end                                 |   | $ | 4,336 |   | $ | 3,842 |   | $ | 3,796 |   | $ | 3,694 |   | $ | 3,521 |   |
| Total                    redeemable preferred stock, mandatorily            |   |   |   |   |   |   |   |   |   |   |   |   |
| redeemable                    preferred securities and long-                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| term                    debt (including current maturities)                 |   | $ | 1,142 |   | $ | 1,143 |   | $ | 1,296 |   | $ | 1,347 |   | $ | 1,332 |   |
| Cash                    dividends per common share                          |   | $ | 1.66 |   | $ | 1.66 |   | $ | 1.66 |   | $ | 1.66 |   | $ | 1.66 |   |
| SEC                    ratio of earnings to fixed charges                   |   |   | 3.20 |   |   | 3.60 |   |   | 3.54 |   |   | 4.22 |   |   | 2.98 |   |
|                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Consolidated                    KCP&L****(a)**                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                    revenues                                       |   | $ | 1,140 |   | $ | 1,131 |   | $ | 1,092 |   | $ | 1,057 |   | $ | 1,013 |   |
| Income                    from continuing operations                    (c) |   | $ | 149 |   | $ | 144 |   | $ | 145 |   | $ | 125 |   | $ | 102 |   |
| Net                    income                                               |   | $ | 149 |   | $ | 144 |   | $ | 145 |   | $ | 116 |   | $ | 95 |   |
| Total                    assets at year end                                 |   | $ | 3,859 |   | $ | 3,340 |   | $ | 3,335 |   | $ | 3,315 |   | $ | 3,143 |   |
| Total                    redeemable preferred stock, mandatorily            |   |   |   |   |   |   |   |   |   |   |   |   |
| redeemable                    preferred securities and long-                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| term                    debt (including current maturities)                 |   | $ | 977 |   | $ | 976 |   | $ | 1,126 |   | $ | 1,336 |   | $ | 1,313 |   |
| SEC                    ratio of earnings to fixed charges                   |   |   | 4.11 |   |   | 3.87 |   |   | 3.37 |   |   | 3.68 |   |   | 2.87 |   |

| (a)   | Great                  Plains Energy’s and KCP&L’s consolidated financial statements include                  results for all subsidiaries in operation for the periods presented. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b)   | This                  amount is before discontinued operations of $(1.9), $7.3, $(44.8)                  and                  $(7.5) in 2005 through 2002, respectively. In 2002, this amount                  is before                  a $3.0 million cumulative effect of a change in accounting                  principle. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c)   | This                  amount is before discontinued operations of $(8.7) and $(4.0) million                  in                  2003 and 2002. In 2002, this amount is before a $3.0 million cumulative                  effect of a change in accounting                  principle. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d)  |  See                Note 5 to the consolidated financial statements for information regarding                Wolf Creek refueling outage costs and an associated change in accounting                principle |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM            7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF            OPERATIONS**

**Executive            Summary**

**Anticipated            Acquisition of Aquila, Inc.**

**EXECUTING            ON STRATEGIC INTENT**

**KCP&L’s            Comprehensive Energy Plan**

**KCP&L            Regulatory Proceedings**

**KCP&L            BUSINESS OVERVIEW**

**STRATEGIC            ENERGY BUSINESS OVERVIEW**

**RELATED            PARTY TRANSACTIONS**

**CRITICAL            ACCOUNTING POLICIES**

**Pensions**

|                                               |
|----------------------------------------------------|
|                                               |   |   |   |   |   | **Impact                      on** |   | **Impact                      on** |   |
|                                               |   |   |   |   |   | **Projected** |   | **2006** |   |
|                                               |   | **Change                      in** |   | **Benefit** |   | **Pension** |   |
| **Actuarial                      assumption**      |   | **Assumption** |   | **Obligation** |   | **Expense** |   |
|                                               |   |   |   |   |   | (millions) |   |
| Discount                      rate                 |   |   | 0.5 | % |   | increase |   | $ | (34.1) | $ | (2.9) |
| Rate                      of return on plan assets |   |   | 0.5 | % |   | increase |   |   | - |   | (1.8) |
| Discount                      rate                 |   |   | 0.5 | % |   | decrease |   |   | 36.2 |   | 3.0 |
| Rate                      of return on plan assets |   |   | 0.5 | % |   | decrease |   |   | - |   | 1.8 |
|                                               |   |   |  |   |   |  |   |   |  |   |   |  |   |

**Regulatory          Matters**

**Energy          and Energy-Related Contract Accounting**

**GREAT          PLAINS ENERGY RESULTS OF OPERATIONS **

|                                                          |   |       |     |                               |   |                               |   |
|---------------------------------------------------------------|--------|------------|----------|------------------------------------|--------|------------------------------------|--------|
|                                                          |   |       |     | **As                    Adjusted** |   | **As                    Adjusted** |   |
|                                                          |   | **2006**   |     | **2005**                           |   | **2004**                           |   |
|                                                          |   | (millions) |     |
| Operating                    revenues                         |   | $          | 2,675.3  |                               | $      | 2,604.9                            |   | $ | 2,464.0 |   |
| Fuel                                                          |   |       | (229.5   | )                                  |   | (208.4                             | )      |   | (176.8 | ) |
| Purchased                    power                            |   |       | (1,516.7 | )                                  |   | (1,429.7                           | )      |   | (1,300.0 | ) |
| Skill                    set realignment costs                |   |       | (9.4     | )                                  |   | -                                  |   |   | - |   |
| Other                    operating expenses                   |   |       | (524.4   | )                                  |   | (527.2                             | )      |   | (510.5 | ) |
| Depreciation                    and amortization              |   |       | (160.5   | )                                  |   | (153.1                             | )      |   | (150.1 | ) |
| Gain                    (loss) on property                    |   |       | 0.6      |                               |   | (3.5                               | )      |   | (5.1 | ) |
| Operating                    income                           |   |       | 235.4    |                               |   | 283.0                              |   |   | 321.5 |   |
| Non-operating                    income (expenses)            |   |       | 13.2     |                               |   | 2.7                                |   |   | (8.4 | ) |
| Interest                    charges                           |   |       | (71.2    | )                                  |   | (73.8                              | )      |   | (83.0 | ) |
| Income                    taxes                               |   |       | (47.9    | )                                  |   | (39.5                              | )      |   | (55.5 | ) |
| Minority                    interest in subsidiaries          |   |       | -        |                               |   | (7.8                               | )      |   | 2.1 |   |
| Loss                    from equity investments               |   |       | (1.9     | )                                  |   | (0.4                               | )      |   | (1.5 | ) |
| Income                    from continuing operations          |   |       | 127.6    |                               |   | 164.2                              |   |   | 175.2 |   |
| Discontinued                    operations                    |   |       | -        |                               |   | (1.9                               | )      |   | 7.3 |   |
| Net                    income                                 |   |       | 127.6    |                               |   | 162.3                              |   |   | 182.5 |   |
| Preferred                    dividends                        |   |       | (1.6     | )                                  |   | (1.6                               | )      |   | (1.6 | ) |
| Earnings                    available for common shareholders |   | $          | 126.0    |                               | $      | 160.7                              |   | $ | 180.9 |   |
|                                                          |

**2006        compared to 2005**

**2005          compared to 2004**

**CONSOLIDATED          KCP&L RESULTS OF OPERATIONS**

|                                                 |   |       |    |                               |   |                               |   |
|------------------------------------------------------|--------|------------|---------|------------------------------------|--------|------------------------------------|--------|
|                                                 |   |       |    | **As                    Adjusted** |   | **As                    Adjusted** |   |
|                                                 |   | **2006**   |    | **2005**                           |   | **2004**                           |   |
|                                                 |   | (millions) |    |
| Operating                    revenues                |   | $          | 1,140.4 |                               | $      | 1,130.9                            |   | $ | 1,091.6 |   |
| Fuel                                                 |   |       | (229.5  | )                                  |   | (208.4                             | )      |   | (176.8 | ) |
| Purchased                    power                   |   |       | (26.4   | )                                  |   | (61.3                              | )      |   | (52.5 | ) |
| Skill                    set realignment costs       |   |       | (9.3    | )                                  |   | -                                  |   |   | - |   |
| Other                    operating expenses          |   |       | (452.1  | )                                  |   | (460.5                             | )      |   | (442.2 | ) |
| Depreciation                    and amortization     |   |       | (152.7  | )                                  |   | (146.6                             | )      |   | (145.2 | ) |
| Gain                    (loss) on property           |   |       | 0.6     |                               |   | (4.6                               | )      |   | (5.1 | ) |
| Operating                    income                  |   |       | 271.0   |                               |   | 249.5                              |   |   | 269.8 |   |
| Non-operating                    income (expenses)   |   |       | 9.6     |                               |   | 11.8                               |   |   | (1.9 | ) |
| Interest                    charges                  |   |       | (61.0   | )                                  |   | (61.8                              | )      |   | (74.2 | ) |
| Income                    taxes                      |   |       | (70.3   | )                                  |   | (48.0                              | )      |   | (53.8 | ) |
| Minority                    interest in subsidiaries |   |       | -       |                               |   | (7.8                               | )      |   | 5.1 |   |
| Net                    income                        |   | $          | 149.3   |                               | $      | 143.7                              |   | $ | 145.0 |   |
|                                                 |   |       |    |                               |   |                               |   |   |   |   |

**Consolidated        KCP&L Sales Revenues and MWh Sales**

|                                                   |   |
|--------------------------------------------------------|--------|
|                                                   |   |   |   | **%**  |   |   |   | **% ** |   |   |   |
|                                                   |   | **2006** |   | **Change** |   | **2005** |   | **Change** |   | **2004** |   |
| Retail                        revenues                 |   |   |   |   |   | (millions) |   |   |   |   |   |
| Residential                                            |   | $ | 384.3 |   |   | 1 |   | $ | 380.0 |   |   | 9 |   | $ | 347.1 |   |
| Commercial                                             |   |   | 442.6 |   |   | 2 |   |   | 434.6 |   |   | 3 |   |   | 421.1 |   |
| Industrial                                             |   |   | 99.8 |   |   | (1) |   |   | 100.9 |   |   | 5 |   |   | 96.2 |   |
| Other                        retail revenues           |   |   | 8.8 |   |   | 3 |   |   | 8.6 |   |   | (2) |   |   | 8.7 |   |
| Total                        retail                    |   |   | 935.5 |   |   | 1 |   |   | 924.1 |   |   | 6 |   |   | 873.1 |   |
| Wholesale                        revenues              |   |   | 190.4 |   |   | (1) |   |   | 192.4 |   |   | (4) |   |   | 200.2 |   |
| Other                        revenues                  |   |   | 14.5 |   |   | 1 |   |   | 14.3 |   |   | (15) |   |   | 16.8 |   |
| KCP&L                        electric revenues     |   |   | 1,140.4 |   |   | 1 |   |   | 1,130.8 |   |   | 4 |   |   | 1,090.1 |   |
| Subsidiary                        revenues             |   |   | - |   |   | NM |   |   | 0.1 |   |   | (93) |   |   | 1.5 |   |
| Consolidated                        KCP&L revenues |   | $ | 1,140.4 |   |   | - |   | $ | 1,130.9 |   |   | 4 |   | $ | 1,091.6 |   |
|                                                   |

|                                            |
|-------------------------------------------------|
|                                            |   |   |   | **%**  |   |   |   | **%** |   |   |   |
|                                            |   | **2006** |   | **Change** |   | **2005** |   | **Change** |   | **2004** |   |
| Retail                    MWh sales             |   |   |   |   |   | (thousands) |   |   |   |   |   |
| Residential                                     |   |   | 5,413 |   |   | 1 |   |   | 5,383 |   |   |  10 |   |   | 4,903 |   |
| Commercial                                      |   |   | 7,403 |   |   | 2 |   |   | 7,292 |   |   |  4 |   |   | 6,998 |   |
| Industrial                                      |   |   | 2,148 |   |   | (1 | ) |   | 2,165 |   |   |  5 |   |   | 2,058 |   |
| Other                    retail MWh sales       |   |   | 86 |   |   | 4 |   |   | 82 |   |   | (3) |   |   | 85 |   |
| Total                    retail                 |   |   | 15,050 |   |   | 1 |   |   | 14,922 |   |   |  6 |   |   | 14,044 |   |
| Wholesale                    MWh sales          |   |   | 4,676 |   |   | 1 |   |   | 4,608 |   |   | (30) |   |   | 6,603 |   |
| KCP&L                    electric MWh sales |   |   | 19,726 |   |   | 1 |   |   | 19,530 |   |   | (5) |   |   | 20,647 |   |

|    |     |            |     |            |     |
|---------|----------|-----------------|----------|-----------------|----------|
|    | **2006** | **%****Change** | **2005** | **%****Change** | **2004** |
|    |     |            |     |            |     |
| **CDD** | 1,724    | 6               | 1,626    | 45              | 1,118    |
| **HDD** | 4,052    | (15)            | 4,780    | 1               | 4,741    |
|    |     |            |     |            |     |

**Consolidated          KCP&L Fuel and Purchased Power **

|                                      |   |     |   |       |   |        |   |       |   |     |   |
|-------------------------------------------|--------|----------|--------|------------|--------|-------------|--------|------------|--------|----------|--------|
| **Net                    MWhs Generated** |   |     |   | **%**      |   |        |   | **%**      |   |          |   |
| **by                    Type**            |   | **2006** |   | **Change** |   | **2005**    |   | **Change** |   | **2004** |   |
|                                      |   |     |   |       |   | (thousands) |   |       |   |     |   |
| Coal                                      |   |     | 15,056 |       |   | -           |   |       | 14,994 |     |   | (4 | ) |   | 15,688 |   |
| Nuclear                                   |   |     | 4,395  |       |   | 6           |   |       | 4,146  |     |   | (13 | ) |   | 4,762 |   |
| Natural                    gas and oil    |   |     | 564    |       |   | 19          |   |       | 473    |     |   | 206 |   |   | 155 |   |
| Wind                                      |   |     | 106    |       |   | N/A         |   |       | -      |     |   | - |   |   | - |   |
| Total                    Generation       |   |     | 20,121 |       |   | 3           |   |       | 19,613 |     |   | (5 | ) |   | 20,605 |   |
|                                      |   |     |   |       |   |        |   |       |   |     |   |   |   |   |   |   |

**Consolidated            KCP&L Other Operating Expenses **
***(including            other operating, maintenance and general taxes)***

| ·   | decreased                    severance and incentive compensation expense of $6.3                    million, |
|--------------------|---------------------------------------------------------------------------------------------------------------|
| ·   | decreased                    restoration expenses of $5.1 million due to expenses that were                    incurred                    for a January 2005 ice storm and a June 2005 wind                    storm, |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | deferring                    $6.2 million of expenses in accordance with MPSC and KCC orders. |
|--------------------|-----------------------------------------------------------------------------------------------|
| ·   | increased                    maintenance expenses of $2.6 million for facilities, software                    and                    communication equipment and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | increased                    property taxes of $2.7 million primarily due to increases in                    assessed                    property valuations and mill levies. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | increased                    employee-related expenses of $4.7 million including severance                    and                    incentive compensation, |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | increased                    expenses of $2.4 million due to higher legal reserves, |
|--------------------|-------------------------------------------------------------------------------------|
| ·   | increased                    regulatory expenses of $1.2 million including expenses related                    to the                    comprehensive energy plan, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | increased                    general taxes of $5.9 million primarily due to increases in gross                    receipts                    tax, assessed property valuations and mill                    levies, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | increased                    expenses of $4.2 million due to higher restoration costs for                    a January                    2005 ice storm and June 2005 wind storms compared to the 2004                    wind storm                    restoration costs and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | increased                    production operations and maintenance expenses of $4.1 million                    primarily due to scheduled and forced plant maintenance in 2005                    and the                    reversal of an environmental accrual in                    2004. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | decreased                    pension expense of $4.7 million due to the regulatory accounting                    treatment                    of pension expense in accordance with MPSC and KCC orders                    and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | decreased                    transmission service expense of $5.7 million primarily due to                    lower                    wholesale MWhs sold. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Consolidated            KCP&L Skill Set Realignment Costs**

**Consolidated            KCP&L Gain (loss) on Property**

**Consolidated            KCP&L Interest Charges**

**Consolidated            KCP&L Income Taxes**

**STRATEGIC            ENERGY RESULTS OF OPERATIONS**

|                                                 |   |       |     |     |   |     |   |
|------------------------------------------------------|--------|------------|----------|----------|--------|----------|--------|
|                                                 |   | **2006**   |     | **2005** |   | **2004** |   |
|                                                 |   | (millions) |     |
| Operating                    revenues                |   | $          | 1,534.9  |     | $      | 1,474.0  |   | $ | 1,372.4 |   |
| Purchased                    power                   |   |       | (1,490.3 | )        |   | (1,368.4 | )      |   | (1,247.5 | ) |
| Other                    operating expenses          |   |       | (61.5    | )        |   | (53.4    | )      |   | (51.3 | ) |
| Depreciation                    and amortization     |   |       | (7.8     | )        |   | (6.4     | )      |   | (4.8 | ) |
| Gain                    on property                  |   |       | -        |     |   | (0.1     | )      |   | - |   |
| Operating                    income (loss)           |   |       | (24.7    | )        |   | 45.7     |   |   | 68.8 |   |
| Non-operating                    income (expenses)   |   |       | 4.2      |     |   | 2.5      |   |   | 1.7 |   |
| Interest                    charges                  |   |       | (2.1     | )        |   | (3.4     | )      |   | (0.7 | ) |
| Income                    taxes                      |   |       | 12.7     |     |   | (16.6    | )      |   | (24.3 | ) |
| Minority                    interest in subsidiaries |   |       | -        |     |   | -        |   |   | (3.0 | ) |
| Net                    income (loss)                 |   | $          | (9.9     | )        | $      | 28.2     |   | $ | 42.5 |   |
|                                                 |   |       |     |     |   |     |   |   |   |   |

|                                                                  |   |     |   |     |   |
|-----------------------------------------------------------------------|--------|----------|--------|----------|--------|
|                                                                  |   | **2006** |   | **2005** |   | **2004** |   |
| Average                    retail gross margin per MWh                |   | $        | 2.52   |     | $      | 5.19 |   | $ | 6.01 |   |
| Change                    in fair value related to non-hedging energy |   |     |   |     |   |   |   |   |   |   |
| contracts                    and from cash flow hedge ineffectiveness |   |     | (3.41  | )        |   | 0.12 |   |   | 0.08 |   |
| Average                    retail gross margin per MWh without        |   |     |   |     |   |   |   |   |   |   |
| fair                    value impacts                                 |   | $        | 5.93   |     | $      | 5.07 |   | $ | 5.93 |   |

**Strategic          Energy Purchased Power**

**Strategic          Energy Other Operating Expenses**

**Strategic          Energy Income Taxes**

**OTHER          NON-REGULATED ACTIVITIES**

**Investment          in Affordable Housing Limited Partnerships - KLT          Investments**

**KLT          Gas Discontinued Operations **

**GREAT          PLAINS ENERGY AND CONSOLIDATED KCP&L SIGNIFICANT BALANCE SHEET          CHANGES**
**(December 31,          2006 compared to December 31, 2005)**

| ·   | Great                  Plains Energy’s and consolidated KCP&L’s receivables increased $80.4                  million and $44.0 million, respectively. KCP&L’s receivables increased                  $39.7 million due to additional receivables from joint owners of                  comprehensive energy plan projects. Strategic Energy’s receivables                  increased $38.9 million primarily due to more customers billed                  on higher                  index-based rates. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s fuel inventories increased                  $10.7 million primarily due to a $7.0 million increase in coal                  inventory                  resulting from an increase in the average days coal burn in inventory                  as a                  result of planned plant outages and improved railroad performance                  in                  delivering coal. Additionally, coal and coal transportation costs                  increased fuel inventories. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s combined refundable income taxes and accrued taxes of a                  net current liability of $14.3 million at December 31, 2006, decreased                  $22.9 million from December 31, 2005. This decrease was primarily                  due to                  Strategic Energy’s $7.9 million payment of accrued gross receipts taxes                  and a decrease at consolidated KCP&L. Consolidated KCP&L’s                  combined refundable income taxes and accrued taxes of a net current                  liability of $10.9 million at December 31, 2006, decreased $16.5                  million                  from December 31, 2005, primarily due to a $7.8 million receivable                  for                  estimated income taxes paid and $5.3 million of 2005 income tax                  true ups. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s combined deferred income taxes - current assets and                  deferred income taxes - current liabilities changed from a liability                  of                  $7.8 million at December 31, 2005, to an asset of $39.6 million.                  The                  temporary differences due to the change in the fair value of Strategic                  Energy’s energy-related derivative instruments increased the asset $42.9                  million. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s derivative instruments, including current and deferred                  assets and liabilities, decreased $188.0                  million from a net asset in 2005, to a net liability in 2006, primarily                  due to a $188.1 million                  decrease in the fair value of Strategic Energy’s energy-related derivative                  instruments as a result of decreases in the forward market prices                  for                  power combined with Strategic Energy designating more derivative                  instruments as cash flow hedges in 2006 than in 2005. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s combined electric utility                  plant and construction work in progress increased $422.5 million                  primarily due to $298.7 million related to KCP&L’s comprehensive                  energy plan, including $163.6 million for wind generation, $56.8                  million                  for environmental upgrades and $78.3 million related to Iatan No.                  2 |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s regulatory assets increased                  $254.5 million primarily due to new regulatory assets of $190.0                  million for the adoption of SFAS No. 158, “Employers’ Accounting for                  Defined Benefit Pension and Other Postretirement Plans” and $21.9 million                  for pension settlement charges pursuant to orders received from                  the MPSC                  and KCC. Additionally, new regulatory assets of $11.9 million                  were established under the 2006 MPSC and KCC rate orders. See Notes                  6 and                  8 to the consolidated financial statements for additional                  information. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s prepaid pension costs were                  reduced to zero upon the adoption of SFAS No. 158. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s other - deferred charges and other assets decreased $22.4                  million primarily due to IEC’s intangible asset amortization of $10.5                  million and a decrease at consolidated KCP&L. Consolidated KCP&L’s                  other - deferred charges and other assets decreased $14.3 million                  primarily due to the reduction to zero of an intangible pension                  asset upon                  adoption of SFAS No. 158. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s commercial paper increased                  $124.5 million primarily to support expenditures related to the                  comprehensive energy plan. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s accounts payable increased                  $91.2 million and $75.8 million, respectively, primarily due to                  a $66.1                  million increase in payables related to the comprehensive energy                  plan. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s asset retirement obligations                  decreased $54.1 million due to a $65.0 million decrease for the                  decommissioning of Wolf Creek as a result of the anticipated new                  operating                  license. This decrease was partially offset by a $3.1 million addition                  for                  the Spearville Wind Energy Facility and $7.8 million for                  accretion. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s pension liability - deferred                  credits and other liabilities increased $55.8 million and $46.9                  million,                  respectively, due to the adoption of SFAS No.                  158. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s regulatory liabilities                  increased $45.0 million due to a $31.0 million increase in KCP&L’s                  regulatory liability related to the asset retirement obligation                  for                  decommissioning of Wolf Creek as a result of the anticipated new                  operating                  license and amortization of $10.3 million related to the change                  in Wolf                  Creek depreciable life for regulatory purposes in accordance with                  an MPSC                  order. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s and consolidated KCP&L’s other - deferred credits and                  other liabilities increased $16.3 million and $27.3 million, respectively,                  primarily due to a $17.6 million impact of adoption of SFAS No.                  158.                  Consolidated KCP&L also increased due to an intercompany payable to                  Services of $5.7 million related to unrecognized pension                  expense. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s accumulated other comprehensive loss increased $39.0                  million primarily due to a $74.0 million increase due to changes                  in the                  fair value of Strategic Energy’s energy related derivative                  instruments                  partially offset by activity at consolidated KCP&L. Consolidated                  KCP&L’s accumulated other comprehensive loss at December 31, 2005,                  decreased $36.6 million resulting in accumulated other comprehensive                  income at December 31, 2006, due to the adoption of SFAS No. 158                  and the                  related deferral of unrecognized pension expense to a regulatory                  asset. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                  Plains Energy’s long-term debt decreased $533.4 million primarily to                  reflect FELINE PRIDESSM                  Senior Notes, consolidated KCP&L’s $225.0 million 6.00% Senior Notes                  and $144.7 million of Environmental Improvement Revenue Refunding                  (EIRR)                  bonds as current maturities. Current maturities of long-term debt                  for the                  respective companies increased as a result of these                  classifications. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CAPITAL          REQUIREMENTS AND LIQUIDITY**

**Cash          Flows from Operating Activities**

**Cash          Flows from Investing Activities**

**Cash          Flows from Financing Activities**

**Significant          Financing Activities **

**Debt          Agreements**

**Projected          Utility Capital Expenditures**

|                                                                            |
|---------------------------------------------------------------------------------|
|                                                                            |  **2007** | **2008** | **2009** |
| Generating                    facilities                                        |   | (millions) |
| Iatan                    No. 2 (a)                                              |  $ | 200.5 | $ | 352.5 | $ |  239.0 |   |
| Wind                    generation (a)                                          |   | 2.9 |   | - |   | - |   |
| Environmental                    (a)                                            |   | 102.1 |   | 163.3 |   |  64.0 |   |
| Other                                                                           |   | 64.9 |   | 73.6 |   |  82.6 |   |
| Total                    generating facilities                                  |   | 370.4 |   | 589.4 |   |  385.6 |   |
| Distribution                    and transmission facilities                     |   |   |   |   |   |   |
| Iatan                    No. 2 (a)                                              |   | 0.3 |   | 6.1 |   |  5.5 |   |
| Customer                    programs & asset management (a)                 |   | 11.3 |   | 14.4 |   |  15.2 |   |
| Other                                                                           |   | 111.6 |   | 99.6 |   |  100.7 |   |
| Total                    distribution and transmission facilities               |   | 123.2 |   | 120.1 |   |  121.4 |   |
| Nuclear                    fuel                                                 |   | 24.3 |   | 17.1 |   |  17.9 |   |
| General                    facilities                                           |   | 22.6 |   | 15.4 |   |  19.2 |   |
| Total                                                                           |  $ | 540.5 | $ |  742.0 | $ |  544.1 |   |
| (a)                     Comprehensive                    energy plan  |

**Pensions**

**Credit          Ratings **

|                                       |                                     |   |                                |
|--------------------------------------------|------------------------------------------|--------|-------------------------------------|
|                                       | **Moody's**                              |   | **Standard**                        |
|                                       | **Investors                    Service** |   | **&                    Poor's** |
| **Great                    Plains Energy** |                                     |   |                                |
| Outlook                                    | Stable                                   |   | Stable                              |
| Corporate                    Credit Rating | -                                        |   | BBB                                 |
| Preferred                    Stock         | Ba1                                      |   | BB+                                 |
| Senior                    Unsecured Debt   | Baa2                                     |   | BBB-                                |
|                                       |                                     |   |                                |
| **KCP&L**                              |                                     |   |                                |
| Outlook                                    | Stable                                   |   | Stable                              |
| Senior                    Secured Debt     | A2                                       |   | BBB                                 |
| Senior                    Unsecured Debt   | A3                                       |   | BBB                                 |
| Commercial                    Paper        | P-2                                      |   | A-2                                 |
|                                       |                                     |   |                                |

**Strategic          Energy Supplier Concentration and Credit**

|                                    |   |                                 |            |   |         |       |                                |                             |                                |                                   |   |
|-----------------------------------------|--------|--------------------------------------|-----------------|--------|--------------|------------|-------------------------------------|----------------------------------|-------------------------------------|----------------------------------------|--------|
|                                    |   |                                 |            |   |         |       |                                | **Number                    Of** |                                | **Net                    Exposure Of** |
|                                    |   |                                 |            |   |         |       |                                | **Counterparties**               |                                | **Counterparties**                     |
|                                    |   | **Exposure**                         |            |   |         |       | **Greater                    Than** |                             | **Greater                    Than** |
|                                    |   | **Before                    Credit** | **Credit**      |   | **Net**      |       | **10%                    Of Net**   |                             | **10%                    of Net**   |
| **Rating**                              |   | **Collateral**                       | **Collateral**  |   | **Exposure** |       | **Exposure**                        |                             | **Exposure**                        |
| External                    rating      |   | (millions)                           |            |   |         | (millions) |                                |
| Investment                    Grade     |   | $                                    |   2.8 |   | $            | -          |                                | $                                | 2.8                                 |                                   |   | 2 |   | $ | 2.4 |   |
| Non-Investment                    Grade |   |                                 |   7.6 |   |         | 6.1        |                                |                             | 1.5                                 |                                   |   | 1 |   |   | 1.5 |   |
| Internal                    rating      |   |                                 |            |   |         |       |                                |                             |                                |                                   |   |   |   |   |   |   |
| Investment                    Grade     |   |                                 |   0.1 |   |         | -          |                                |                             | 0.1                                 |                                   |   | - |   |   | - |   |
| Non-Investment                    Grade |   |                                 |   2.5 |   |         | -          |                                |                             | 2.5                                 |                                   |   | 1 |   |   | 2.5 |   |
| Total                                   |   | $                                    | 13.0            |   | $            | 6.1        |                                | $                                | 6.9                                 |                                   |   | 4 |   | $ | 6.4 |   |
|                                    |   |                                 |            |   |         |       |                                |                             |                                |                                   |   |   |   |   |   |   |

|                                                                               |   |
|------------------------------------------------------------------------------------|--------|
| **Maturity                      Of Credit Risk Exposure Before Credit Collateral** |   |
|                                                                               |   | **Less                      Than** |   |   |   | **Total** |   |
| **Rating**                                                                         |   | **2                      Years** |   | **2                      - 5 Years** |   | **Exposure** |   |
| External                      rating                                               |   | (millions) |   |
| Investment                      Grade                                              |   | $ | 2.8 |   | $ | - |   | $ |                        2.8 |   |
| Non-Investment                      Grade                                          |   |   | 2.5 |   |   | 5.1 |   |   |                        7.6 |   |
| Internal                      rating                                               |   |   |   |   |   |   |   |   |   |   |
| Investment                      Grade                                              |   |   | 0.1 |   |   | - |   |   |                        0.1 |   |
| Non-Investment                      Grade                                          |   |   | 1.3 |   |   | 1.2 |   |   |                        2.5 |   |
| Total                                                                              |   | $ | 6.7 |   | $ | 6.3 |   | $ | 13.0 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |

**Supplemental          Capital Requirements and Liquidity Information **

| ***Great                    Plains Energy Contractual Obligations*** |   |       |    |     |   |     |   |     |   |     |   |
|----------------------------------------------------------------------|--------|------------|---------|----------|--------|----------|--------|----------|--------|----------|--------|
| **Payment                    due by period**                         |   | **2007**   |    | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **After                    2011** |   | **Total** |   |
| Long-term                    debt                                    |   | (millions) |    |
| Principal                                                            |   | $          | 389.6   |     | $      | 0.3      |   | $        | -      |     | $      | - |   | $ | 150.0 |   | $ | 605.3 |   | $ | 1,145.2 |   |
| Interest                                                             |   |       | 47.0    |     |   | 42.6     |   |     | 42.5   |     |   | 42.5 |   |   | 41.3 |   |   | 520.8 |   |   | 736.7 |   |
| Lease                    obligations                                 |   |       | 16.7    |     |   | 16.4     |   |     | 11.9   |     |   | 9.0 |   |   | 8.1 |   |   | 82.3 |   |   | 144.4 |   |
| Pension                    plans                                     |   |       | 33.6    |     |   | -        |   |     | -      |     |   | - |   |   | - |   |   | - |   |   | 33.6 |   |
| Purchase                    obligations                              |   |       |         |     |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |   |  |   |
| Fuel                                                                 |   |       | 130.9   |     |   | 121.4    |   |     | 65.7   |     |   | 65.7 |   |   | 11.4 |   |   | 185.3 |   |   | 580.4 |   |
| Purchased                    capacity                                |   |       | 6.8     |     |   | 7.8      |   |     | 8.2    |     |   | 5.4 |   |   | 4.3 |   |   | 14.3 |   |   | 46.8 |   |
| Purchased                    power                                   |   |       | 741.8   |     |   | 330.5    |   |     | 223.2  |     |   | 165.2 |   |   | 82.1 |   |   | 13.3 |   |   | 1,556.1 |   |
| Comprehensive                    energy plan                         |   |       | 498.8   |     |   | 361.0    |   |     | 130.1  |     |   | 15.2 |   |   | - |   |   | - |   |   | 1,005.1 |   |
| Other                                                                |   |       | 34.3    |     |   | 20.9     |   |     | 4.1    |     |   | 9.9 |   |   | 3.3 |   |   | - |   |   | 72.5 |   |
| Total                    contractual obligations                     |   | $          | 1,899.5 |     | $      | 900.9    |   | $        | 485.7  |     | $      | 312.9 |   | $ | 300.5 |   | $ | 1,421.3 |   | $ | 5,320.8 |   |
|                                                                 |   |       |         |     |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |   |  |   |

| ***Consolidated                    KCP&L Contractual Obligations*** |   |       |   |     |   |     |   |     |   |     |   |
|-------------------------------------------------------------------------|--------|------------|--------|----------|--------|----------|--------|----------|--------|----------|--------|
| **Payment                    due by period**                            |   | **2007**   |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **After                    2011** |   | **Total** |   |
| Long-term                    debt                                       |   | (millions) |   |
| Principal                                                               |   | $          | 225.5  |     | $      | -        |   | $        | -      |     | $      | - |   | $ | 150.0 |   | $ | 605.3 |   | $ | 980.8 |   |
| Interest                                                                |   |       | 45.3   |     |   | 42.5     |   |     | 42.5   |     |   | 42.5 |   |   | 41.3 |   |   | 520.8 |   |   | 734.9 |   |
| Lease                    obligations                                    |   |       | 15.5   |     |   | 15.4     |   |     | 11.7   |     |   | 9.0 |   |   | 8.1 |   |   | 82.3 |   |   | 142.0 |   |
| Pension                    plans                                        |   |       | 33.6   |     |   | -        |   |     | -      |     |   | - |   |   | - |   |   | - |   |   | 33.6 |   |
| Purchase                    obligations                                 |   |       |        |     |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |   |  |   |
| Fuel                                                                    |   |       | 130.9  |     |   | 121.4    |   |     | 65.7   |     |   | 65.7 |   |   | 11.4 |   |   | 185.3 |   |   | 580.4 |   |
| Purchased                    capacity                                   |   |       | 6.8    |     |   | 7.8      |   |     | 8.2    |     |   | 5.4 |   |   | 4.3 |   |   | 14.3 |   |   | 46.8 |   |
| Comprehensive                    energy plan                            |   |       | 498.8  |     |   | 361.0    |   |     | 130.1  |     |   | 15.2 |   |   | - |   |   | - |   |   | 1,005.1 |   |
| Other                                                                   |   |       | 34.3   |     |   | 20.9     |   |     | 4.1    |     |   | 9.9 |   |   | 3.3 |   |   | - |   |   | 72.5 |   |
| Total                    contractual obligations                        |   | $          | 990.7  |     | $      | 569.0    |   | $        | 262.3  |     | $      | 147.7 |   | $ | 218.4 |   | $ | 1,408.0 |   | $ | 3,596.1 |   |
|                                                                    |   |       |        |     |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |   |  |   |

**Off-Balance          Sheet Arrangements**

| ***Other                    Commercial Commitments Outstanding*** |   |                                                              |   |     |   |     |   |     |   |     |   |
|-------------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|----------|--------|
|                                                              |   | **Amount                    of commitment expiration per period** |   |
|                                                              |   | **2007**                                                          |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **After                    2011** |   | **Total** |   |
|                                                              |   | (millions)                                                        |   |
| Great                    Plains Energy Guarantees                 |   | $                                                                 | 247.2  |     | $      | 1.0      |   | $        | 13.4   |     | $      | - |   | $ | - |   | $ | - |   | $ | 261.6 |   |
| Consolidated                    KCP&L Guarantees              |   |                                                              | 1.0    |     |   | 1.0      |   |     | 0.9    |     |   | - |   |   | - |   |   | - |   |   | 2.9 |   |
|                                                              |   |                                                              |        |     |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |   |  |   |

| ·   | Great                    Plains Energy direct guarantees to counterparties totaling $142.0                    million,                    which expire in 2007, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                    Plains Energy indemnifications to surety bond issuers totaling                    $0.5                    million, which expire in 2007, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                    Plains Energy guarantee of Strategic Energy’s revolving credit facility                    totaling $12.5 million,                    which expires in 2009                    and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                    Plains Energy letters of credit totaling $103.7 million,                    which expire in 2007. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

**New            Accounting Standards**

**ITEM            7A.**
**            QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Interest              Rate Risk **

**Commodity            Risk**

**Investment            Risk**

**ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS**

| **GREAT                  PLAINS ENERGY**                                                                                                                       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                  Statements of Income**                                                                                                         |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                                           |   |   |   | As                  Adjusted |   | As                  Adjusted |   |
| **Year                  Ended December 31**                                                                                                                    |   | **2006** |   | 2005 |   | 2004 |   |
| **Operating                  Revenues**                                                                                                                        |   | (thousands,                  except per share amounts) |   |
| Electric                  revenues - KCP&L                                                                                                                 |   | **$** | **1,140,357** |   | $ | 1,130,792 |   | $ | 1,090,067 |   |
| Electric                  revenues - Strategic Energy                                                                                                          |   |   | **1,532,106** |   |   | 1,471,490 |   |   | 1,370,760 |   |
| Other                  revenues                                                                                                                                |   |   | **2,886** |   |   | 2,600 |   |   | 3,191 |   |
| Total                                                                                                                                                          |   |   | **2,675,349** |   |   | 2,604,882 |   |   | 2,464,018 |   |
| **Operating                  Expenses**                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Fuel                                                                                                                                                           |   |   | **229,469** |   |   | 208,431 |   |   | 176,806 |   |
| Purchased                  power - KCP&L                                                                                                                   |   |   | **26,418** |   |   | 61,263 |   |   | 52,533 |   |
| Purchased                  power - Strategic Energy                                                                                                            |   |   | **1,490,246** |   |   | 1,368,419 |   |   | 1,247,522 |   |
| Skill                  set realignment costs (Note 8)                                                                                                          |   |   | **9,448** |   |   | - |   |   | - |   |
| Other                                                                                                                                                          |   |   | **327,917** |   |   | 327,801 |   |   | 323,663 |   |
| Maintenance                                                                                                                                                    |   |   | **83,844** |   |   | 89,983 |   |   | 84,057 |   |
| Depreciation                  and amortization                                                                                                                 |   |   | **160,549** |   |   | 153,080 |   |   | 150,071 |   |
| General                  taxes                                                                                                                                 |   |   | **112,601** |   |   | 109,436 |   |   | 102,756 |   |
| (Gain)                  loss on property                                                                                                                       |   |   | **(565** | **)** |   | 3,544 |   |   | 5,133 |   |
| Total                                                                                                                                                          |   |   | **2,439,927** |   |   | 2,321,957 |   |   | 2,142,541 |   |
| Operating                  income                                                                                                                              |   |   | **235,422** |   |   | 282,925 |   |   | 321,477 |   |
| Non-operating                  income                                                                                                                          |   |   | **19,885** |   |   | 19,505 |   |   | 6,799 |   |
| Non-operating                  expenses                                                                                                                        |   |   | **(6,702** | **)** |   | (16,745 | ) |   | (15,184 | ) |
| Interest                  charges                                                                                                                              |   |   | **(71,221** | **)** |   | (73,787 | ) |   | (83,030 | ) |
| Income                  from continuing operations before income taxes, minority                                                                               |   |   |   |   |   |   |   |   |   |   |
| interest                  in subsidiaries and loss from equity investments                                                                                     |   |   | **177,384** |   |   | 211,898 |   |   | 230,062 |   |
| Income                  taxes                                                                                                                                  |   |   | **(47,822** | **)** |   | (39,462 | ) |   | (55,391 | ) |
| Minority                  interest in subsidiaries                                                                                                             |   |   | **-** |   |   | (7,805 | ) |   | 2,131 |   |
| Loss                  from equity investments, net of income taxes                                                                                             |   |   | **(1,932** | **)** |   | (434 | ) |   | (1,531 | ) |
| Income                  from continuing operations                                                                                                             |   |   | **127,630** |   |   | 164,197 |   |   | 175,271 |   |
| Discontinued                  operations, net of income taxes (Note 11)                                                                                        |   |   | **-** |   |   | (1,899 | ) |   | 7,276 |   |
| Net                  income                                                                                                                                    |   |   | **127,630** |   |   | 162,298 |   |   | 182,547 |   |
| Preferred                  stock dividend requirements                                                                                                         |   |   | **1,646** |   |   | 1,646 |   |   | 1,646 |   |
| Earnings                  available for common shareholders                                                                                                    |   | **$** | **125,984** |   | $ | 160,652 |   | $ | 180,901 |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Average                  number of basic common shares outstanding                                                                                             |   |   | **78,003** |   |   | 74,597 |   |   | 72,028 |   |
| Average                  number of diluted common shares outstanding                                                                                           |   |   | **78,170** |   |   | 74,743 |   |   | 72,068 |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Basic                  earnings (loss) per common share                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Continuing                  operations                                                                                                                         |   | **$** | **1.62** |   | $ | 2.18 |   | $ | 2.41 |   |
| Discontinued                  operations                                                                                                                       |   |   | **-** |   |   | (0.03 | ) |   | 0.10 |   |
| Basic                  earnings per common share                                                                                                               |   | **$** | **1.62** |   | $ | 2.15 |   | $ | 2.51 |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Diluted                  earnings (loss) per common share                                                                                                      |   |   |   |   |   |   |   |   |   |   |
| Continued                  operations                                                                                                                          |   | **$** | **1.61** |   | $ | 2.18 |   | $ | 2.41 |   |
| Discontinued                  operations                                                                                                                       |   |   | - |   |   | (0.03 | ) |   | 0.10 |   |
| Diluted                  earnings per common share                                                                                                             |   | **$** | **1.61** |   | $ | 2.15 |   | $ | 2.51 |   |
|                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Cash                  dividends per common share                                                                                                               |   | **$** | **1.66** |   | $ | 1.66 |   | $ | 1.66 |   |
|                                                                                                                                                           |
| The                  accompanying Notes to Consolidated Financial Statements are an                  integral                  part of these statements.  |

| **GREAT                  PLAINS ENERGY**                                                                                                                       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                  Balance Sheets**                                                                                                               |   |
|                                                                                                                                                           |   |   |   |   |   |
|                                                                                                                                                           |   |   |   | As                  Adjusted |   |
|                                                                                                                                                           |   | **December                  31** |   | December                  31 |   |
|                                                                                                                                                           |   | **2006** |   | 2005 |   |
| **ASSETS**                                                                                                                                                     |   | (thousands) |   |
| **Current                  Assets**                                                                                                                            |   |   |   |   |   |
| Cash                  and cash equivalents                                                                                                                     |   | **$** | **61,823** |   | $ | 103,068 |   |
| Restricted                  cash                                                                                                                               |   |   | **-** |   |   | 1,900 |   |
| Receivables,                  net                                                                                                                              |   |   | **339,399** |   |   | 259,043 |   |
| Fuel                  inventories, at average cost                                                                                                             |   |   | **27,811** |   |   | 17,073 |   |
| Materials                  and supplies, at average cost                                                                                                       |   |   | **59,829** |   |   | 57,017 |   |
| Deferred                  refueling outage costs                                                                                                               |   |   | **13,921** |   |   | 8,063 |   |
| Refundable                  income taxes                                                                                                                       |   |   | **9,832** |   |   | - |   |
| Deferred                  income taxes                                                                                                                         |   |   | **39,566** |   |   | - |   |
| Assets                  of discontinued operations                                                                                                             |   |   | **-** |   |   | 627 |   |
| Derivative                  instruments                                                                                                                        |   |   | **6,884** |   |   | 39,189 |   |
| Other                                                                                                                                                          |   |   | **11,717** |   |   | 13,001 |   |
| Total                                                                                                                                                          |   |   | **570,782** |   |   | 498,981 |   |
| **Nonutility                  Property and Investments**                                                                                                       |   |   |   |   |   |   |   |
| Affordable                  housing limited partnerships                                                                                                       |   |   | **23,078** |   |   | 28,214 |   |
| Nuclear                  decommissioning trust fund                                                                                                            |   |   | **104,066** |   |   | 91,802 |   |
| Other                                                                                                                                                          |   |   | **15,663** |   |   | 17,291 |   |
| Total                                                                                                                                                          |   |   | **142,807** |   |   | 137,307 |   |
| **Utility                  Plant, at Original Cost**                                                                                                           |   |   |   |   |   |   |   |
| Electric                                                                                                                                                       |   |   | **5,268,485** |   |   | 4,959,539 |   |
| Less-accumulated                  depreciation                                                                                                                 |   |   | **2,456,199** |   |   | 2,322,813 |   |
| Net                  utility plant in service                                                                                                                  |   |   | **2,812,286** |   |   | 2,636,726 |   |
| Construction                  work in progress                                                                                                                 |   |   | **214,493** |   |   | 100,952 |   |
| Nuclear                  fuel, net of amortization of $103,381 and $115,240                                                                                    |   |   | **39,422** |   |   | 27,966 |   |
| Total                                                                                                                                                          |   |   | **3,066,201** |   |   | 2,765,644 |   |
| **Deferred                  Charges and Other Assets**                                                                                                         |   |   |   |   |   |   |   |
| Regulatory                  assets                                                                                                                             |   |   | **434,392** |   |   | 179,922 |   |
| Prepaid                  pension costs                                                                                                                         |   |   | **-** |   |   | 98,295 |   |
| Goodwill                                                                                                                                                       |   |   | **88,139** |   |   | 87,624 |   |
| Derivative                  instruments                                                                                                                        |   |   | **3,544** |   |   | 21,812 |   |
| Other                                                                                                                                                          |   |   | **29,795** |   |   | 52,204 |   |
| Total                                                                                                                                                          |   |   | **555,870** |   |   | 439,857 |   |
| Total                                                                                                                                                          |   | **$** | **4,335,660** |   | $ | 3,841,789 |   |
|                                                                                                                             |
| The                  accompanying Notes to Consolidated Financial Statements are an                  integral                  part of these statements.  |

| **GREAT                    PLAINS ENERGY**                                                                                                                           |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Balance Sheets**                                                                                                                   |   |
|                                                                                                                                                                 |   |   |   |   |   |
|                                                                                                                                                                 |   |   |   | As                    Adjusted |   |
|                                                                                                                                                                 |   | **December                    31** |   | December                    31 |   |
|                                                                                                                                                                 |   | **2006** |   | 2005 |   |
| **LIABILITIES                    AND CAPITALIZATION**                                                                                                                |   | (thousands) |   |
| **Current                    Liabilities**                                                                                                                           |   |   |   |   |   |
| Notes                    payable                                                                                                                                     |   | **$** | **-** |   | $ | 6,000 |   |
| Commercial                    paper                                                                                                                                  |   |   | **156,400** |   |   | 31,900 |   |
| Current                    maturities of long-term debt                                                                                                              |   |   | **389,634** |   |   | 1,675 |   |
| EIRR                    bonds classified as current                                                                                                                  |   |   | **144,742** |   |   | - |   |
| Accounts                    payable                                                                                                                                  |   |   | **322,724** |   |   | 231,496 |   |
| Accrued                    taxes                                                                                                                                     |   |   | **24,106** |   |   | 37,140 |   |
| Accrued                    interest                                                                                                                                  |   |   | **14,082** |   |   | 13,329 |   |
| Accrued                    payroll and vacations                                                                                                                     |   |   | **33,266** |   |   | 36,024 |   |
| Pension                    and post retirement liability                                                                                                             |   |   | **1,037** |   |   | - |   |
| Deferred                    income taxes                                                                                                                             |   |   | **-** |   |   | 7,757 |   |
| Supplier                    collateral                                                                                                                               |   |   | **-** |   |   | 1,900 |   |
| Liabilities                    of discontinued operations                                                                                                            |   |   | **-** |   |   | 64 |   |
| Derivative                    instruments                                                                                                                            |   |   | **91,482** |   |   | 7,411 |   |
| Other                                                                                                                                                                |   |   | **25,520** |   |   | 25,658 |   |
| Total                                                                                                                                                                |   |   | **1,202,993** |   |   | 400,354 |   |
| **Deferred                    Credits and Other Liabilities**                                                                                                        |   |   |   |   |   |   |   |
| Deferred                    income taxes                                                                                                                             |   |   | **622,847** |   |   | 621,359 |   |
| Deferred                    investment tax credits                                                                                                                   |   |   | **28,458** |   |   | 29,698 |   |
| Asset                    retirement obligations                                                                                                                      |   |   | **91,824** |   |   | 145,907 |   |
| Pension                    liability                                                                                                                                 |   |   | **143,170** |   |   | 87,355 |   |
| Regulatory                    liabilities                                                                                                                            |   |   | **114,674** |   |   | 69,641 |   |
| Derivative                    instruments                                                                                                                            |   |   | **61,146** |   |   | 7,750 |   |
| Other                                                                                                                                                                |   |   | **82,122** |   |   | 65,787 |   |
| Total                                                                                                                                                                |   |   | **1,144,241** |   |   | 1,027,497 |   |
| **Capitalization**                                                                                                                                                   |   |   |   |   |   |   |   |
| Common                    shareholders' equity                                                                                                                       |   |   |   |   |   |   |   |
| Common                    stock-150,000,000 shares authorized without par value                                                                                      |   |   |   |   |   |   |   |
| 80,405,035                    and 74,783,824 shares issued, stated value                                                                                             |   |   | **896,817** |   |   | 744,457 |   |
| Retained                    earnings                                                                                                                                 |   |   | **493,399** |   |   | 498,632 |   |
| Treasury                    stock-53,499 and 43,376 shares, at cost                                                                                                  |   |   | **(1,614** | **)** |   | (1,304 | ) |
| Accumulated                    other comprehensive loss                                                                                                              |   |   | **(46,686** | **)** |   | (7,727 | ) |
| Total                                                                                                                                                                |   |   | **1,341,916** |   |   | 1,234,058 |   |
| Cumulative                    preferred stock $100 par value                                                                                                         |   |   |   |   |   |   |   |
| 3.80%                    - 100,000 shares issued                                                                                                                     |   |   | **10,000** |   |   | 10,000 |   |
| 4.50%                    - 100,000 shares issued                                                                                                                     |   |   | **10,000** |   |   | 10,000 |   |
| 4.20%                    - 70,000 shares issued                                                                                                                      |   |   | **7,000** |   |   | 7,000 |   |
| 4.35%                    - 120,000 shares issued                                                                                                                     |   |   | **12,000** |   |   | 12,000 |   |
| Total                                                                                                                                                                |   |   | **39,000** |   |   | 39,000 |   |
| Long-term                    debt (Note 19)                                                                                                                          |   |   | **607,510** |   |   | 1,140,880 |   |
| Total                                                                                                                                                                |   |   | **1,988,426** |   |   | 2,413,938 |   |
| **Commitments                    and Contingencies (Note 13)**                                                                                                       |   |   |   |   |   |
| Total                                                                                                                                                                |   | **$** | **4,335,660** |   | $ | 3,841,789 |   |
|                                                                                                                                   |
| The                    accompanying Notes to Consolidated Financial Statements are an                    integral                    part of these statements.  |

| **GREAT                    PLAINS ENERGY**                                                                                                                           |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Statements of Cash Flows**                                                                                                         |   |
|                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                 |   |   |   | As                    Adjusted |   | As                    Adjusted |   |
| **Year                    Ended December 31**                                                                                                                        |   | **2006** |   | 2005 |   | 2004 |   |
| **Cash                    Flows from Operating Activities**                                                                                                          |   |   |   | (thousands) |   |   |   |
| Net                    income                                                                                                                                        |   | **$** | **127,630** |   | $ | 162,298 |   | $ | 182,547 |   |
| Adjustments                    to reconcile income to net cash from operating activities:                                                                            |   |   |   |   |   |   |
| Depreciation                    and amortization                                                                                                                     |   |   | **160,549** |   |   | 153,080 |   |   | 150,090 |   |
| Amortization                    of:                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| Nuclear                    fuel                                                                                                                                      |   |   | **14,392** |   |   | 13,374 |   |   | 14,159 |   |
| Other                                                                                                                                                                |   |   | **9,271** |   |   | 10,580 |   |   | 11,827 |   |
| Deferred                    income taxes, net                                                                                                                        |   |   | **(10,983** | **)** |   | (23,250 | ) |   | 31,259 |   |
| Investment                    tax credit amortization                                                                                                                |   |   | **(1,240** | **)** |   | (3,889 | ) |   | (3,984 | ) |
| Loss                    from equity investments, net of income taxes                                                                                                 |   |   | **1,932** |   |   | 434 |   |   | 1,531 |   |
| (Gain)                    loss on property                                                                                                                           |   |   | **(565** | **)** |   | 3,295 |   |   | (9,686 | ) |
| Minority                    interest in subsidiaries                                                                                                                 |   |   | **-** |   |   | 7,805 |   |   | (2,131 | ) |
| Fair                    value impacts from energy contracts                                                                                                          |   |   | **56,757** |   |   | (2,452 | ) |   | (1,734 | ) |
| Other                    operating activities (Note 2)                                                                                                               |   |   | **(48,761** | **)** |   | 95,616 |   |   | (19,808 | ) |
| Net                    cash from operating activities                                                                                                                |   |   | **308,982** |   |   | 416,891 |   |   | 354,070 |   |
| **Cash                    Flows from Investing Activities**                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Utility                    capital expenditures                                                                                                                      |   |   | **(475,931** | **)** |   | (327,283 | ) |   | (190,548 | ) |
| Allowance                    for borrowed funds used during construction                                                                                             |   |   | **(5,686** | **)** |   | (1,598 | ) |   | (1,498 | ) |
| Purchases                    of investments                                                                                                                          |   |   | **-** |   |   | (14,976 | ) |   | (35,003 | ) |
| Purchases                    of nonutility property                                                                                                                  |   |   | **(4,205** | **)** |   | (6,853 | ) |   | (6,108 | ) |
| Proceeds                    from sale of assets and investments                                                                                                      |   |   | **433** |   |   | 17,369 |   |   | 67,457 |   |
| Purchases                    of nuclear decommissioning trust investments                                                                                            |   |   | **(49,667** | **)** |   | (34,607 | ) |   | (49,720 | ) |
| Proceeds                    from nuclear decommissioning trust investments                                                                                           |   |   | **46,005** |   |   | 31,055 |   |   | 46,167 |   |
| Purchase                    of additional indirect interest in Strategic Energy                                                                                      |   |   | **(700** | **)** |   | - |   |   | (90,033 | ) |
| Hawthorn                    No. 5 partial insurance recovery                                                                                                         |   |   | **-** |   |   | 10,000 |   |   | 30,810 |   |
| Hawthorn                    No. 5 partial litigation recoveries                                                                                                      |   |   | **15,829** |   |   | - |   |   | 1,139 |   |
| Other                    investing activities                                                                                                                        |   |   | **(1,785** | **)** |   | (930 | ) |   | (7,081 | ) |
| Net                    cash from investing activities                                                                                                                |   |   | **(475,707** | **)** |   | (327,823 | ) |   | (234,418 | ) |
| **Cash                    Flows from Financing Activities**                                                                                                          |   |   |   |   |   |   |   |   |   |   |
| Issuance                    of common stock                                                                                                                          |   |   | **153,649** |   |   | 9,061 |   |   | 153,662 |   |
| Issuance                    of long-term debt                                                                                                                        |   |   | **-** |   |   | 334,417 |   |   | 163,600 |   |
| Issuance                    fees                                                                                                                                     |   |   | **(6,172** | **)** |   | (4,522 | ) |   | (14,496 | ) |
| Repayment                    of long-term debt                                                                                                                       |   |   | **(1,675** | **)** |   | (339,152 | ) |   | (213,943 | ) |
| Net                    change in short-term borrowings                                                                                                               |   |   | **118,500** |   |   | 17,900 |   |   | (67,000 | ) |
| Dividends                    paid                                                                                                                                    |   |   | **(132,653** | **)** |   | (125,484 | ) |   | (120,806 | ) |
| Other                    financing activities                                                                                                                        |   |   | **(6,169** | **)** |   | (5,975 | ) |   | (7,309 | ) |
| Net                    cash from financing activities                                                                                                                |   |   | **125,480** |   |   | (113,755 | ) |   | (106,292 | ) |
| **Net                    Change in Cash and Cash Equivalents**                                                                                                       |   |   | **(41,245** | **)** |   | (24,687 | ) |   | 13,360 |   |
| **Less:                    Net Change in Cash and Cash Equivalents from**                                                                                            |   |   |   |   |   |   |   |   |   |   |
| **Discontinued                    Operations**                                                                                                                       |   |   | **-** |   |   | (626 | ) |   | 458 |   |
| **Cash                    and Cash Equivalents at Beginning of Year**                                                                                                |   |   | **103,068** |   |   | 127,129 |   |   | 114,227 |   |
| **Cash                    and Cash Equivalents at End of Year**                                                                                                      |   | **$** | **61,823** |   | $ | 103,068 |   | $ | 127,129 |   |
|                                                                                                                                                                 |
| The                    accompanying Notes to Consolidated Financial Statements are an                    integral                    part of these statements.  |

| **GREAT                    PLAINS ENERGY**                                                                                                                           |         |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|
| **Consolidated                    Statements of Common Shareholders' Equity**                                                                                        |         |
|                                                                                                                                                                 |         |
|                                                                                                                                                                 |         |   |   |   |   | As                    Adjusted |   | As                    Adjusted |   |
| **Year                    to Date December 31**                                                                                                                      |         | **2006** |   | 2005 |   | 2004 |   |
|                                                                                                                                                                 |         | **Shares** |   | **Amount** |   | Shares |   | Amount |   | Shares |   | Amount |   |
| **Common                    Stock**                                                                                                                                  |         | (thousands,                    except share amounts) |   |
| Beginning                    balance                                                                                                                                 |         |   | **74,783,824** |   | **$** | **744,457** |   |   | 74,394,423 |   | $ | 731,977 |   |   | 69,259,203 |   | $ | 602,551 |   |
| Issuance                    of common stock                                                                                                                          |         |   | **5,574,385** |   |   | **153,649** |   |   | 313,026 |   |   | 9,400 |   |   | 5,121,887 |   |   | 153,662 |   |
| Issuance                    of restricted common stock                                                                                                               |         | **46,826** |   |   | **1,320** |   |   | 76,375 |   |   | 2,334 |   |   | 13,333 |   |   | 396 |   |
| Common                    stock issuance fees                                                                                                                        |         |   |   |   |   | **(5,198** | **)** |   |   |   |   | - |   |   |   |   |   | (5,434 | ) |
| Equity                    compensation expense                                                                                                                       |         |   |   |   |   | **2,592** |   |   |   |   |   | 1,394 |   |   |   |   |   | 181 |   |
| Unearned                    Compensation                                                                                                                             |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance                    of restricted common stock                                                                                                               |         |   |   |   |   | **(1,355** | **)** |   |   |   |   | (2,434 | ) |   |   |   |   | (396 | ) |
| Forfeiture                    of restricted common stock                                                                                                             |         |   |   |   |   | **56** |   |   |   |   |   | 324 |   |   |   |   |   | - |   |
| Compensation                    expense recognized                                                                                                                   |         |   |   |   |   | **1,265** |   |   |   |   |   | 1,415 |   |   |   |   |   | 636 |   |
| FELINE                    PRIDESSM purchase contract                                                                                                                 |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| adjustment,                    allocated fees and expenses                                                                                                           |         |   |   |   |   | **-** |   |   |   |   |   | - |   |   |   |   |   | (19,603 | ) |
| Other                                                                                                                                                                |         |   |   |   | **31** |   |   |   |   |   | 47 |   |   |   |   |   | (16 | ) |
| Ending                    balance                                                                                                                                    |         |   | **80,405,035** |   |   | **896,817** |   |   | 74,783,824 |   |   | 744,457 |   |   | 74,394,423 |   |   | 731,977 |   |
| **Retained                    Earnings**                                                                                                                             |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning                    balance                                                                                                                                 |         |   |   |   |   | **498,632** |   |   |   |   |   | 462,134 |   |   |   |   |   | 391,750 |   |
| Net                    income                                                                                                                                        |         |   |   |   |   | **127,630** |   |   |   |   |   | 162,298 |   |   |   |   |   | 182,547 |   |
| Loss                    on reissuance of treasury stock                                                                                                              |         |   |   |   |   | **-** |   |   |   |   |   | - |   |   |   |   |   | (193 | ) |
| Cumulative                    effect of a change in accounting principle (Note 5)                                                                               | **-**        |   |   |   |   |   | - |   |   |   |   |   | 8,907 |   |
| Dividends:                                                                                                                                                           |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                    stock                                                                                                                                      |         |   |   |   |   | **(130,959** | **)** |   |   |   |   | (123,838 | ) |   |   |   |   | (119,160 | ) |
| Preferred                    stock - at required rates                                                                                                               |         |   |   |   |   | **(1,646** | **)** |   |   |   |   | (1,646 | ) |   |   |   |   | (1,646 | ) |
| Performance                    shares                                                                                                                                |         |   |   |   |   | **(258** | **)** |   |   |   |   | (260 | ) |   |   |   |   | - |   |
| Options                                                                                                                                                              |         |   |   |   |   | **-** |   |   |   |   |   | (56 | ) |   |   |   |   | (71 | ) |
| Ending                    balance                                                                                                                                    |         |   |   |   | **493,399** |   |   |   |   | 498,632 |   |   |   |   | 462,134 |   |
| **Treasury                    Stock**                                                                                                                                |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning                    balance                                                                                                                                 |         |   | **(43,376** | **)** |   | **(1,304** | **)** |   | (28,488 | ) |   | (856 | ) |   | (3,265 | ) |   | (121 | ) |
| Treasury                    shares acquired                                                                                                                          |         |   | **(11,338** | **)** |   | **(346** | **)** |   | (18,385 | ) |   | (553 | ) |   | (54,683 | ) |   | (1,645 | ) |
| Treasury                    shares reissued                                                                                                                          |         |   | **1,215** |   |   | **36** |   |   | 3,497 |   |   | 105 |   |   | 29,460 |   |   | 910 |   |
| Ending                    balance                                                                                                                                    |         |   | **(53,499** | **)** |   | **(1,614** | **)** |   | (43,376 | ) |   | (1,304 | ) |   | (28,488 | ) |   | (856 | ) |
| **Accumulated                    Other Comprehensive Loss**                                                                                                          |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning                    balance                                                                                                                                 |         |   |   |   |   | **(7,727** | **)** |   |   |   |   | (41,018 | ) |   |   |   |   | (36,886 | ) |
| Derivative                    hedging activity, net of tax                                                                                                           |         |   |   |   |   | **(74,721** | **)** |   |   |   |   | 28,397 |   |   |   |   |   | 931 |   |
| Minimum                    pension obligation, net of tax                                                                                                            |         |   |   |   |   | **15,961** |   |   |   |   |   | 4,894 |   |   |   |   |   | (5,063 | ) |
| Adjustment                    to initially apply SFAS No. 158, net of tax (Note                    8)                                                           | **(170,218** | **)** |   |   |   |   | - |   |   |   |   |   | - |   |
| Regulatory                    adjustment                                                                                                                             |         |   |   |   |   | **190,019** |   |   |   |   |   | - |   |   |   |   |   | - |   |
| Ending                    balance                                                                                                                                    |         |   |   |   | **(46,686** | **)** |   |   |   | (7,727 | ) |   |   |   | (41,018 | ) |
| **Total                    Common Shareholders' Equity**                                                                                                             |         |   |   | **$** | **1,341,916** |   |   |   | $ | 1,234,058 |   |   |   | $ | 1,152,237 |   |
|                                                                                                                                                                 |
| The                    accompanying Notes to Consolidated Financial Statements are an                    integral                    part of these statements.  |

| **GREAT                    PLAINS ENERGY**                                                                                                                           |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Statements of Comprehensive Income**                                                                                               |   |
|                                                                                                                                                                 |   |
|                                                                                                                                                                 |   |   |   | As                    Adjusted |   | As                    Adjusted |   |
| **Year                    Ended December 31**                                                                                                                        |   | **2006** |   | 2005 |   | 2004 |   |
|                                                                                                                                                                 |   | (thousands) |   |
| Net                    income                                                                                                                                        |   | **$** | **127,630** |   | $ | 162,298 |   | $ | 182,547 |   |
| Other                    comprehensive income                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Gain                    (loss) on derivative hedging instruments                                                                                                     |   |   | **(181,597** | **)** |   | 84,070 |   |   | 2,649 |   |
| Income                    taxes                                                                                                                                      |   |   | **75,044** |   |   | (34,718 | ) |   | (1,126 | ) |
| Net                    gain (loss) on derivative hedging instruments                                                                                                 |   |   | **(106,553** | **)** |   | 49,352 |   |   | 1,523 |   |
| Reclassification                    to expenses, net of tax                                                                                                          |   |   | **31,832** |   |   | (20,955 | ) |   | (592 | ) |
| Derivative                    hedging activity, net of tax                                                                                                           |   |   | **(74,721** | **)** |   | 28,397 |   |   | 931 |   |
| Change                    in minimum pension obligation                                                                                                              |   |   | **25,579** |   |   | 8,722 |   |   | (7,624 | ) |
| Income                    taxes                                                                                                                                      |   |   | **(9,618** | **)** |   | (3,828 | ) |   | 2,561 |   |
| Net                    change in minimum pension obligation                                                                                                          |   |   | **15,961** |   |   | 4,894 |   |   | (5,063 | ) |
| Comprehensive                    income                                                                                                                              |   | **$** | **68,870** |   | $ | 195,589 |   | $ | 178,415 |   |
|                                                                                                                                                                 |
| The                    accompanying Notes to Consolidated Financial Statements are an                    integral                    part of these statements.  |

| **KANSAS                    CITY POWER & LIGHT COMPANY**                                                                                              |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Statements of Income**                                                                                                  |   |
|                                                                                                                                                      |   |   |   |   |   |   |   |
|                                                                                                                                                      |   |   |   | As                    Adjusted |   | As                    Adjusted |   |
| **Year                    Ended December 31**                                                                                                             |   | **2006** |   | 2005 |   | 2004 |   |
| **Operating                    Revenues**                                                                                                                 |   | (thousands) |   |
| Electric                    revenues                                                                                                                      |   | **$** | **1,140,357** |   | $ | 1,130,792 |   | $ | 1,090,067 |   |
| Other                    revenues                                                                                                                         |   |   | **-** |   |   | 113 |   |   | 1,568 |   |
| Total                                                                                                                                                     |   |   | **1,140,357** |   |   | 1,130,905 |   |   | 1,091,635 |   |
| **Operating                    Expenses**                                                                                                                 |   |   |   |   |   |   |   |   |   |   |
| Fuel                                                                                                                                                      |   |   | **229,469** |   |   | 208,431 |   |   | 176,806 |   |
| Purchased                    power                                                                                                                        |   |   | **26,418** |   |   | 61,263 |   |   | 52,533 |   |
| Skill                    set realignment costs (Note 8)                                                                                                   |   |   | **9,347** |   |   | - |   |   | - |   |
| Other                                                                                                                                                     |   |   | **260,281** |   |   | 265,759 |   |   | 259,125 |   |
| Maintenance                                                                                                                                               |   |   | **83,833** |   |   | 89,954 |   |   | 83,989 |   |
| Depreciation                    and amortization                                                                                                          |   |   | **152,714** |   |   | 146,610 |   |   | 145,246 |   |
| General                    taxes                                                                                                                          |   |   | **107,858** |   |   | 104,823 |   |   | 98,984 |   |
| (Gain)                    loss on property                                                                                                                |   |   | **(572** | **)** |   | 4,613 |   |   | 5,133 |   |
| Total                                                                                                                                                     |   |   | **869,348** |   |   | 881,453 |   |   | 821,816 |   |
| Operating                    income                                                                                                                       |   |   | **271,009** |   |   | 249,452 |   |   | 269,819 |   |
| Non-operating                    income                                                                                                                   |   |   | **14,965** |   |   | 16,104 |   |   | 5,402 |   |
| Non-operating                    expenses                                                                                                                 |   |   | **(5,363** | **)** |   | (4,281 | ) |   | (7,407 | ) |
| Interest                    charges                                                                                                                       |   |   | **(60,988** | **)** |   | (61,841 | ) |   | (74,170 | ) |
| Income                    before income taxes and minority                                                                                                |   |   |   |   |   |   |   |   |   |   |
| interest                    in subsidiaries                                                                                                               |   |   | **219,623** |   |   | 199,434 |   |   | 193,644 |   |
| Income                    taxes                                                                                                                           |   |   | **(70,302** | **)** |   | (47,984 | ) |   | (53,703 | ) |
| Minority                    interest in subsidiaries                                                                                                      |   |   | **-** |   |   | (7,805 | ) |   | 5,087 |   |
| Net                    income                                                                                                                             |   | **$** | **149,321** |   | $ | 143,645 |   | $ | 145,028 |   |
|                                                                                                                                                      |
| The                    disclosures regarding consolidated KCP&L included in the accompanying                    Notes to Consolidated Financial  |
| Statements                    are an integral part of these statements.                                                                              |

| **KANSAS                    CITY POWER & LIGHT COMPANY**                                                                                               |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Balance Sheets**                                                                                                         |   |
|                                                                                                                                                       |   |
|                                                                                                                                                       |   |   |   | As                    Adjusted |   |
|                                                                                                                                                       |   | **December                    31** |   | December                    31 |   |
|                                                                                                                                                       |   | **2006** |   | 2005 |   |
| **ASSETS**                                                                                                                                                 |   | (thousands) |   |
| **Current                    Assets**                                                                                                                      |   |   |   |   |   |
| Cash                    and cash equivalents                                                                                                               |   | **$** | **1,788** |   | $ | 2,961 |   |
| Receivables,                    net                                                                                                                        |   |   | **114,294** |   |   | 70,264 |   |
| Fuel                    inventories, at average cost                                                                                                       |   |   | **27,811** |   |   | 17,073 |   |
| Materials                    and supplies, at average cost                                                                                                 |   |   | **59,829** |   |   | 57,017 |   |
| Deferred                    refueling outage costs                                                                                                         |   |   | **13,921** |   |   | 8,063 |   |
| Refundable                    income taxes                                                                                                                 |   |   | **7,229** |   |   | - |   |
| Deferred                    income taxes                                                                                                                   |   |   | **52** |   |   | 2,538 |   |
| Prepaid                    expenses                                                                                                                        |   |   | **9,673** |   |   | 11,292 |   |
| Derivative                    instruments                                                                                                                  |   |   | **179** |   |   | - |   |
| Total                                                                                                                                                      |   |   | **234,776** |   |   | 169,208 |   |
| **Nonutility                    Property and Investments**                                                                                                 |   |   |   |   |   |   |   |
| Nuclear                    decommissioning trust fund                                                                                                      |   |   | **104,066** |   |   | 91,802 |   |
| Other                                                                                                                                                      |   |   | **6,480** |   |   | 7,694 |   |
| Total                                                                                                                                                      |   |   | **110,546** |   |   | 99,496 |   |
| **Utility                    Plant, at Original Cost**                                                                                                     |   |   |   |   |   |   |   |
| Electric                                                                                                                                                   |   |   | **5,268,485** |   |   | 4,959,539 |   |
| Less-accumulated                    depreciation                                                                                                           |   |   | **2,456,199** |   |   | 2,322,813 |   |
| Net                    utility plant in service                                                                                                            |   |   | **2,812,286** |   |   | 2,636,726 |   |
| Construction                    work in progress                                                                                                           |   |   | **214,493** |   |   | 100,952 |   |
| Nuclear                    fuel, net of amortization of $103,381 and $115,240                                                                              |   |   | **39,422** |   |   | 27,966 |   |
| Total                                                                                                                                                      |   |   | **3,066,201** |   |   | 2,765,644 |   |
| **Deferred                    Charges and Other Assets**                                                                                                   |   |   |   |   |   |   |   |
| Regulatory                    assets                                                                                                                       |   |   | **434,392** |   |   | 179,922 |   |
| Prepaid                    pension costs                                                                                                                   |   |   | **-** |   |   | 98,002 |   |
| Other                                                                                                                                                      |   |   | **13,584** |   |   | 27,905 |   |
| Total                                                                                                                                                      |   |   | **447,976** |   |   | 305,829 |   |
| Total                                                                                                                                                      |   | **$** | **3,859,499** |   | $ | 3,340,177 |   |
|                                                                                                                                                       |
| The                    disclosures regarding consolidated KCP&L included in the accompanying                    Notes to Consolidated Financial   |
| Statements                    are an integral part of these statements.                                                                               |

| **KANSAS                    CITY POWER & LIGHT COMPANY**                                                                                               |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Balance Sheets**                                                                                                         |   |
|                                                                                                                                                       |   |
|                                                                                                                                                       |   |   |   | As                    Adjusted |   |
|                                                                                                                                                       |   | **December                    31** |   | December                    31 |   |
|                                                                                                                                                       |   | **2006** |   | 2005 |   |
| **LIABILITIES                    AND CAPITALIZATION**                                                                                                      |   | (thousands) |   |
| **Current                    Liabilities**                                                                                                                 |   |   |   |   |   |
| Notes                    payable to Great Plains Energy                                                                                                    |   | **$** | **550** |   | $ | 500 |   |
| Commercial                    paper                                                                                                                        |   |   | **156,400** |   |   | 31,900 |   |
| Current                    maturities of long-term debt                                                                                                    |   |   | **225,500** |   |   | - |   |
| EIRR                    bonds classified as current                                                                                                        |   |   | **144,742** |   |   | - |   |
| Accounts                    payable                                                                                                                        |   |   | **181,805** |   |   | 106,040 |   |
| Accrued                    taxes                                                                                                                           |   |   | **18,165** |   |   | 27,448 |   |
| Accrued                    interest                                                                                                                        |   |   | **12,461** |   |   | 11,549 |   |
| Accrued                    payroll and vacations                                                                                                           |   |   | **24,641** |   |   | 27,520 |   |
| Pension                    and post retirement liability                                                                                                   |   |   | **841** |   |   | - |   |
| Derivative                    instruments                                                                                                                  |   |   | **2,687** |   |   | - |   |
| Other                                                                                                                                                      |   |   | **8,469** |   |   | 8,600 |   |
| Total                                                                                                                                                      |   |   | **776,261** |   |   | 213,557 |   |
| **Deferred                    Credits and Other Liabilities**                                                                                              |   |   |   |   |   |   |   |
| Deferred                    income taxes                                                                                                                   |   |   | **660,046** |   |   | 627,048 |   |
| Deferred                    investment tax credits                                                                                                         |   |   | **28,458** |   |   | 29,698 |   |
| Asset                    retirement obligations                                                                                                            |   |   | **91,824** |   |   | 145,907 |   |
| Pension                    liability                                                                                                                       |   |   | **132,216** |   |   | 85,301 |   |
| Regulatory                    liabilities                                                                                                                  |   |   | **114,674** |   |   | 69,641 |   |
| Derivative                    instruments                                                                                                                  |   |   | **39** |   |   | 2,601 |   |
| Other                                                                                                                                                      |   |   | **65,651** |   |   | 38,387 |   |
| Total                                                                                                                                                      |   |   | **1,092,908** |   |   | 998,583 |   |
| **Capitalization**                                                                                                                                         |   |   |  |   |   |  |   |
| Common                    shareholder's equity                                                                                                             |   |   |   |   |   |   |   |
| Common                    stock-1,000 shares authorized without par value                                                                                  |   |   |   |   |   |   |   |
| 1                    share issued, stated value                                                                                                            |   |   | **1,021,656** |   |   | 887,041 |   |
| Retained                    earnings                                                                                                                       |   |   | **354,802** |   |   | 294,481 |   |
| Accumulated                    other comprehensive income (loss)                                                                                           |   |   | **6,685** |   |   | (29,909 | ) |
| Total                                                                                                                                                      |   |   | **1,383,143** |   |   | 1,151,613 |   |
| Long-term                    debt (Note 19)                                                                                                                |   |   | **607,187** |   |   | 976,424 |   |
| Total                                                                                                                                                      |   |   | **1,990,330** |   |   | 2,128,037 |   |
| **Commitments                    and Contingencies (Note 13)**                                                                                             |   |   |   |   |   |
| Total                                                                                                                                                      |   | **$** | **3,859,499** |   | $ | 3,340,177 |   |
|                                                                                                                         |
| The                    disclosures regarding consolidated KCP&L included in the accompanying                    Notes to Consolidated Financial   |
| Statements                    are an integral part of these statements.                                                 |

| **KANSAS                    CITY POWER & LIGHT COMPANY**                                                                                               |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Statements of Cash Flows**                                                                                               |   |
|                                                                                                                                                       |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |   | As                    Adjusted |   | As                    Adjusted |   |
| **Year                    Ended December 31**                                                                                                              |   | **2006** |   | 2005 |   | 2004 |   |
| **Cash                    Flows from Operating Activities**                                                                                                |   | (thousands) |   |
| Net                    income                                                                                                                              |   | **$** | **149,321** |   | $ | 143,645 |   | $ | 145,028 |   |
| Adjustments                    to reconcile income to net cash from operating activities:                                                                  |   |   |   |   |   |   |
| Depreciation                    and amortization                                                                                                           |   |   | **152,714** |   |   | 146,610 |   |   | 145,246 |   |
| Amortization                    of:                                                                                                                        |   |   |   |   |   |   |   |   |   |   |
| Nuclear                    fuel                                                                                                                            |   |   | **14,392** |   |   | 13,374 |   |   | 14,159 |   |
| Other                                                                                                                                                      |   |   | **6,617** |   |   | 7,681 |   |   | 7,719 |   |
| Deferred                    income taxes, net                                                                                                              |   |   | **17,411** |   |   | (33,637 | ) |   | 11,801 |   |
| Investment                    tax credit amortization                                                                                                      |   |   | **(1,240** | **)** |   | (3,889 | ) |   | (3,984 | ) |
| (Gain)                    loss on property                                                                                                                 |   |   | **(572** | **)** |   | 4,613 |   |   | 5,133 |   |
| Minority                    interest in subsidiaries                                                                                                       |   |   | **-** |   |   | 7,805 |   |   | (5,087 | ) |
| Other                    operating activities (Note 2)                                                                                                     |   |   | **(39,408** | **)** |   | 79,284 |   |   | (3,756 | ) |
| Net                    cash from operating activities                                                                                                      |   |   | **299,235** |   |   | 365,486 |   |   | 316,259 |   |
| **Cash                    Flows from Investing Activities**                                                                                                |   |   |   |   |   |  |   |   |  |   |
| Utility                    capital expenditures                                                                                                            |   |   | **(475,931** | **)** |   | (332,055 | ) |   | (190,548 | ) |
| Allowance                    for borrowed funds used during construction                                                                                   |   |   | **(5,686** | **)** |   | (1,598 | ) |   | (1,498 | ) |
| Purchases                    of nonutility property                                                                                                        |   |   | **(62** | **)** |   | (127 | ) |   | (254 | ) |
| Proceeds                    from sale of assets                                                                                                            |   |   | **433** |   |   | 469 |   |   | 7,465 |   |
| Purchases                    of nuclear decommissioning trust investments                                                                                  |   |   | **(49,667** | **)** |   | (34,607 | ) |   | (49,720 | ) |
| Proceeds                    from nuclear decommissioning trust investments                                                                                 |   |   | **46,005** |   |   | 31,055 |   |   | 46,167 |   |
| Hawthorn                    No. 5 partial insurance recovery                                                                                               |   |   | **-** |   |   | 10,000 |   |   | 30,810 |   |
| Hawthorn                    No. 5 partial litigation recoveries                                                                                            |   |   | **15,829** |   |   | - |   |   | 1,139 |   |
| Other                    investing activities                                                                                                              |   |   | **(983** | **)** |   | (930 | ) |   | (7,100 | ) |
| Net                    cash from investing activities                                                                                                      |   |   | **(470,062** | **)** |   | (327,793 | ) |   | (163,539 | ) |
| **Cash                    Flows from Financing Activities**                                                                                                |   |   |   |   |   |  |   |   |  |   |
| Issuance                    of long-term debt                                                                                                              |   |   | **-** |   |   | 334,417 |   |   | - |   |
| Repayment                    of long-term debt                                                                                                             |   |   | **-** |   |   | (335,922 | ) |   | (209,140 | ) |
| Net                    change in short-term borrowings                                                                                                     |   |   | **124,550** |   |   | 32,376 |   |   | (21,959 | ) |
| Dividends                    paid to Great Plains Energy                                                                                                   |   |   | **(89,000** | **)** |   | (112,700 | ) |   | (119,160 | ) |
| Equity                    contribution from Great Plains Energy                                                                                            |   |   | **134,615** |   |   | - |   |   | 225,000 |   |
| Issuance                    fees                                                                                                                           |   |   | **(511** | **)** |   | (4,522 | ) |   | (2,362 | ) |
| Net                    cash from financing activities                                                                                                      |   |   | **169,654** |   |   | (86,351 | ) |   | (127,621 | ) |
| **Net                    Change in Cash and Cash Equivalents**                                                                                             |   |   | **(1,173** | **)** |   | (48,658 | ) |   | 25,099 |   |
| **Cash                    and Cash Equivalents at Beginning of Year**                                                                                      |   |   | **2,961** |   |   | 51,619 |   |   | 26,520 |   |
| **Cash                    and Cash Equivalents at End of Year**                                                                                            |   | **$** | **1,788** |   | $ | 2,961 |   | $ | 51,619 |   |
|                                                                                                                         |
| The                    disclosures regarding consolidated KCP&L included in the accompanying                    Notes to Consolidated Financial   |
| Statements                    are an integral part of these statements.                                       |

| **KANSAS                      CITY POWER & LIGHT COMPANY**                                                                                                      |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                      Statements of Common Shareholder's Equity**                                                                                     |   |
|                                                                                                                                                                |   |
|                                                                                                                                                                |   |   |   |   |   |   |   |
|                                                                                                                                                                |   |   |   |   |   | As                      Adjusted |   | As                      Adjusted |   |
| **Year                      to Date December 31**                                                                                                                   |   | **2006** |   | 2005 |   | 2004 |   |
|                                                                                                                                                                |   | **Shares** |   | **Amount** |   | Shares |   | Amount |   | Shares |   | Amount |   |
| **Common                      Stock**                                                                                                                               |   | (thousands,                      except share amounts) |   |
| Beginning                      balance                                                                                                                              |   |   | **1** |   | **$** | **887,041** |   |   | 1 |   | $ | 887,041 |   |  1 |   | $ | 662,041 |   |
| Equity                      contribution from Great Plains Energy                                                                                                   | **-**  |   |   | **134,615** |   |   | - |   |   | - |   |  - |   |   | 225,000 |   |
| Ending                      balance                                                                                                                                 |   |   | **1** |   |   | **1,021,656** |   |   | 1 |   |   | 887,041 |   |  1 |   |   | 887,041 |   |
| **Retained                      Earnings**                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning                      balance                                                                                                                              |   |   |   |   |   | **294,481** |   |   |   |   |   | 263,536 |   |   |   |   | 228,761 |   |
| Net                      income                                                                                                                                     |   |   |   |   |   | **149,321** |   |   |   |   |   | 143,645 |   |   |   |   | 145,028 |   |
| Cumulative                      effect of a change in accounting principle (Note 5)                                                                                 |   | **-** |   |   |   |   |   | - |   |   |   |   | 8,907 |   |
| Dividends:                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common                      stock held by Great Plains Energy                                                                                                       |   |   |   | **(89,000** | **)** |   |   |   |   | (112,700 | ) |   |   |   | (119,160 | ) |
| Ending                      balance                                                                                                                                 |   |   |   |   | **354,802** |   |   |   |   | 294,481 |   |   |   |   | 263,536 |   |
| **Accumulated                      Other Comprehensive Income (Loss)**                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Beginning                      balance                                                                                                                              |   |   |   |   |   | **(29,909** | **)** |   |   |   |   | (40,334 | ) |   |   |   | (35,244 | ) |
| Derivative                      hedging activity, net of tax                                                                                                        |   |   |   |   |   | **(741** | **)** |   |   |   |   | 7,571 |   |   |   |   | (233 | ) |
| Minimum                      pension obligation, net of tax                                                                                                         |   |   |   |   |   | **15,913** |   |   |   |   |   | 2,854 |   |   |   |   | (4,857 | ) |
| Adjustment                      to initially apply SFAS No. 158 (Note 8)                                                                                            |   | **(168,597** | **)** |   |   |   |   | - |   |   |   |   | - |   |
| Regulatory                      adjustment                                                                                                                          |   |   |   |   |   | **190,019** |   |   |   |   |   | - |   |   |   |   | - |   |
| Ending                      balance                                                                                                                                 |   |   |   |   | **6,685** |   |   |   |   | (29,909 | ) |   |   |   | (40,334 | ) |
| **Total                      Common Shareholder's Equity**                                                                                                          |   |   |   | **$** | **1,383,143** |   |   |   | $ | 1,151,613 |   |   |   | $ | 1,110,243 |   |
|                                                                                                                                                                |
| The                      disclosures regarding consolidated KCP&L included in the accompanying                      Notes to Consolidated Financial   |
| Statements                      are an integral part of these                      statements.                                                                      |

| **KANSAS                    CITY POWER & LIGHT COMPANY**                                                                                               |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                    Statements of Comprehensive Income**                                                                                     |   |
|                                                                                                                                                       |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |   | As                    Adjusted |   | As                    Adjusted |   |
| **Year                    Ended December 31**                                                                                                              |   | **2006** |   | 2005 |   | 2004 |   |
|                                                                                                                                                       |   | (thousands) |   |
| Net                    income                                                                                                                              |   | **$** | **149,321** |   | $ | 143,645 |   | $ | 145,028 |   |
| Other                    comprehensive income                                                                                                              |   |   |   |   |   |   |   |   |   |   |
| Gain                    (loss) on derivative hedging instruments                                                                                           |   |   | **(788** | **)** |   | 12,650 |   |   | 280 |   |
| Income                    taxes                                                                                                                            |   |   | **296** |   |   | (4,759 | ) |   | (111 | ) |
| Net                    gain (loss) on derivative hedging instruments                                                                                       |   |   | **(492** | **)** |   | 7,891 |   |   | 169 |   |
| Reclassification                    to expenses, net of tax                                                                                                |   |   | **(249** | **)** |   | (320 | ) |   | (402 | ) |
| Derivative                    hedging activity, net of tax                                                                                                 |   |   | **(741** | **)** |   | 7,571 |   |   | (233 | ) |
| Change                    in minimum pension obligation                                                                                                    |   |   | **25,502** |   |   | 5,410 |   |   | (7,321 | ) |
| Income                    taxes                                                                                                                            |   |   | **(9,589** | **)** |   | (2,556 | ) |   | 2,464 |   |
| Net                    change in minimum pension obligation                                                                                                |   |   | **15,913** |   |   | 2,854 |   |   | (4,857 | ) |
| Comprehensive                    income                                                                                                                    |   | **$** | **164,493** |   | $ | 154,070 |   | $ | 139,938 |   |
|                                                                                                     |
| The                    disclosures regarding consolidated KCP&L included in the accompanying                    Notes to Consolidated Financial   |
| Statements                    are an integral part of these statements.                                                                               |

**GREAT        PLAINS ENERGY INCORPORATED**

**KANSAS        CITY POWER & LIGHT COMPANY**

**Notes        to Consolidated Financial Statements**

| **1.  ** | **SUMMARY                OF SIGNIFICANT ACCOUNTING                POLICIES** |
|--------------------|------------------------------------------------------------------------------|

**Organization**

| ·   | KCP&L                is an integrated, regulated electric utility that provides electricity                to                customers primarily in the states of Missouri and Kansas. KCP&L has                two wholly owned subsidiaries, Kansas City Power & Light Receivables                Company (Receivables Company) and Home Service Solutions Inc. (HSS).                HSS                has no active operations. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | KLT                Inc. is an intermediate holding company that primarily holds indirect                interests in Strategic Energy, L.L.C. (Strategic Energy), which provides                competitive retail electricity supply services in several electricity                markets offering retail choice, and holds investments in affordable                housing limited partnerships. KLT Inc. also wholly owns KLT Gas Inc.                (KLT                Gas), which has no active operations. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Innovative                Energy Consultants Inc. (IEC) is an intermediate holding company                that                holds an indirect interest in Strategic Energy. IEC does not own                or                operate any assets other than its indirect interest in Strategic                Energy.                When combined with KLT Inc.’s indirect interest in Strategic Energy, the                Company indirectly owns 100% of Strategic                Energy. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                Plains Energy Services Incorporated (Services) provides services                at cost                to Great Plains Energy and its subsidiaries, including consolidated                KCP&L. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Cash        and Cash Equivalents**

**Restricted        Cash**

**Fair        Value of Financial Instruments **

*Nonutility        property and investments*

*Long-term        debt *

*Derivative        instruments*

**Derivative        Instruments **

**Investments        in Affordable Housing Limited Partnerships **

**Other        Nonutility Property**

**Utility        Plant **

|                                                                                                            |   |       |    |     |   |
|-----------------------------------------------------------------------------------------------------------------|--------|------------|---------|----------|--------|
| **December                31**                                                                                  |   | **2006**   |    | **2005** |   |
| Utility                Plant, at original cost                                                                  |   | (millions) |    |
| Production                (23 - 42 years)                                                                       |   | $          | 3,135.6 |     | $      | 2,970.1 |   |
| Transmission                (27 - 76 years)                                                                     |   |       | 364.3   |     |   | 331.2 |   |
| Distribution                (8 - 75 years)                                                                      |   |       | 1,465.7 |     |   | 1,377.3 |   |
| General                (5 - 50 years)                                                                           |   |       | 302.9   |     |   | 280.9 |   |
| Total                (a)                                                                                        |   | $          | 5,268.5 |     | $      | 4,959.5 |   |
| (a)                Includes $40.3 million and $80.4 million of land and other assetsthat                are not |
|     depreciated.                                                                            |

**Depreciation      and Amortization**

**Deferred        Refueling Outage Costs**

**Nuclear        Plant Decommissioning Costs **

**Regulatory        Matters**

**Revenue        Recognition **

**Allowance        for Doubtful Accounts **

**Property        Gains and Losses**

**Asset        Impairments**

**Income        Taxes **

**Environmental        Matters**

**Basic        and Diluted Earnings per Common Share Calculation**

|                                                                 |   |                                                                                       |   |     |   |                             |   |                             |   |
|----------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|--------|----------|--------|----------------------------------|--------|----------------------------------|--------|
|                                                                 |   |                                                                                       |   |     |   | **As                  Adjusted** |   | **As                  Adjusted** |   |
|                                                                 |   |                                                                                       |   | **2006** |   | **2005**                         |   | **2004**                         |   |
| **Income**                                                           |   |                         (millions, except per share amounts) |
| Income                  from continuing operations                   |   |                                                                                       |   |     | $      | 127.6                            |   | $                                | 164.2  |   | $ | 175.2 |   |
| Less:                  preferred stock dividend requirements         |   |                                                                                       |   |     |   | 1.6                              |   |                             | 1.6    |   |   | 1.6 |   |
| Income                  available to common stockholders             |   |                                                                                       |   | $        | 126.0  |                             | $      | 162.6                            |   | $ | 173.6 |   |
| **Common                  Shares Outstanding**                       |   |                                                                                       |   |     |   |                             |   |                             |   |   |   |   |   |
| Average                  number of common shares outstanding         |   |                                                                                       |   |     |   | 78.0                             |   |                             | 74.6   |   |   | 72.0 |   |
| Add:                  effect of dilutive securities                  |   |                                                                                       |   |     |   | 0.2                              |   |                             | 0.1    |   |   | 0.1 |   |
| Diluted                  average number of common shares outstanding |   | 78.2                                                                                       |   |     | 74.7   |                             |   | 72.1                             |   |
| **Basic                  EPS from continuing operations**            |   |                                                                                       |   |     | $      | 1.62                             |   | $                                | 2.18   |   | $ | 2.41 |   |
| **Diluted                  EPS from continuing operations**          |   |                                                                                       |   | $        | 1.61   |                             | $      | 2.18                             |   | $ | 2.41 |   |

| **2.  ** | **SUPPLEMENTAL                  CASH FLOW INFORMATION** |
|--------------------|---------------------------------------------------------|

| ***Great                    Plains Energy Other Operating Activities***                 |       |       |                               |   |                               |   |
|-----------------------------------------------------------------------------------------|------------|------------|------------------------------------|--------|------------------------------------|--------|
|                                                                                    |       |       | **As                    Adjusted** |   | **As                    Adjusted** |   |
|                                                                                    | **2006**   |       | **2005**                           |   | **2004**                           |   |
| Cash                    flows affected by changes in:                                   | (millions) |
| Receivables                                                                             | $          | (80.8      | )                                  | $      | 6.6                                |   | $ | (37.5 | ) |
| Fuel                    inventories                                                     |       | (10.7      | )                                  |   | 4.9                                |   |   | 1.8 |   |
| Materials                    and supplies                                               |       | (2.8       | )                                  |   | (2.6                               | )      |   | 2.2 |   |
| Accounts                    payable                                                     |       | 68.1       |                               |   | 12.4                               |   |   | 9.6 |   |
| Accrued                    taxes                                                        |       | (22.5      | )                                  |   | (23.1                              | )      |   | 15.3 |   |
| Accrued                    interest                                                     |       | 0.7        |                               |   | 1.6                                |   |   | (1.0 | ) |
| Deposits                    with suppliers                                              |       | -          |                               |   | 0.1                                |   |   | 0.8 |   |
| Deferred                    refueling outage costs                                      |       | (5.9       | )                                  |   | (4.0                               | )      |   | 8.7 |   |
| Pension                    and postretirement benefit assets and obligations            |       | 3.6        |                               |   | 8.4                                |   |   | (10.4 | ) |
| Allowance                    for equity funds used during construction                  |       | (5.0       | )                                  |   | (1.8                               | )      |   | (2.1 | ) |
| Proceeds                    from the sale of SO2                    emission allowances |       | 0.8        |                               |   | 61.0                               |   |   | 0.3 |   |
| Proceeds                    from T-Locks                                                |       | -          |                               |   | 12.0                               |   |   | - |   |
| Other                                                                                   |       | 5.7        |                               |   | 20.1                               |   |   | (7.5 | ) |
| Total                    other operating activities                                     | $          | (48.8      | )                                  | $      | 95.6                               |   | $ | (19.8 | ) |
| Cash                    paid during the period:                                         |       |       |                               |   |                               |   |   |   |   |
| Interest                                                                                | $          | 67.7       |                               | $      | 68.9                               |   | $ | 84.1 |   |
| Income                    taxes                                                         | $          | 77.7       |                               | $      | 84.4                               |   | $ | 38.6 |   |
| Non-cash                    investing activities:                                       |       |       |                               |   |                               |   |   |   |   |
| Liabilities                    assumed for capital expenditures                         | $          | 38.7       |                               | $      | 13.4                               |   | $ | - |   |
|                                                                                    |       |       |                               |   |                               |   |   |   |   |
| ***Consolidated                    KCP&L Other Operating Activities***              |       |       |                               |   |                               |   |
|                                                                                    |       |       |                               |   | **As                    Adjusted** |   |   | **As                    Adjusted** |   |
|                                                                                    |       | **2006**   |                               |   | **2005**                           |   |   | **2004** |   |
| Cash                    flows affected by changes in:                                   |       | (millions) |
| Receivables                                                                             | $          | (44.7      | )                                  | $      | (8.5                               | )      | $ | 1.6 |   |
| Fuel                    inventories                                                     |       | (10.7      | )                                  |   | 4.9                                |   |   | 1.8 |   |
| Materials                    and supplies                                               |       | (2.8       | )                                  |   | (2.6                               | )      |   | 2.2 |   |
| Accounts                    payable                                                     |       | 52.4       |                               |   | 16.3                               |   |   | 1.8 |   |
| Accrued                    taxes                                                        |       | (16.5      | )                                  |   | (17.2                              | )      |   | (6.6 | ) |
| Accrued                    interest                                                     |       | 0.9        |                               |   | 1.7                                |   |   | (2.0 | ) |
| Deferred                    refueling outage costs                                      |       | (5.9       | )                                  |   | (4.0                               | )      |   | 8.7 |   |
| Pension                    and postretirement benefit assets and obligations            |       | 0.7        |                               |   | 4.6                                |   |   | (8.0 | ) |
| Allowance                    for equity funds used during construction                  |       | (5.0       | )                                  |   | (1.8                               | )      |   | (2.1 | ) |
| Proceeds                    from the sale of SO2                    emission allowances |       | 0.8        |                               |   | 61.0                               |   |   | 0.3 |   |
| Proceeds                    from T-Locks                                                |       | -          |                               |   | 12.0                               |   |   | - |   |
| Other                                                                                   |       | (8.6       | )                                  |   | 12.9                               |   |   | (1.5 | ) |
| Total                    other operating activities                                     | $          | (39.4      | )                                  | $      | 79.3                               |   | $ | (3.8 | ) |
| Cash                    paid during the period:                                         |       |       |                               |   |                               |   |   |   |   |
| Interest                                                                                | $          | 57.9       |                               | $      | 57.6                               |   | $ | 73.8 |   |
| Income                    taxes                                                         | $          | 70.9       |                               | $      | 104.1                              |   | $ | 64.9 |   |
| Non-cash                    investing activities:                                       |       |       |                               |   |                               |   |   |   |   |
| Liabilities                    assumed for capital expenditures                         | $          | 38.2       |                               | $      | 12.8                               |   | $ | - |   |
|                                                                                    |       |       |                               |   |                               |   |   |   |   |

**Significant          Non-Cash Items**

***Asset          Retirement Obligations***

***Unrecognized          Pension Expense***

| **3.  ** | **ANTICIPATED                  ACQUISITION OF AQUILA, INC.** |
|--------------------|--------------------------------------------------------------|
| **4.  ** | RECEIVABLES |
|--------------------|-------------|

|                                                                                                                                      |   |                                 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                                                                                                      |   | **December                      31** |   |
|                                                                                                                                      |   | **2006**                             |   | **2005** |   |
| **Consolidated                      KCP&L**                                                                                           |   | (millions)                           |   |
| Customer                      accounts receivable (a)                                                                                     |   | $                                    | 35.2   |   | $ | 34.0 |   |
| Allowance                      for doubtful accounts                                                                                      |   |                                 | (1.1   | ) |   | (1.0 | ) |
| Other                      receivables                                                                                                    |   |                                 | 80.2   |   |   | 37.3 |   |
| Consolidated                      KCP&L receivables                                                                                   |   |                                 | 114.3  |   |   | 70.3 |   |
| **Other                      Great Plains Energy**                                                                                        |   |                                 |   |   |   |   |   |
| Other                      receivables                                                                                                    |   |                                 | 229.2  |   |   | 193.0 |   |
| Allowance                      for doubtful accounts                                                                                      |   |                                 | (4.1   | ) |   | (4.3 | ) |
| Great                      Plains Energy receivables                                                                                      |   | $                                    | 339.4  |   | $ | 259.0 |   |
|  (a)Customer                    accounts receivable included unbilled receivables of $32.0 million                    and $31.4 |
|                         million at December 31, 2006                    and 2005, respectively.                       |

|                                                                    |   |          |   |            |   |             |   |
|-------------------------------------------------------------------------|--------|---------------|--------|-----------------|--------|------------------|--------|
|                                                                    |   |          |   | **Receivables** |   | **Consolidated** |   |
| **2006**                                                                |   | **KCP&L** |   | **Company**     |   | **KCP&L**    |   |
|                                                                    |   | (millions)    |   |
| Receivables                        (sold) purchased                     |   | $             | (977.9 | )               | $      | 977.9            |   | $ | - |   |
| Gain                        (loss) on sale of accounts receivable (a)   |   |          | (9.9   | )               |   | 9.9              |   |   | - |   |
| Servicing                        fees                                   |   |          | 2.9    |            |   | (2.9             | )      |   | - |   |
| Fees                        to outside investor                         |   |          | -      |            |   | (3.8             | )      |   | (3.8 | ) |
| **Cash                        flows during the period**                 |   |          |   |            |   |             |   |   |   |   |
| Cash                        from customers transferred to               |   |          |   |            |   |             |   |   |   |   |
| Receivables                        Company                              |   |          | (980.7 | )               |   | 980.7            |   |   | - |   |
| Cash                        paid to KCP&L for receivables purchased |   |          | 974.6  |            |   | (974.6           | )      |   | - |   |
| Servicing                        fees                                   |   |          | 2.9    |            |   | (2.9             | )      |   | - |   |
| Interest                        on intercompany note                    |   |          | 2.4    |            |   | (2.4             | )      |   | - |   |

|                                                                    |   |             |          |   |   |            |   |   |             |   |
|-------------------------------------------------------------------------|--------|------------------|---------------|--------|--------|-----------------|--------|--------|------------------|--------|
|                                                                    |   |             |               |   |   | **Receivables** |   |   | **Consolidated** |   |
| **2005**                                                                |   |             | **KCP&L** |   |   | **Company**     |   |   | **KCP&L**    |   |
|                                                                    |   |  (millions) |          |
| Receivables                        (sold) purchased                     |   | $                | (599.7        | )      | $      | 599.7           |   | $      | -                |   |
| Gain                        (loss) on sale of accounts receivable (a)   |   |             | (6.0          | )      |   | 5.0             |   |   | (1.0             | )      |
| Servicing                        fees                                   |   |             | 1.4           |   |   | (1.4            | )      |   | -                |   |
| Fees                        to outside investor                         |   |             | -             |   |   | (1.4            | )      |   | (1.4             | )      |
| **Cash                        flows during the period**                 |   |             |               |   |   |                 |   |   |                  |   |
| Cash                        from customers transferred to               |   |             |               |   |   |                 |   |   |                  |   |
| Receivables                        Company                              |   |             | (499.3        | )      |   | 499.3           |   |   | -                |   |
| Cash                        paid to KCP&L for receivables purchased |   |             | (494.3        | )      |   | 494.3           |   |   | -                |   |
| Servicing                        fees                                   |   |             | 1.4           |   |   | (1.4            | )      |   | -                |   |
| Funds                        from outside investors (b)                 |   |             | 70.0          |   |   | -               |   |   | 70.0             |   |
| Interest                        on intercompany note                    |   |             | 0.9           |   |   | (0.9            | )      |   | -                |   |

| (a)   | Any                    net gain (loss) is the result of the timing difference inherent                    in                    collecting receivables and over the  |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            | life                    of the agreement will net to zero.                                                                                                                |
| (b)        | During                    2005, Receivables Company received $70 million cash from the                    outside                    investor for the sale of             |
|            |  accounts                    receivable,                    which was then forwarded to KCP&L for consideration of its sale.                                |

| **5.  ** | **NUCLEAR                  PLANT** |
|--------------------|------------------------------------|

**Spent          Nuclear Fuel and Radioactive Waste**

**Nuclear          Plant Decommissioning Costs **

|                                                                         |                                                                                                                                                   |                     |            |                     |
|------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|-----------------|--------------------------|
|                                                                         |                                                                                                                                                   |                     | ** Total** |                     | **KCP&L's** |
|                                                                         |                                                                                                                                                   |                     | **Station**     |                     | **47%                    Share** |
|                                                                         |                                                                                                                                                   |                     | (millions)      |
| Current                    cost of decommissioning (in 2005 dollars)         |                                                                                                                                                   | $                    518 |            | $                    243 |
| Future                    cost of decommissioning (in 2045-2053 dollars) (a) | 3,327                                                                                                                                                  |                     | 1,564           |
|                                                                         |
| Annual                    escalation factor                                  |                                                                                                                                                   | 4.40%                    |
| Annual                    return on trust assets                    (b)      |                                                                                                                                                   | 6.48%                    |
| (a)                                                                     | Total                    future cost over an eight year decommissioning period.                                                                        |                     |            |
| (b)                                                                     | The                    6.48% rate of return is thru 2025. The rate then systematically                    decreases                    through 2053 to |
|                                                                         | 2.82%                    based on the assumption that the fund's investment mix will become                    increasingly more                       |
|                                                                         | conservative                    as the decommissioning period approaches.                                                                         |

|                                           |       |   |     |   |
|------------------------------------------------|------------|--------|----------|--------|
| **December                      31**           | **2006**   |   | **2005** |   |
| **Decommissioning                      Trust** | (millions) |   |
| Beginning                      balance         | $          | 91.8   |     | $      | 84.1 |   |
| Contributions                                  |       | 3.7    |     |   | 3.6 |   |
| Realized                      gains            |       | 6.0    |     |   | 3.9 |   |
| Unrealized                      gains          |       | 2.6    |     |   | 0.2 |   |
| Ending                      balance            | $          | 104.1  |     | $      | 91.8 |   |
|                                           |       |        |     |   |  |   |

|                                |   |                             |   |     |
|-------------------------------------|--------|----------------------------------|--------|----------|
|                                |   | **December                  31** |
| **Asset                  Category** |   | **2006**                         |   | **2005** |
| Equity                  securities  |   | 43%                              |   | 48%      |
| Debt                  securities    |   | 54%                              |   | 46%      |
| Other                               |   | 3%                               |   | 6%       |
| Total                               |   | 100%                             |   | 100%     |

**Nuclear      Liability and Insurance **

***Liability        Insurance***

***Property,        Decontamination, Premature Decommissioning and Extra Expense Insurance***

***Accidental        Nuclear Outage Insurance***

***Low-Level          Waste***

***Deferred        Refueling Outage Costs***

|                                        |   |           |   |         |   |
|---------------------------------------------|--------|----------------|--------|--------------|--------|
|                                        |   | **As**         |   |         |   |   |   | **As** |   |   |   |   |   |
|                                        |   | **Originally** |   |         |   |   |   | **Originally** |   |   |   |   |   |
|                                        |   | **Reported**   |   | **As**       |   | **Effect                  of** |   | **Reported** |   | **As** |   | **Effect                  of** |   |
|                                        |   | **2005**       |   | **Adjusted** |   | **Change** |   | **2004** |   | **Adjusted** |   | **Change** |   |
| **Great                  Plains Energy**    |   | (millions)     |   |
| Fuel                                        |   | $              | 207.9  |         | $      | 208.4 |   | $ | 0.5 |   | $ | 179.4 |   | $ | 176.8 |   | $ | (2.6 | ) |
| Other                                       |   |           | 327.7  |         |   | 327.7 |   |   | - |   |   | 324.2 |   |   | 323.6 |   |   | (0.6 | ) |
| Maintenance                                 |   |           | 90.3   |         |   | 90.0 |   |   | (0.3 | ) |   | 83.6 |   |   | 84.1 |   |   | 0.5 |   |
| Income                  taxes               |   |           | (39.7  | )            |   | (39.5 | ) |   | 0.2 |   |   | (54.5 | ) |   | (55.5 | ) |   | (1.0 | ) |
| **Consolidated                  KCP&L** |   |                |   |         |        |   |   |  |   |   |  |   |   |  |   |
| Fuel                                        |   | $              | 207.9  |         | $      | 208.4 |   | $ | 0.5 |   | $ | 179.4 |   | $ | 176.8 |   | $ | (2.6 | ) |
| Other                                       |   |           | 265.7  |         |   | 265.7 |   |   | - |   |   | 259.7 |   |   | 259.1 |   |   | (0.6 | ) |
| Maintenance                                 |   |           | 90.3   |         |   | 90.0 |   |   | (0.3 | ) |   | 83.5 |   |   | 84.0 |   |   | 0.5 |   |
| Income                  taxes               |   |           | (48.2  | )            |   | (48.0 | ) |   | 0.2 |   |   | (52.8 | ) |   | (53.8 | ) |   | (1.0 | ) |
|                                        |   |           |        |         |   |  |   |   |  |   |   |  |   |   |  |   |   |  |   |

| **6.  ** | **REGULATORY                MATTERS** |
|--------------------|---------------------------------------|

**KCP&L’s        Comprehensive Energy Plan**

|                                                 |                                                                                                                                                                                                                                 |                    |          |                   |   |
|------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|---------------|------------------------|--------|
|                                                 |                                                                                                                                                                                                                                 |                    | **Estimated** |
|                                                 |                                                                                                                                                                                                                                 |                    | **Capital**   |
| **Project**                                          |                                                                                                                                                                                                                                 | **Expenditures****(a)** |
|                                                 |                                                                                                                                                                                                                                 |                    | (millions)    |
| Iatan                  No. 2 (b)                     |                                                                                                                                                                                                                                 | $                  837  | -             | $                  914 |
|                                                 |
| Environmental                  Retrofit Projects (c) |                                                                                                                                                                                                                                 |   423         | -             | 443                    |
|                                                 |
| Wind                  Generation(d)                  |                                                                                                                                                                                                                                 | 164                     |
|                                                 |
| Asset                  Management                    |                                                                                                                                                                                                                                 | 42                      |
|                                                 |
| Customer                  Programs                   |                                                                                                                                                                                                                                 | 53                      |
|                                                 |                                                                                                                                                                                                                                 |                    |          |                   |   |
| Total                                                |                                                                                                                                                                                                                                 | $1,519                  | -             | $1,616                 |
| (a)                                                  | KCP&L                  share of costs, exclusive of AFDC.                                                                                                                                                                        |                    |          |                   |
| (b)                                                  | KCP&L's                  54.71% ownership (approximately 465MW) of an estimated 850MW                  plant.                                                                                                                    |
| (c)                                                  | These                  projects are the Iatan No. 1 air quality control project, the LaCygne                  No.                  1 selective catalytic reduction project and baghouse and                  scrubber project.  |
| (d)                                                  | The                  Spearville Wind Energy Facility went into service in September                  2006.                                                                                                                      |

**KCP&L          Regulatory Proceedings**

**Regulatory          Assets and Liabilities**

|                                                                   |   |                               |   |     |   |
|------------------------------------------------------------------------|--------|------------------------------------|--------|----------|--------|
|                                                                   |   | **December                    31** |   |
|                                                                   |   | **2006**                           |   | **2005** |   |
| **Regulatory                    Assets**                               |   | (millions)                         |   |
| Taxes                    recoverable through future rates              |   | $                                  | 81.7   |     | $      | 85.7 |   |
| Decommission                    and decontaminate federal uranium      |   |                               |   |     |   |   |   |
| enrichment                    facilities                               |   |                               | 0.6    |     |   | 1.3 |   |
| Loss                    on reacquired debt                             |   |                               | 6.4    |     |   | 7.1 |   |
| January                    2002 incremental ice storm costs (Missouri) |   |                               | 0.4    |     |   | 4.9 |   |
| Change                    in depreciable life of Wolf Creek            |   |                               | 45.4   |     |   | 27.4 |   |
| Cost                    of removal                                     |   |                               | 8.2    |     |   | 9.3 |   |
| Asset                    retirement obligations                        |   |                               | 16.9   |     |   | 23.6 |   |
| Pension                    and post-retirement costs                   |   |                               | 256.9  |     |   | 15.6 |   |
| Surface                    Transportation Board litigation expenses    |   |                               | 1.7    |     |   | - |   |
| Deferred                    customer programs                          |   |                               | 5.9    |     |   | 0.3 |   |
| 2006                    rate case expenses                             |   |                               | 2.6    |     |   | 0.2 |   |
| Other                                                                  |   |                               | 7.7    |     |   | 4.5 |   |
| Total                                                                  |   | $                                  | 434.4  |     | $      | 179.9 |   |
| **Regulatory                    Liabilities**                          |   |                               |   |     |   |   |   |
| Emission                    allowances                                 |   | $                                  | 64.5   |     | $      | 64.3 |   |
| Pension                    costs                                       |   |                               | -      |     |   | 1.0 |   |
| Asset                    retirement obligations                        |   |                               | 35.6   |     |   | - |   |
| Additional                    Wolf Creek amortization (Missouri)       |   |                               | 14.6   |     |   | 4.3 |   |
| Total                                                                  |   | $                                  | 114.7  |     | $      | 69.6 |   |
|                                                                   |   |                               |   |     |   |   |   |

**Southwest            Power Pool **
**Regional            Transmission Organization**

**Revenue          Sufficiency Guarantee **

**Seams          Elimination Charge Adjustment **

| **7.  ** | **GOODWILL                  AND INTANGIBLE PROPERTY** |
|--------------------|-------------------------------------------------------|

**Other          Intangible Assets and Related Liabilities**

|                                             |   |                                                                                                                          |   |             |                                     |   |   |                                  |   |             |   |
|--------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------|--------|------------------|------------------------------------------|--------|--------|---------------------------------------|--------|------------------|--------|
|                                             |   | **                                  December 31, 2006** |   |             | **December                    31, 2005** |   |
|                                             |   | **Gross                    Carrying**                                                                                         |   | **Accumulated**  |                                     |   |   | **Gross                    Carrying** |   | **Accumulated**  |   |
|                                             |   | **Amount**                                                                                                                    |   | **Amortization** |                                     |   |   | **Amount**                            |   | **Amortization** |   |
| **Consolidated                    KCP&L**    |   | (millions)                                                                                                                    |
| Computer                    software (a)         |   | $                                                                                                                             | 100.4  |             | $                                        | (76.2  | )      |                                  |        |             | $      | 92.9 |   | $ | (68.8 | ) |
|                                             |   |                                                                                                                          |        |             |                                     |        |   |                                  |        |             |   |  |   |   |  |   |
| **Other                    Great Plains Energy** |   |                                                                                                                          |        |             |                                     |        |   |                                  |        |             |   |  |   |   |  |   |
| Computer                    software (a)         |   |                                                                                                                          | 15.0   |             |                                     | (8.4   | )      |                                  |        |             |   | 12.0 |   |   | (5.2 | ) |
| Acquired                    intangible assets    |   |                                                                                                                          |        |             |                                     |        |   |                                  |        |             |   |  |   |   |  |   |
| Supply                    contracts              |   |                                                                                                                          | 26.5   |             |                                     | (26.5  | )      |                                  |        |             |   | 26.5 |   |   | (19.3 | ) |
| Customer                    relationships        |   |                                                                                                                          | 17.0   |             |                                     | (7.6   | )      |                                  |        |             |   | 17.0 |   |   | (4.7 | ) |
| Asset                    information systems     |   |                                                                                                                          | 1.9    |             |                                     | (1.4   | )      |                                  |        |             |   | 1.9 |   |   | (0.9 | ) |
| Unamortized                    intangible assets |   |                                                                                                                          |        |             |                                     |        |   |                                  |        |             |   |  |   |   |  |   |
| Strategic                    Energy trade name   |   |                                                                                                                          | 0.7    |             |                                     |   |   |                                  |   | 0.7              |   |   |   |
| Total                    intangible assets       |   | $                                                                                                                             | 161.5  |             | $                                        | (120.1 | )      |                                  |   | $                | 151.0  |   | $ | (98.9 | ) |
| Amortized                    related liabilities |   |                                                                                                                          |        |             |                                     |        |   |                                  |        |             |   |  |   |   |  |   |
| Retail                    contracts              |   | $                                                                                                                             | 26.5   |             | $                                        | (26.5  | )      |                                  |   | $                | 26.5   |   | $ | (19.3 | ) |

| (a)  | Computer                  software is included in electric utility plant or other nonutility                  property, as applicable, on the consolidated balance sheets.  |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                        |   |     |   |       |   |     |   |                                                  |   |         |   |     |   |     |   |     |   |
|---------------------------------------------|--------|----------|--------|------------|--------|----------|--------|-------------------------------------------------------|--------|--------------|--------|----------|--------|----------|--------|----------|--------|
|                                        |   |     |   |       |   |     |   | **Estimated                    Amortization Expense** |   |
|                                        |   | **2006** |   | **2005**   |   | **2004** |   |                                                  |   | **2007**     |   | **2008** |   | **2009** |   | **2010** |   |
|                                        |   |     |   | (millions) |   |
| Intangible                    assets        |   | $        | 10.6   |       | $      | 15.0     |   | $                                                     | 9.9    |         |   |          |   | $        | 3.3    |     | $      | 2.8 |   | $ | 2.9 |   | $ | 0.9 |   |
| Related                    liabilities      |   |     | (7.2   | )          |   | (11.6    | )      |                                                  | (7.7   | )            |   | -        |   |     | -      |     |   | - |   |   | - |   |
| Net                    amortization expense |   | $        | 3.4    |       | $      | 3.4      |   | $                                                     | 2.2    |    | $      | 3.3      |   | $        | 2.8    |     | $      | 2.9 |   | $ | 0.9 |   |
|                                        |   |     |        |       |   |          |   |                                                  |        |         |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |

| **8.  ** | **PENSION                  PLANS, OTHER EMPLOYEE BENEFITS AND SKILL SET REALIGNMENT                  COSTS ** |
|--------------------|-------------------------------------------------------------------------------------------------------------------------|

**Pension          Plans and Other Employee Benefits**

|                                                      |   |                                  |   |            |   |                                  |   |
|-----------------------------------------------------------|--------|---------------------------------------|--------|-----------------|--------|---------------------------------------|--------|
|                                                      |   | **Prior                      to**     |   |            |   | **Post**                              |   |
| **December                      31, 2006**                |   | **SFAS                      No. 158** |   | **Adjustments** |   | **SFAS                      No. 158** |   |
|                                                      |   | (millions)                            |   |
| Prepaid                      benefit cost                 |   | $                                     | 46.8   |            | $      | (46.8                                 | )      | $ | - |   |
| Current                      liability                    |   |                                  | -      |            |   | (1.0                                  | )      |   | (1.0 | ) |
| Accrued                      benefit cost                 |   |                                  | (31.4  | )               |   | 31.4                                  |   |   | - |   |
| Pension                      liability                    |   |                                  | -      |            |   | (143.2                                | )      |   | (143.2 | ) |
| Postretirement                      liability             |   |                                  | -      |            |   | (33.0                                 | )      |   | (33.0 | ) |
| Minimum                      pension liability adjustment |   |                                  | (46.5  | )               |   | 46.5                                  |   |   | - |   |
| Intangible                      asset                     |   |                                  | 12.1   |            |   | (12.1                                 | )      |   | - |   |
| Accumulated                      OCI, net of tax          |   |                                  | -      |            |   | 1.6                                   |   |   | 1.6 |   |
| Regulatory                      asset                     |   |                                  | 34.3   |            |   | 155.7                                 |   |   | 190.0 |   |

|                                                                           |   |                                    |   |                                  |   |     |   |     |      |
|--------------------------------------------------------------------------------|--------|-----------------------------------------|--------|---------------------------------------|--------|----------|--------|----------|-----------|
|                                                                           |   | **Pension                    Benefits** |   | **Other                    Benefits** |   |
|                                                                           |   | **2006**                                |   | **2005**                              |   | **2006** |   | **2005** |      |
| **Change                    in projected benefit obligation (PBO)**            |   | (millions)                              |
| PBO                    at beginning of year                                    |   | $                                       | 554.6  |                                  | $      | 515.7    |   | $        | 53.0      |   | $ | 49.1 |   |
| Service                    cost                                                |   |                                    | 18.8   |                                  |   | 17.3     |   |     | 0.9       |   |   | 0.9 |   |
| Interest                    cost                                               |   |                                    | 30.9   |                                  |   | 29.8     |   |     | 3.0       |   |   | 2.9 |   |
| Contribution                    by participants                                |   |                                    | -      |                                  |   | -        |   |     | 1.3       |   |   | 1.2 |   |
| Amendments                                                                     |   |                                    | -      |                                  |   | 0.6      |   |     | -         |   |   | - |   |
| Actuarial                    loss (gain)                                       |   |                                    | 6.5    |                                  |   | 33.0     |   |     | (1.8      | ) |   | 3.6 |   |
| Benefits                    paid                                               |   |                                    | (17.9  | )                                     |   | (41.2    | )      |     | (4.2      | ) |   | (4.1 | ) |
| Benefits                    paid by Company                                    |   |                                    | (0.4   | )                                     |   | (0.6     | )      |     | (0.7      | ) |   | (0.6 | ) |
| Settlements                                                                    |   |                                    | (83.7  | )                                     |   | -        |   |     | -         |   |   | - |   |
| PBO                    at end of plan year                                     |   | $                                       | 508.8  |                                  | $      | 554.6    |   | $        | 51.5      |   | $ | 53.0 |   |
| **Change                    in plan assets**                                   |   |                                    |        |                                  |   |          |   |     |           |   |   |  |   |
| Fair                    value of plan assets at beginning of year              |   | $                                       | 412.2  |                                  | $      | 370.5    |   | $        | 12.2      |   | $ | 14.7 |   |
| Actual                    return on plan assets                                |   |                                    | 34.3   |                                  |   | 47.8     |   |     | 0.6       |   |   | 0.3 |   |
| Contributions                    by employer and participants                  |   |                                    | 18.8   |                                  |   | 35.1     |   |     | 4.8       |   |   | 1.3 |   |
| Benefits                    paid                                               |   |                                    | (17.9  | )                                     |   | (41.2    | )      |     | (4.2      | ) |   | (4.1 | ) |
| Settlements                                                                    |   |                                    | (82.9  | )                                     |   | -        |   |     | -         |   |   | - |   |
| Fair                    value of plan assets at end of plan year               |   | $                                       | 364.5  |                                  | $      | 412.2    |   | $        | 13.4      |   | $ | 12.2 |   |
| **Funded                    status at end-of-year**                            |   |                                    |        |                                  |   |          |   |     |           |   |   |  |   |
| Funded                    status                                               |   | $                                       | (144.3 | )                                     | $      | (142.4   | )      | $        | (38.1     | ) | $ | (40.8 | ) |
| Unrecognized                    actuarial loss                                 |   |                                    | -      |                                  |   | 195.0    |   |     | -         |   |   | 14.1 |   |
| Unrecognized                    prior service cost                             |   |                                    | -      |                                  |   | 32.6     |   |     | -         |   |   | 0.8 |   |
| Unrecognized                    transition obligation                          |   |                                    | -      |                                  |   | 0.3      |   |     | -         |   |   | 8.2 |   |
| Contributions                    and changes after measurement date            |   |                                    | 0.6    |                                  |   | 0.2      |   |     | 4.6       |   |   | 3.8 |   |
| Net                    amounts recognized                                      |   |                                    | (143.7 | )                                     |   | 85.7     |   |     | (33.5     | ) |   | (13.9 | ) |
| Regulatory                    asset, net                                       |   |                                    | -      |                                  |   | 14.6     |   |     | -         |   |   | - |   |
| Net                    amount recognized at December 31                        |   | $                                       | (143.7 | )                                     | $      | 100.3    |   | $        | (33.5     | ) | $ | (13.9 | ) |
| **Amounts                    recognized in the consolidated balance sheets**   |   |                                         |   |                                  |        |     |   |          |      |
| Prepaid                    benefit cost                                        |   | $                                       | -      |                                  | $      | 98.3     |   | $        | -         |   | $ | - |   |
| Current                    pension liability                                   |   |                                    | (0.5   | )                                     |   | -        |   |     | (0.5      | ) |   | - |   |
| Accrued                    benefit cost                                        |   |                                    | -      |                                  |   | (12.8    | )      |     | -         |   |   | (17.7 | ) |
| Pension                    liability                                           |   |                                    | (143.8 | )                                     |   | -        |   |     | (37.6     | ) |   | - |   |
| Minimum                    pension liability adjustment                        |   |                                    | -      |                                  |   | (74.3    | )      |     | -         |   |   | - |   |
| Intangible                    asset                                            |   |                                    | -      |                                  |   | 14.4     |   |     | -         |   |   | - |   |
| Contributions                    and changes after measurement date            |   |                                    | 0.6    |                                  |   | 0.2      |   |     |  4.6 |   |   | 3.8 |   |
| Net                    amount recognized before regulatory treatment           |   |                                    | (143.7 | )                                     |   | 25.8     |   |     | (33.5     | )  |   |  (13.9 | ) |
| Accumulated                    OCI                                             |   |                                    | 2.3    |                                  |   | 59.9     |   |     | 0.3       |   |   | - |   |
| Regulatory                    asset, net                                       |   |                                    | 238.0  |                                  |   | 14.6     |   |     | 18.9      |   |   | - |   |
| Net                    amount recognized at December 31                        |   | $                                       | 96.6   |                                  | $      | 100.3    |   | $        | (14.3     | ) | $ | (13.9 | ) |
| **Amounts in                    accumulated OCI or regulatory asset not** |   |                                    |        |                                  |   |          |   |     |           |   |   |  |   |
| **yet                    recognized as a component of net periodic cost:**     |   |                                    |        |                                  |   |          |   |     |           |   |   |  |   |
| Unrecognized                    actuarial loss                                 |   | $                                       | 144.8  |                                  | $      | -        |   | $        | 11.6      |   | $ | - |   |
| Unrecognized                    prior service cost                             |   |                                    | 28.3   |                                  |   | -        |   |     | 0.6       |   |   | - |   |
| Unrecognized                    transition obligation                          |   |                                    | 0.3    |                                  |   | -        |   |     | 7.0       |   |   | - |   |
| Other                                                                          |   |                                    | 66.9   |                                  |   | -        |   |     | -         |   |   | - |   |
| Net                    amount recognized at December 31                        |   | $                                       | 240.3  |                                  | $      | -        |   | $        | 19.2      |   | $ | - |   |

|                                                           |   |                                    |                                  |     |   |     |   |     |   |     |   |     |   |
|----------------------------------------------------------------|--------|-----------------------------------------|---------------------------------------|----------|--------|----------|--------|----------|--------|----------|--------|----------|--------|
|                                                           |   | **Pension                    Benefits** | **Other                    Benefits** |
| **Year                    to Date December 31**                |   | **2006**                                |                                  | **2005** |   | **2004** |   | **2006** |   | **2005** |   | **2004** |   |
| **Components                    of net periodic benefit cost** |   | (millions)                              |
| Service                    cost                                |   | $                                       | 18.8                                  |     | $      | 17.3     |   | $        | 16.7   |     | $      | 0.9      |   | $ | 0.9 |   | $ | 0.9 |   |
| Interest                    cost                               |   |                                    | 30.9                                  |     |   | 29.8     |   |     | 30.1   |     |   | 3.0      |   |   | 2.9 |   |   | 3.1 |   |
| Expected                    return on plan assets              |   |                                    | (32.7                                 | )        |   | (32.4    | )      |     | (31.7  | )        |   | (0.6     | )      |   | (0.6 | ) |   | (0.6 | ) |
| Amortization                    of prior service cost          |   |                                    | 4.3                                   |     |   | 4.3      |   |     | 4.3    |     |   | 0.2      |   |   | 0.2 |   |   | 0.2 |   |
| Recognized                    net actuarial loss               |   |                                    | 31.8                                  |     |   | 18.6     |   |     | 7.7    |     |   | 0.9      |   |   | 0.5 |   |   | 0.7 |   |
| Transition                    obligation                       |   |                                    | 0.1                                   |     |   | 0.1      |   |     | 0.1    |     |   | 1.2      |   |   | 1.2 |   |   | 1.2 |   |
| Settlement                    charges                          |   |                                    | 23.1                                  |     |   | -        |   |     | 1.8    |     |   | -        |   |   | - |   |   | - |   |
| Net                    periodic benefit cost before            |   |                                    |                                  |     |   |     |   |     |   |     |   |     |   |   |   |   |   |   |   |
| regulatory                    adjustment                       |   |                                    | 76.3                                  |     |   | 37.7     |   |     | 29.0   |     |   | 5.6      |   |   | 5.1 |   |   | 5.5 |   |
| Regulatory                    adjustment                       |   |                                    | (52.3                                 | )        |   | (14.6    | )      |     | -      |     |   | -        |   |   | - |   |   | - |   |
| Net                    periodic benefit cost                   |   | $                                       | 24.0                                  |     | $      | 23.1     |   | $        | 29.0   |     | $      | 5.6      |   | $ | 5.1 |   | $ | 5.5 |   |
|                                                           |   |                                    |                                  |     |   |     |   |     |   |     |   |     |   |   |   |   |   |   |   |

|                                                                     |             |     |   |     |   |
|--------------------------------------------------------------------------|------------------|----------|--------|----------|--------|
|                                                                     |             | **2006** |   | **2005** |   |
| **Pension                  plans with the ABO in excess of plan assets** |  (millions) |
| Projected                  benefit obligation                            |             | $        | 323.9  |     | $      | 337.8 |   |
| Accumulated                  benefit obligation                          |             |     | 268.5  |     |   | 280.6 |   |
| Fair                  value of plan assets                               |             |     | 193.4  |     |   | 204.1 |   |
| **Pension                  plans with plan assets in excess of the ABO** |             |          |   |
| Projected                  benefit obligation                            |             | $        | 184.9  |     | $      | 216.8 |   |
| Accumulated                  benefit obligation                          |             |     | 158.6  |     |   | 189.3 |   |
| Fair                  value of plan assets                               |             |     | 171.1  |     |   | 208.1 |   |

|                                                                |                                  |   |                                |   |     |   |     |   |
|---------------------------------------------------------------------|---------------------------------------|--------|-------------------------------------|--------|----------|--------|----------|--------|
| **Weighted                  average assumptions used to determine** | **Pension                  Benefits** |   | **Other                  Benefits** |   |
| **the                  benefit obligation at plan year-end**        | **2006**                              |   | **2005**                            |   | **2006** |   | **2005** |   |
| Discount                  rate                                      | 5.87%                                 |   | 5.62%                               |   | 5.89%    |   | 5.62%    |   |
| Rate                  of compensation increase                      | 3.81%                                 |   | 3.57%                               |   | 3.90%    |   | 3.60%    |   |

|                                                                |                                  |   |                                |   |     |   |     |   |
|---------------------------------------------------------------------|---------------------------------------|--------|-------------------------------------|--------|----------|--------|----------|--------|
| **Weighted                  average assumptions used to determine** | **Pension                  Benefits** |   | **Other                  Benefits** |   |
| **net                  costs for years ended at December 31**       | **2006**                              |   | **2005**                            |   | **2006** |   | **2005** |   |
| Discount                  rate                                      | 5.62%                                 |   | 5.82%                               |   | 5.62%    |   | 5.82%    |   |
| Expected                  long-term return on plan assets           | 8.25%                                 |   | 8.75%                               |   | 4.23%    | *      | 4.26%    | *      |
| Rate                  of compensation increase                      | 3.57%                                 |   | 3.06%                               |   | 3.60%    |   | 3.05%    |   |
| *                  after tax                                        |                                  |   |                                |   |     |   |     |   |

|                                |   |           |   |                                |   |     |
|-------------------------------------|--------|----------------|--------|-------------------------------------|--------|----------|
|                                |   |           |   | **Plan                  Assets at** |
|                                |   | **Target**     |   | **December                  31**    |
| **Asset                  Category** |   | **Allocation** |   | **2006**                            |   | **2005** |
| Equity                  securities  |   | 62%            |   | 67%                                 |   | 61%      |
| Debt                  securities    |   | 28%            |   | 22%                                 |   | 26%      |
| Real                  estate        |   | 6%             |   | 6%                                  |   | 7%       |
| Other                               |   | 4%             |   | 5%                                  |   | 6%       |
| Total                               |   | 100%           |   | 100%                                |   | 100%     |
|                                |   |           |   |                                |   |     |

|                                                            |   |         |   |         |   |
|-----------------------------------------------------------------|--------|--------------|--------|--------------|--------|
|                                                            |   | **Increase** |   | **Decrease** |   |
|                                                            |   | (millions)   |   |
| Effect                  on total service and interest component |   | $            | 0.1    |         | $      | (0.1 | ) |
| Effect                  on postretirement benefit obligation    |   |         | 0.7    |         |   | (0.6 | ) |
|                                                            |   |         |        |         |   |  |   |

|      |   |         |   |         |   |
|-----------|--------|--------------|--------|--------------|--------|
|      |   | **Pension**  |   | **Other**    |   |
|      |   | **Benefits** |   | **Benefits** |   |
|      |   | (millions)   |   |
| 2007      |   | $            | 37.2   |         | $      | 7.0 |   |
| 2008      |   |         | 36.2   |         |   | 7.6 |   |
| 2009      |   |         | 36.4   |         |   | 8.3 |   |
| 2010      |   |         | 39.7   |         |   | 8.9 |   |
| 2011      |   |         | 38.6   |         |   | 9.6 |   |
| 2012-2016 |   |         | 222.2  |         |   | 56.3 |   |

**Employee        Savings Plans**

**Cash-Based        Long-Term Incentives **

**Skill          Set Realignment Costs **

| **9.  ** | **EQUITY                COMPENSATION** |
|--------------------|----------------------------------------|

|                                      |   |       |   |     |   |     |   |
|-------------------------------------------|--------|------------|--------|----------|--------|----------|--------|
|                                      |   | **2006**   |   | **2005** |   | **2004** |   |
| **Compensation                  expense** |   | (millions) |   |
| Great                  Plains Energy      |   | $          | 3.9    |     | $      | 2.8      |   | $ | 0.8 |   |
| KCP&L                                 |   |       | 2.4    |     |   | 1.7      |   |   | 0.6 |   |
| **Income                  tax benefits**  |   |       |   |     |   |     |   |   |   |   |
| Great                  Plains Energy      |   |       | 1.2    |     |   | 1.1      |   |   | 0.4 |   |
| KCP&L                                 |   |       | 0.8    |     |   | 0.6      |   |   | 0.2 |   |

**Stock          Options Granted 2001 - 2003**

|                                          |   |       |    |         |   |
|-----------------------------------------------|--------|------------|---------|--------------|--------|
|                                          |   |       |    | **Exercise** |   |
| **Stock                    Options**          |   | **Shares** |    | **Price***   |   |
| Beginning                    balance          |   |       | 111,455 |         | $      | 25.56 |   |
| Forfeited                    or expired       |   |       | (1,983  | )            |   | 27.73 |   |
| Exercisable                    at December 31 |   |       | 109,472 |         |   | 25.52 |   |
| *                    weighted-average         |   |       |    |         |   |   |   |

**Performance        Shares**

|                                    |   |       |    |                             |   |
|-----------------------------------------|--------|------------|---------|----------------------------------|--------|
|                                    |   |       |    | **Grant                  Date**  |   |
| **Performance**                         |   | **Shares** |    | **Fair                  Value*** |   |
| Beginning                  balance      |   |       | 172,761 |                             | $      | 30.17 |   |   |
| Performance                  adjustment |   |       | (2,650  | )                                |   |   |   |   |
| Granted                                 |   |       | 94,159  |                             |   | 28.20 |   |   |
| Issued                                  |   |       | (9,499  | )                                |   | 27.73 |   |   |
| Ending                  Balance         |   |       | 254,771 |                             |   | 29.56 |   |  |
| *                  weighted-average     |   |       |    |                             |   |   |   |   |

**Restricted          Stock**

|                                    |   |       |    |                               |   |
|-----------------------------------------|--------|------------|---------|------------------------------------|--------|
| **Nonvested**                           |   |       |    | **Grant                    Date**  |   |
| **Restricted                    stock** |   | **Shares** |    | **Fair                    Value*** |   |
| Beginning                    balance    |   |       | 119,966 |                               | $      | 30.50 |   |   |
| Issued                                  |   |       | 48,041  |                               |   | 28.22 |   |   |
| Vested                                  |   |       | (25,404 | )                                  |   | 30.49 |   |   |
| Forfeited                               |   |       | (2,000  | )                                  |   | 28.20 |   |   |
| Ending                    balance       |   |       | 140,603 |                               |   | 29.75 |   |  |
| *                    weighted-average   |   |       |    |                               |   |   |   |   |

| **10.  ** | **TAXES** |
|---------------------|-----------|

|                                                    |   |       |   |         |   |         |   |
|---------------------------------------------------------|--------|------------|--------|--------------|--------|--------------|--------|
|                                                    |   |       |   | **As**       |   | **As**       |   |
|                                                    |   |       |   | **Adjusted** |   | **Adjusted** |   |
| **Great                  Plains Energy**                |   | **2006**   |   | **2005**     |   | **2004**     |   |
| Current                  income taxes                   |   | (millions) |   |
| Federal                                                 |   | $          | 59.2   |         | $      | 64.3         |   | $ | 19.9 |   |
| State                                                   |   |       | 0.9    |         |   | 1.3          |   |   | 13.3 |   |
| Total                                                   |   |       | 60.1   |         |   | 65.6         |   |   | 33.2 |   |
| Deferred                  income taxes                  |   |       |   |         |   |         |   |   |   |   |
| Federal                                                 |   |       | (7.2   | )            |   | (4.2         | )      |   | 46.8 |   |
| State                                                   |   |       | (3.8   | )            |   | (19.0        | )      |   | (15.5 | ) |
| Total                                                   |   |       | (11.0  | )            |   | (23.2        | )      |   | 31.3 |   |
| Investment                  tax credit amortization     |   |       | (1.2   | )            |   | (3.9         | )      |   | (4.0 | ) |
| Total                  income tax expense               |   |       | 47.9   |         |   | 38.5         |   |   | 60.5 |   |
| Less:                  taxes on discontinued operations |   |       |   |         |   |         |   |   |   |   |
| Current                  tax (benefit) expense          |   |       | -      |         |   | (1.0         | )      |   | (5.0 | ) |
| Deferred                  tax (benefit) expense         |   |       | -      |         |   | -            |   |   | 10.0 |   |
| Income                  taxes on continuing operations  |   | $          | 47.9   |         | $      | 39.5         |   | $ | 55.5 |   |

|                                                  |   |       |   |         |   |         |   |
|-------------------------------------------------------|--------|------------|--------|--------------|--------|--------------|--------|
|                                                  |   |       |   |         |   |         |   |
|                                                  |   |       |   | **As**       |   | **As**       |   |
|                                                  |   |       |   | **Adjusted** |   | **Adjusted** |   |
| **Consolidated                    KCP&L**         |   | **2006**   |   | **2005**     |   | **2004**     |   |
| Current                    income taxes               |   | (millions) |
| Federal                                               |   | $          | 49.3   |         | $      | 79.9         |   | $ | 39.2 |   |
| State                                                 |   |       | 4.8    |         |   | 5.6          |   |   | 6.7 |   |
| Total                                                 |   |       | 54.1   |         |   | 85.5         |   |   | 45.9 |   |
| Deferred                    income taxes              |   |       |   |         |   |         |   |   |   |   |
| Federal                                               |   |       | 15.6   |         |   | (14.3        | )      |   | 23.2 |   |
| State                                                 |   |       | 1.8    |         |   | (19.3        | )      |   | (11.3 | ) |
| Total                                                 |   |       | 17.4   |         |   | (33.6        | )      |   | 11.9 |   |
| Investment                    tax credit amortization |   |       | (1.2   | )            |   | (3.9         | )      |   | (4.0 | ) |
| Total                                                 |   | $          | 70.3   |         | $      | 48.0         |   | $ | 53.8 |   |
|                                                  |   |       |   |         |   |         |   |   |   |   |

**Income          Tax Expense and Effective Income Tax Rates**

|                                                       |   |                                                        |   |                                   |   |         |   |     |   |         |   |         |   |
|------------------------------------------------------------|--------|-------------------------------------------------------------|--------|----------------------------------------|--------|--------------|--------|----------|--------|--------------|--------|--------------|--------|
|                                                       |   | **Income                    Tax Expense   ** |   | **Income                    Tax Rate** |   |
|                                                       |   |                                                        |   | **As**                                 |   | **As**       |   |     |   | **As**       |   | **As**       |   |
|                                                       |   |                                                        |   | **Adjusted**                           |   | **Adjusted** |   |     |   | **Adjusted** |   | **Adjusted** |   |
| **Great                    Plains Energy**                 |   | **2006**                                                    |   | **2005**                               |   | **2004**     |   | **2006** |   | **2005**     |   | **2004**     |   |
|                                                       |   |  (millions)                                       |   |                                   |   |         |   |     |   |         |   |         |
| Federal                    statutory income tax            |   | $                                                           | 61.4   |                                   | $      | 71.3         |   | $        | 80.8   |         |   | 35.0         | %      |   | 35.0 | % |   | 35.0 | % |
| Differences                    between book and tax        |   |                                                        |   |                                   |   |         |   |     |   |         |   |         |   |   |   |   |   |   |   |
| depreciation                    not normalized             |   |                                                        | (0.3   | )                                      |   | 2.3          |   |     | 1.4    |         |   | (0.2         | )      |   | 1.1 |   |   | 0.6 |   |
| Amortization                    of investment tax credits  |   |                                                        | (1.2   | )                                      |   | (3.9         | )      |     | (4.0   | )            |   | (0.7         | )      |   | (1.9 | ) |   | (1.7 | ) |
| Federal                    income tax credits              |   |                                                        | (9.3   | )                                      |   | (10.0        | )      |     | (12.8  | )            |   | (5.3         | )      |   | (4.9 | ) |   | (5.5 | ) |
| State                    income taxes                      |   |                                                        | 0.5    |                                   |   | 2.7          |   |     | 7.9    |         |   | 0.3          |   |   | 1.3 |   |   | 3.4 |   |
| Changes                    in uncertain tax positions, net |   |                                                        | 0.1    |                                   |   | (7.9         | )      |     | (3.4   | )            |   | -            |   |   | (3.9 | ) |   | (1.5 | ) |
| Rate                    change on deferred taxes           |   |                                                        | -      |                                   |   | (11.7        | )      |     | (8.6   | )            |   | -            |   |   | (5.8 | ) |   | (3.7 | ) |
| Valuation                    allowance                     |   |                                                        | -      |                                   |   | -            |   |     | 0.5    |         |   | -            |   |   | - |   |   | 0.2 |   |
| Other                                                      |   |                                                        | (3.3   | )                                      |   | (3.3         | )      |     | (6.3   | )            |   | (1.8         | )      |   | (1.5 | ) |   | (2.8 | ) |
| Total                                                      |   | $                                                           | 47.9   |                                   | $      | 39.5         |   | $        | 55.5   |         |   | 27.3         | %      |   | 19.4 | % |   | 24.0 | % |

|                                                       |   |                                            |   |                                         |   |         |   |     |   |         |   |         |   |
|------------------------------------------------------------|--------|-------------------------------------------------|--------|----------------------------------------------|--------|--------------|--------|----------|--------|--------------|--------|--------------|--------|
|                                                       |   | **Income                    Tax Expense**  |   | **Income                    Tax Rate**  |   |
|                                                       |   |                                            |   | **As**                                       |   | **As**       |   |     |   | **As**       |   | **As**       |   |
|                                                       |   |                                            |   | **Adjusted**                                 |   | **Adjusted** |   |     |   | **Adjusted** |   | **Adjusted** |   |
| **Consolidated                    KCP&L**              |   | **2006**                                        |   | **2005**                                     |   | **2004**     |   | **2006** |   | **2005**     |   | **2004**     |   |
|                                                       |   |  (millions)                           |   |                                         |   |         |   |     |   |         |   |         |
| Federal                    statutory income tax            |   | $                                               | 76.9   |                                         | $      | 67.0         |   | $        | 69.6   |         |   | 35.0         | %      |   | 35.0 | % |   | 35.0 | % |
| Differences                    between book and tax        |   |                                            |   |                                         |   |         |   |     |   |         |   |         |   |   |   |   |   |   |   |
| depreciation                    not normalized             |   |                                            | (0.3   | )                                            |   | 2.3          |   |     | 1.4    |         |   | (0.2         | )      |   | 1.2 |   |   | 0.7 |   |
| Amortization                    of investment tax credits  |   |                                            | (1.2   | )                                            |   | (3.9         | )      |     | (4.0   | )            |   | (0.6         | )      |   | (2.0 | ) |   | (2.0 | ) |
| Federal                    income tax credits              |   |                                            | (4.6   | )                                            |   | -            |   |     | -      |         |   | (2.1         | )      |   | - |   |   | - |   |
| State                    income taxes                      |   |                                            | 5.5    |                                         |   | 4.2          |   |     | 7.0    |         |   | 2.5          |   |   | 2.2 |   |   | 3.6 |   |
| Changes                    in uncertain tax positions, net |   |                                            | 0.6    |                                         |   | (1.7         | )      |     | (2.7   | )            |   | 0.3          |   |   | (0.9 | ) |   | (1.4 | ) |
| Parent                    company tax benefits             |   |                                            | (4.7   | )                                            |   | (5.4         | )      |     | (5.9   | )            |   | (2.1         | )      |   | (2.8 | ) |   | (2.9 | ) |
| Rate                    change on deferred taxes           |   |                                            | -      |                                         |   | (11.7        | )      |     | (8.6   | )            |   | -            |   |   | (6.1 | ) |   | (4.3 | ) |
| Other                                                      |   |                                            | (1.9   | )                                            |   | (2.8         | )      |     | (3.0   | )            |   | (0.8         | )      |   | (1.6 | ) |   | (1.7 | ) |
| Total                                                      |   | $                                               | 70.3   |                                         | $      | 48.0         |   | $        | 53.8   |         |   | 32.0         | %      |   | 25.0 | % |   | 27.0 | % |
|                                                       |   |                                            |   |                                         |   |         |   |     |   |         |   |         |   |   |   |   |   |   |   |

**Deferred            Income Taxes**

|                                                                   |   |                                                                                                                                                       |                     |                                            |                                                                                                                                                                                           |               |   |     |   |
|------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|-------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|----------|--------|
|                                                                   |   | ** Great                      Plains Energy  **                                                                                             |                     | **Consolidated                      KCP&L** |                                                                                                                                                                                           |
|                                                                   |   | **                         ** | ** As****Adjusted** |                                            | **                               ** | **As****Adjusted** |   |
| **December                      31**                                   |   | **2006**                                                                                                                                                   |                     | **2005**                                        |                                                                                                                                                                                           | **2006**           |   | **2005** |   |
| Current                      deferred income taxes                     |   | (millions)                                                                                                                                                 |                     |
| Nuclear                      fuel outage                               |   | $                                                                                                                                                          | (5.2                     | )                                               | $                                                                                                                                                                                              | (3.0               | )      | $        | (5.2   | ) | $ | (3.0 | ) |
| Derivative                      instruments                            |   |                                                                                                                                                       | 34.1                     |                                            |                                                                                                                                                                                           | (11.2              | )      |     | 0.2    |   |   | - |   |
| Accrued                      vacation                                  |   |                                                                                                                                                       | 4.5                      |                                            |                                                                                                                                                                                           | 4.7                |   |     | 4.4    |   |   | 4.7 |   |
| Other                                                                  |   |                                                                                                                                                       | 6.2                      |                                            |                                                                                                                                                                                           | 1.8                |   |     | 0.7    |   |   | 0.8 |   |
| Net                      current deferred income tax asset             |   |                                                                                                                                                       |                          |                                            |                                                                                                                                                                                           |                    |   |     |        |   |   |  |   |
| (liability)                                                            |   |                                                                                                                                                       | 39.6                     |                                            |                                                                                                                                                                                           | (7.7               | )      |     | 0.1    |   |   | 2.5 |   |
| Noncurrent                      deferred income taxes                  |   |                                                                                                                                                       |                          |                                            |                                                                                                                                                                                           |                    |   |     |        |   |   |  |   |
| Plant                      related                                     |   |                                                                                                                                                       | (566.3                   | )                                               |                                                                                                                                                                                           | (554.2             | )      |     | (566.3 | ) |   | (554.2 | ) |
| Income                      taxes on future regulatory recoveries      |   |                                                                                                                                                       | (81.7                    | )                                               |                                                                                                                                                                                           | (85.7              | )      |     | (81.7  | ) |   | (85.7 | ) |
| Derivative                      instruments                            |   |                                                                                                                                                       | 19.3                     |                                            |                                                                                                                                                                                           | (11.1              | )      |     | (4.3   | ) |   | (4.5 | ) |
| Pension                      and postretirement benefits               |   |                                                                                                                                                       | (28.9                    | )                                               |                                                                                                                                                                                           | (8.0               | )      |     | (31.2  | ) |   | (8.4 | ) |
| Storm                      related costs                               |   |                                                                                                                                                       | (0.1                     | )                                               |                                                                                                                                                                                           | (1.9               | )      |     | (0.1   | ) |   | (1.9 | ) |
| Debt                      issuance costs                               |   |                                                                                                                                                       | (2.5                     | )                                               |                                                                                                                                                                                           | (2.7               | )      |     | (2.5   | ) |   | (2.7 | ) |
| Gas                      properties related                            |   |                                                                                                                                                       | (1.1                     | )                                               |                                                                                                                                                                                           | (1.3               | )      |     | -      |   |   | - |   |
| SO2                      emission                      allowance sales |   |                                                                                                                                                       | 24.5                     |                                            |                                                                                                                                                                                           | 24.2               |   |     | 24.5   |   |   | 24.2 |   |
| Tax                      credit carryforwards                          |   |                                                                                                                                                       | 15.0                     |                                            |                                                                                                                                                                                           | 16.0               |   |     | -      |   |   | - |   |
| State                      net operating loss carryforward             |   |                                                                                                                                                       | 0.5                      |                                            |                                                                                                                                                                                           | 0.5                |   |     | -      |   |   | - |   |
| Other                                                                  |   |                                                                                                                                                       | (0.8                     | )                                               |                                                                                                                                                                                           | 3.3                |   |     | 1.6    |   |   | 6.2 |   |
| Net                      noncurrent deferred tax liability before      |   |                                                                                                                                                       |                          |                                            |                                                                                                                                                                                           |                    |   |     |        |   |   |  |   |
| valuation                      allowance                               |   |                                                                                                                                                       | (622.1                   | )                                               |                                                                                                                                                                                           | (620.9             | )      |     | (660.0 | ) |   | (627.0 | ) |
| Valuation                      allowance                               |   |                                                                                                                                                       | (0.5                     | )                                               |                                                                                                                                                                                           | (0.5               | )      |     | -      |   |   | - |   |
| Net                      noncurrent deferred tax liability             |   |                                                                                                                                                       | (622.6                   | )                                               |                                                                                                                                                                                           | (621.4             | )      |     | (660.0 | ) |   | (627.0 | ) |
| Net                      deferred income tax liability                 |   | $                                                                                                                                                          | (583.0                   | )                                               | $                                                                                                                                                                                              | (629.1             | )      | $        | (659.9 | ) | $ | (624.5 | ) |

|                                                           |   |                                                                                                                                                                                           |                                     |                                                |                                                                                                                                                                                           |                                     |   |     |   |
|----------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|--------|----------|--------|
|                                                           |   | **Great                          Plains Energy**                                                                                                                                               |                                     | **Consolidated                          KCP&L** |                                                                                                                                                                                           |
|                                                           |   | **                               ** | **As                          Adjusted** |                                                | **                               ** | **As                          Adjusted** |   |
| **December                          31**                       |   | **2006**                                                                                                                                                                                       |                                     | **2005**                                            |                                                                                                                                                                                           | **2006**                                 |   | **2005** |   |
|                                                           |   | (millions)                                                                                                                                                                                     |                                     |
| Gross                          deferred income tax assets      |   | $                                                                                                                                                                                              | 251.3                                    |                                                | $                                                                                                                                                                                              | 116.9                                    |   | $        | 166.9  |   | $ | 96.9 |   |
| Gross                          deferred income tax liabilities |   |                                                                                                                                                                                           | (834.3                                   | )                                                   |                                                                                                                                                                                           | (746.0                                   | )      |     | (826.8 | ) |   | (721.4 | ) |
| Net                          deferred income tax liability     |   | $                                                                                                                                                                                              | (583.0                                   | )                                                   | $                                                                                                                                                                                              | (629.1                                   | )      | $        | (659.9 | ) | $ | (624.5 | ) |
|                                                           |   |                                                                                                                                                                                           |                                          |                                                |                                                                                                                                                                                           |                                          |   |     |        |   |   |  |   |

**Tax                Credit Carryforwards**

**Net                Operating Loss Carryforwards**

**Uncertain                Tax Positions**

**Internal                Revenue Service Settlement **

| **11.  ** | **KLT                        GAS DISCONTINUED OPERATIONS** |
|---------------------|------------------------------------------------------------|

|                                                              |   |       |   |     |   |
|-------------------------------------------------------------------|--------|------------|--------|----------|--------|
|                                                              |   | **2005**   |   | **2004** |   |
|                                                              |   | (millions) |   |
| Revenues                                                          |   | $          | -      |     | $      | 1.6 |   |
| Loss                      from operations, including              |   |       |        |     |   |  |   |
| impairments,                      before income taxes             |   |       | (2.9   | )        |   | (4.5 | ) |
| Gain                      on sales of assets                      |   |       | -      |     |   | 16.8 |   |
| Discontinued                      operations before income taxes  |   |       | (2.9   | )        |   | 12.3 |   |
| Income                      taxes                                 |   |       | 1.0    |     |   | (5.0 | ) |
| Discontinued                      operations, net of income taxes |   | $          | (1.9   | )        | $      | 7.3 |   |
|                                                              |   |       |        |     |   |  |   |

| **12.  ** | **RELATED                  PARTY TRANSACTIONS AND                  RELATIONSHIPS** |
|---------------------|------------------------------------------------------------------------------------|
| **13.  ** | **COMMITMENTS                  AND CONTINGENCIES** |
|---------------------|----------------------------------------------------|

**Environmental          Matters **

|                                                           |   |         |       |      |          |   |   |   |   |   |                         |
|----------------------------------------------------------------|--------|--------------|------------|-----------|---------------|--------|--------|--------|--------|--------|------------------------------|
| **Clean                  Air Estimated Required**              |   |         |       |      |          |   |   |   |   |   | **Estimated**                |
| **Environmental                  Expenditures**                |   | **Missouri** | **Kansas** | **Total** | **Timetable** |
|                                                           |   | (millions)   |       |
| CAIR                                                           |   | $375         | -          | 993       | $             | -      |   | $375   | -      | 993    | 2006                  - 2015 |
| Incremental                  BART                              |   |         | -          |      | 272           | -      | 527    | 272    | -      | 527    | 2006                  - 2017 |
| Incremental                  CAMR                              |   | 11           | -          | 15        | 5             | -      | 6      | 16     | -      | 21     | 2010                  - 2018 |
| Estimated                  required environmental expenditures |   | $386         | -          | 1,008     | $277          | -      | 533    | $663   | -      | 1,541  |                         |
|                                                           |   |         |       |      |          |   |   |   |   |   |                         |

|                                                            |       |         |   |   |       |   |   |      |   |
|-----------------------------------------------------------------|------------|--------------|--------|--------|------------|--------|--------|-----------|--------|
| **Comprehensive                    Energy Plan Retrofits**      |       | **Missouri** |   |   | **Kansas** |   |   | **Total** |   |
|                                                            | (millions) |
| Total                    estimated environmental expenditures   | $255       | -            | 264    | $168   | -          | 179    | $423   | -         | 443    |
| Less:                    expenditures through December 31, 2006 |       | 25           |   |   | 31         |   |   | 56        |   |
| Remaining                    balance                            | $230       | -            | 239    | $137   | -          | 148    | $367   | -         | 387    |
|                                                            |       |         |   |   |       |   |   |      |   |

***Clean        Air Interstate Rule***

***Best        Available Retrofit Technology Rule***

***Mercury        Emissions***

***Carbon        Dioxide***

***Ozone***

***Water        Use Regulations***

**Contractual        Commitments**

|                                           |   |       |   |     |   |     |
|------------------------------------------------|--------|------------|--------|----------|--------|----------|
|                                           |   | **2006**   |   | **2005** |   | **2004** |
|                                           |   | (millions) |
| Consolidated                  KCP&L        |   | $          | 17.6   |     | $      | 19.4     |   | $ | 18.4 |
| Other                  Great Plains Energy (a) |   |       | 1.3    |     |   | 1.4      |   |   | 1.9 |
| Total                  Great Plains Energy     |   | $          | 18.9   |     | $      | 20.8     |   | $ | 20.3 |

| ***Great                    Plains Energy Contractual Commitments*** |   |       |    |     |   |     |   |     |   |     |   |
|----------------------------------------------------------------------|--------|------------|---------|----------|--------|----------|--------|----------|--------|----------|--------|
|                                                                 |   | **2007**   |    | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **After                    2011** |   | **Total** |   |
|                                                                 |   | (millions) |    |
| Lease                    commitments                                 |   | $          | 16.7    |     | $      | 16.4     |   | $        | 11.9   |     | $      | 9.0 |   | $ | 8.1 |   | $ | 82.3 |   | $ | 144.4 |   |
| Purchase                    commitments                              |   |       |         |     |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |   |  |   |
| Fuel                    (a)                                          |   |       | 130.9   |     |   | 121.4    |   |     | 65.7   |     |   | 65.7 |   |   | 11.4 |   |   | 185.3 |   |   | 580.4 |   |
| Purchased                    capacity                                |   |       | 6.8     |     |   | 7.8      |   |     | 8.2    |     |   | 5.4 |   |   | 4.3 |   |   | 14.3 |   |   | 46.8 |   |
| Purchased                    power                                   |   |       | 741.8   |     |   | 330.5    |   |     | 223.2  |     |   | 165.2 |   |   | 82.1 |   |   | 13.3 |   |   | 1,556.1 |   |
| Comprehensive                    energy plan                         |   |       | 498.8   |     |   | 361.0    |   |     | 130.1  |     |   | 15.2 |   |   | - |   |   | - |   |   | 1,005.1 |   |
| Other                                                                |   |       | 36.3    |     |   | 22.6     |   |     | 4.7    |     |   | 10.5 |   |   | 3.9 |   |   | 22.5 |   |   | 100.5 |   |
| Total                    contractual commitments                     |   | $          | 1,431.3 |     | $      | 859.7    |   | $        | 443.8  |     | $      | 271.0 |   | $ | 109.8 |   | $ | 317.7 |   | $ | 3,433.3 |   |

| (a)  | Fuel                      commitments consists of commitments for nuclear fuel, coal,                      coal                      transportation costs and natural                      gas. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ***Consolidated                      KCP&L Contractual Commitments*** |   |       |   |     |   |     |   |     |   |     |   |
|---------------------------------------------------------------------------|--------|------------|--------|----------|--------|----------|--------|----------|--------|----------|--------|
|                                                                      |   | **2007**   |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **After                      2011** |   | **Total** |   |
|                                                                      |   | (millions) |   |
| Lease                      commitments                                    |   | $          | 15.5   |     | $      | 15.4     |   | $        | 11.7   |     | $      | 9.0 |   | $ | 8.1 |   | $ | 82.3 |   | $ | 142.0 |   |
| Purchase                      commitments                                 |   |       |        |     |   |          |   |     |        |     |   |  |   |   |  |   |   |  |   |   |  |   |
| Fuel                      (a)                                             |   |       | 130.9  |     |   | 121.4    |   |     | 65.7   |     |   | 65.7 |   |   | 11.4 |   |   | 185.3 |   |   | 580.4 |   |
| Purchased                      capacity                                   |   |       | 6.8    |     |   | 7.8      |   |     | 8.2    |     |   | 5.4 |   |   | 4.3 |   |   | 14.3 |   |   | 46.8 |   |
| Comprehensive                      energy plan                            |   |       | 498.8  |     |   | 361.0    |   |     | 130.1  |     |   | 15.2 |   |   | - |   |   | - |   |   | 1,005.1 |   |
| Other                                                                     |   |       | 36.3   |     |   | 22.6     |   |     | 4.7    |     |   | 10.5 |   |   | 3.9 |   |   | 22.5 |   |   | 100.5 |   |
| Total                      contractual commitments                        |   | $          | 688.3  |     | $      | 528.2    |   | $        | 220.4  |     | $      | 105.8 |   | $ | 27.7 |   | $ | 304.4 |   | $ | 1,874.8 |   |

| (a)  | Fuel                commitments consists of commitments for nuclear fuel, coal, coal                transportation costs and natural                gas. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| **14.  ** | **GUARANTEES** |
|---------------------|----------------|
| ·   | Great                Plains Energy direct guarantees to counterparties totaling $142.0                million,                which expire in 2007, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                Plains Energy indemnifications to surety bond issuers totaling                $0.5                million, which expire in 2007, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                Plains Energy guarantee of Strategic Energy’s revolving credit facility                totaling $12.5 million,                which expires in 2009                and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Great                Plains Energy letters of credit totaling $103.7 million,                which expire in 2007. |
|--------------------|--------------------------------------------------------------------------------------------------------------------|
| **15.  ** | **LEGAL                PROCEEDINGS** |
|---------------------|--------------------------------------|

**Union        Pacific**

**Framatome**

**Hawthorn        No. 5 Subrogation Litigation**

**Emergis        Technologies, Inc.**

**Spent        Nuclear Fuel and Radioactive Waste **

**Class        Action Complaint**

**Texas        Customer Dispute **

**Haberstroh**

**Weinstein        v. KLT Telecom**

| **16.  ** | **ASSET                RETIREMENT OBLIGATIONS** |
|---------------------|-------------------------------------------------|

|                                          |   |       |   |    |   |
|-----------------------------------------------|--------|------------|--------|--------------|--------|
| **December                  31**              |   | **2006**   |   | **2005**     |   |
|                                          |   | (millions) |   |
| Beginning                  balance            |   | $          | 145.9  |         | $      | 113.7 |   |
| Additions                                     |   |       | 3.1    |         |   | 26.7 |   |
| Extension                  of Wolf Creek life |   |       | (65.0  | )            |   | - |   |
| Settlements                                   |   |       | -      |         |   | (2.0 | ) |
| Accretion                                     |   |       | 7.8    |         |   | 7.5 |   |
| Ending                  balance               |   | $          | 91.8   |         | $      | 145.9 |   |

| **17.  ** | **SEGMENTS                  AND RELATED INFORMATION** |
|---------------------|-------------------------------------------------------|

**Great          Plains Energy**

|                                             |   |          |          |          |   |          |   |                                |      |   |                                |
|--------------------------------------------------|--------|---------------|---------------|---------------|--------|---------------|--------|-------------------------------------|-----------|--------|-------------------------------------|
|                                             |   |          |          | **Strategic** |   |          |   | **Great                    Plains** |      |
| **2006**                                         |   | **KCP&L** |          | **Energy**    |   | **Other**     |   | **Energy**                          |      |
|                                             |   | (millions)    |          |
| Operating                    revenues            |   | $             | 1,140.4       |          | $      | 1,534.9       |   | $                                   | -         |   |                                |   |   | $ | 2,675.3 |   |
| Depreciation                    and amortization |   |          | (152.7        | )             |   | (7.8          | )      |                                | -         |   |                                |   |   |   | (160.5 | ) |
| Interest                    charges              |   |          | (60.9         | )             |   | (2.1          | )      |                                | (8.2      | )      |                                |   |   |   | (71.2 | ) |
| Income                    taxes                  |   |          | (71.6         | )             |   | 12.7          |   |                                | 11.0      |   |                                |   |   |   | (47.9 | ) |
| Loss                    from equity investments  |   |          | -             |          |   | -             |   |                                | (1.9      | )      |                                |   |   |   | (1.9 | ) |
| Net                    income (loss)             |   |          | 149.6         |          |   | (9.9          | )      |                                | (12.1     | )      |                                |   |   | 127.6 |   |
|                                             |
| **As                    Adjusted**               |   |          |               |          |   | **Strategic** |   |                                |           |   | **Great                    Plains** |
| **2005**                                         |   |          | **KCP&L** |          |   | **Energy**    |   |                                | **Other** |   | **Energy**                          |
|                                             |   | (millions)    |
| Operating                    revenues            |   | $             | 1,130.8       |          | $      | 1,474.0       |   | $                                   | 0.1       |   |                                |   |   | $ | 2,604.9 |   |
| Depreciation                    and amortization |   |          | (146.5        | )             |   | (6.4          | )      |                                | (0.2      | )      |                                |   |   |   | (153.1 | ) |
| Interest                    charges              |   |          | (61.8         | )             |   | (3.4          | )      |                                | (8.6      | )      |                                |   |   |   | (73.8 | ) |
| Income                    taxes                  |   |          | (49.1         | )             |   | (16.6         | )      |                                | 26.2      |   |                                |   |   |   | (39.5 | ) |
| Loss                    from equity investments  |   |          | -             |          |   | -             |   |                                | (0.4      | )      |                                |   |   |   | (0.4 | ) |
| Discontinued                    operations       |   |          | -             |          |   | -             |   |                                | (1.9      | )      |                                |   |   |   | (1.9 | ) |
| Net                    income (loss)             |   |          | 145.2         |          |   | 28.2          |   |                                | (11.1     | )      |                                |   | 162.3 |   |
|                                             |
| **As                    Adjusted**               |   |          |               |          |   | **Strategic** |   |                                |           |   | **Great                    Plains** |
| **2004**                                         |   |          | **KCP&L** |          |   | **Energy**    |   |                                | **Other** |   | ** Energy**                    |
|                                             |   | (millions)    |
| Operating                    revenues            |   | $             | 1,090.1       |          | $      | 1,372.4       |   | $                                   | 1.5       |   |                                |   |   | $ | 2,464.0 |   |
| Depreciation                    and amortization |   |          | (144.3        | )             |   | (4.8          | )      |                                | (1.0      | )      |                                |   |   |   | (150.1 | ) |
| Interest                    charges              |   |          | (73.7         | )             |   | (0.7          | )      |                                | (8.6      | )      |                                |   |   |   | (83.0 | ) |
| Income                    taxes                  |   |          | (56.7         | )             |   | (24.3         | )      |                                | 25.5      |   |                                |   |   |   | (55.5 | ) |
| Loss                    from equity investments  |   |          | -             |          |   | -             |   |                                | (1.5      | )      |                                |   |   |   | (1.5 | ) |
| Discontinued                    operations       |   |          | -             |          |   | -             |   |                                | 7.3       |   |                                |   |   |   | 7.3 |   |
| Net                    income (loss)             |   |          | 151.7         |          |   | 42.5          |   |                                | (11.7     | )      |                                |   | 182.5 |   |

|                                      |   |          |    |          |   |      |   |                                  |   |   |   |
|-------------------------------------------|--------|---------------|---------|---------------|--------|-----------|--------|---------------------------------------|--------|--------|--------|
|                                      |   |          |    | **Strategic** |   |      |   | **Great                      Plains** |   |
|                                      |   | **KCP&L** |    | **Energy**    |   | **Other** |   | **Energy**                            |   |
| **2006**                                  |   | (millions)    |    |
| Assets                                    |   | $             | 3,858.0 |          | $      | 459.6     |   | $                                     | 18.1   |   |   |   |   | $ | 4,335.7 |   |
| Capital                      expenditures |   |          | 476.0   |          |   | 3.9       |   |                                  | 0.2    |   |   |   | 480.1 |   |
| **As                      Adjusted**      |   |          |    |          |   |      |   |                                  |   |   |   |   |   |   |   |   |
| **2005**                                  |   |          |    |          |   |      |   |                                  |   |   |   |   |   |   |   |   |
| Assets                                    |   | $             | 3,336.3 |          | $      | 441.8     |   | $                                     | 63.7   |   |   |   |   | $ | 3,841.8 |   |
| Capital                      expenditures |   |          | 332.2   |          |   | 6.6       |   |                                  | (4.7   | )      |   |   | 334.1 |   |
| **As                      Adjusted**      |   |          |    |          |   |      |   |                                  |   |   |   |   |   |   |   |   |
| **2004**                                  |   |          |    |          |   |      |   |                                  |   |   |   |   |   |   |   |   |
| Assets                                    |   | $             | 3,327.7 |          | $      | 407.7     |   | $                                     | 61.0   |   |   |   |   | $ | 3,796.4 |   |
| Capital                      expenditures |   |          | 190.8   |          |   | 2.6       |   |                                  | 3.3    |   |   |   | 196.7 |   |
|                                      |   |          |    |          |   |      |   |                                  |   |   |   |   |   |   |   |   |

**Consolidated              KCP&L**

|                                                 |   |          |          |      |   |        |   |
|------------------------------------------------------|--------|---------------|---------------|-----------|--------|------------------|--------|
|                                                 |   |          |          |      |   | **Consolidated** |   |
| **2006**                                             |   | **KCP&L** |          | **Other** |   | **KCP&L**    |   |
|                                                 |   | (millions)    |          |
| Operating                        revenues            |   | $             | 1,140.4       |      | $      | -                |   | $ | 1,140.4 |   |
| Depreciation                        and amortization |   |          | (152.7        | )         |   | -                |   |   | (152.7 | ) |
| Interest                        charges              |   |          | (60.9         | )         |   | (0.1             | )      |   | (61.0 | ) |
| Income                        taxes                  |   |          | (71.6         | )         |   | 1.3              |   |   | (70.3 | ) |
| Net                        income (loss)             |   |          | 149.6         |      |   | (0.3             | )      |   | 149.3 |   |
|                                                 |   |          |          |      |   |             |   |   |   |   |
| **As                        Adjusted**               |   |          |               |      |   |                  |   |   | **Consolidated** |   |
| **2005**                                             |   |          | **KCP&L** |      |   | **Other**        |   |   | **KCP&L** |   |
|                                                 |   | (millions)    |
| Operating                        revenues            |   | $             | 1,130.8       |      | $      | 0.1              |   | $ | 1,130.9 |   |
| Depreciation                        and amortization |   |          | (146.5        | )         |   | (0.1             | )      |   | (146.6 | ) |
| Interest                        charges              |   |          | (61.8         | )         |   | -                |   |   | (61.8 | ) |
| Income                        taxes                  |   |          | (49.1         | )         |   | 1.1              |   |   | (48.0 | ) |
| Net                        income (loss)             |   |          | 145.2         |      |   | (1.5             | )      |   | 143.7 |   |
|                                                 |   |          |          |      |   |             |   |   |   |   |
| **As                        Adjusted**               |   |          |               |      |   |                  |   |   | **Consolidated** |   |
| **2004**                                             |   |          | **KCP&L** |      |   | **Other**        |   |   | **KCP&L** |   |
|                                                 |   | (millions)    |
| Operating                        revenues            |   | $             | 1,090.1       |      | $      | 1.5              |   | $ | 1,091.6 |   |
| Depreciation                        and amortization |   |          | (144.3        | )         |   | (0.9             | )      |   | (145.2 | ) |
| Interest                        charges              |   |          | (73.7         | )         |   | (0.5             | )      |   | (74.2 | ) |
| Income                        taxes                  |   |          | (56.7         | )         |   | 2.9              |   |   | (53.8 | ) |
| Net                        income (loss)             |   |          | 151.7         |      |   | (6.7             | )      |   | 145.0 |   |

|                                    |   |          |    |      |   |        |   |
|-----------------------------------------|--------|---------------|---------|-----------|--------|------------------|--------|
|                                    |   |          |    |      |   | **Consolidated** |   |
|                                    |   | **KCP&L** |    | **Other** |   | **KCP&L**    |   |
| **2006**                                |   | (millions)    |    |
| Assets                                  |   | $             | 3,858.0 |      | $      | 1.5              |   | $ | 3,859.5 |   |
| Capital                    expenditures |   |          | 476.0   |      |   | -                |   |   | 476.0 |   |
| **As                    Adjusted**      |   |          |    |      |   |             |   |   |   |   |
| **2005**                                |   |          |
| Assets                                  |   | $             | 3,336.3 |      | $      | 3.9              |   | $ | 3,340.2 |   |
| Capital                    expenditures |   |          | 332.2   |      |   | -                |   |   | 332.2 |   |
| **As                    Adjusted**      |   |          |    |      |   |             |   |   |   |   |
| **2004**                                |   |          |    |      |   |             |   |   |   |   |
| Assets                                  |   | $             | 3,327.7 |      | $      | 7.2              |   | $ | 3,334.9 |   |
| Capital                    expenditures |   |          | 190.8   |      |   | -                |   |   | 190.8 |   |

| **18.  ** | **SHORT-TERM                BORROWINGS AND SHORT-TERM BANK LINES OF CREDIT** |
|---------------------|------------------------------------------------------------------------------|
| **19.  ** | **LONG-TERM                DEBT AND EIRR BONDS CLASSIFIED AS CURRENT                LIABILITIES** |
|---------------------|---------------------------------------------------------------------------------------------------|

|                                                                                                  |   |                          |   |                             |   |       |    |     |   |
|-------------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|----------------------------------|--------|------------|---------|----------|--------|
|                                                                                                  |   |                          |   | **December                  31** |   |
|                                                                                                  |   | **Year                  Due** |   |                             |   | **2006**   |    | **2005** |   |
| **Consolidated                  KCP&L**                                                           |   |                          |   |                             |   | (millions) |    |
| General                  Mortgage Bonds                                                               |   |                          |   |                             |   |       |    |     |   |
| 7.95%                  Medium-Term Notes                                                              |   |  2007                    |   |                             |   |       | $       | 0.5      |   | $ | 0.5 |   |
| 3.84%*                  EIRR bonds                                                                    |   |  2012-2035               |   |                             |   |       |    | 158.8    |   |   | 158.8 |   |
| Senior                  Notes                                                                         |   |                          |   |                             |   |       |    |     |   |   |   |   |
| 6.00%                                                                                                 |   |  2007                    |   |                             |   |       |    | 225.0    |   |   | 225.0 |   |
| 6.50%                                                                                                 |   |  2011                    |   |                             |   |       |    | 150.0    |   |   | 150.0 |   |
| 6.05%                                                                                                 |   |  2035                    |   |                             |   |       |    | 250.0    |   |   | 250.0 |   |
| Unamortized                  discount                                                                 |   |                          |   |                             |   |       |    | (1.6     | )      |   | (1.8 | ) |
| EIRR                  bonds                                                                           |   |                          |   |                             |   |       |    |     |   |   |   |   |
| 4.75%                  Series A & B                                                               |   |  2015                    |   |                             |   |       |    | 105.2    |   |   | 104.6 |   |
| 4.75%                  Series D                                                                       |   |  2017                    |   |                             |   |       |    | 39.5     |   |   | 39.3 |   |
| 4.65%                  Series 2005                                                                    |   |  2035                    |   |                             |   |       |    | 50.0     |   |   | 50.0 |   |
| Current                  liabilities                                                                  |   |                          |   |                             |   |       |    |     |   |   |   |   |   |
| Current                  maturities                                                                   |   |                          |   |                             |   |       |    |     | (225.5 | ) |   | - |   |
| EIRR                  bonds classified as current                                                     |   |                          |   |                             |   |       |    |     | (144.7 | ) |   | - |   |
| Total                  consolidated KCP&L excluding current maturities                            |   |                          |   |                             |   |       |    |     | 607.2  |   |   | 976.4 |   |
|                                                                                                  |   |                          |   |                             |   |       |    |     |   |   |   |   |   |
| **Other                  Great Plains Energy**                                                        |   |                          |   |                             |   |       |    |     |   |   |   |   |   |
| 7.74%                  Affordable Housing Notes                                                       |   |  2007-2008               |   |                             |   |       |    | 0.9      |   |   | 2.6 |   |
| 4.25%                  FELINE PRIDES Senior Notes                                                     |   |  2007                    |   |                             |   |       |    | 163.6    |   |   | 163.6 |   |
| Current                  maturities                                                                   |   |                          |   |                             |   |       | (164.2  | )        |   | (1.7 | ) |
| Total                  consolidated Great Plains Energy excluding current                  maturities |   |                          | $      | 607.5                            |   | $          | 1,140.9 |     |
| *                  Weighted-average interest rates at December 31, 2006.                              |   |                          |   |                             |   |       |    |     |   |   |   |

**Amortization        of Debt Expense **

|                                       |   |     |   |       |   |     |   |
|--------------------------------------------|--------|----------|--------|------------|--------|----------|--------|
|                                       |   | **2006** |   | **2005**   |   | **2004** |   |
|                                       |   |     |   | (millions) |   |     |   |
| Consolidated                  KCP&L    |   | $        | 1.9    |       | $      | 2.3      |   | $ | 2.1 |   |
| Other                  Great Plains Energy |   |     | 0.7    |       |   | 0.7      |   |   | 1.8 |   |
| Total                  Great Plains Energy |   | $        | 2.6    |       | $      | 3.0      |   | $ | 3.9 |   |

**KCP&L          General Mortgage Bonds**

**KCP&L          Unsecured Notes**

**Forward          Starting Swaps**

**Municipal          Bond Insurance Policies**

**Other          Great Plains Energy Long-Term Debt**

**Scheduled          Maturities **

|                                       |   |             |   |     |   |     |   |     |   |     |   |
|--------------------------------------------|--------|------------------|--------|----------|--------|----------|--------|----------|--------|----------|--------|
|                                       |   | **2007**         |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   |
|                                       |   |  (millions) |   |
| Consolidated                  KCP&L    |   | $                | 225.5  |     | $      | -        |   | $        | -      |     | $      | - |   | $ | 150.0 |   |
| Other                  Great Plains Energy |   |             | 164.1  |     |   | 0.3      |   |     | -      |     |   | - |   |   | - |   |
| Total                  Great Plains Energy |   | $                | 389.6  |     | $      | 0.3      |   | $        | -      |     | $      | - |   | $ | 150.0 |   |
|                                       |   |             |   |     |   |     |   |     |   |     |   |   |   |   |   |   |

| **20.  ** | **COMMON                SHAREHOLDERS’ EQUITY** |
|---------------------|------------------------------------------------------|
| **21.  ** | **PREFERRED                STOCK** |
|---------------------|------------------------------------|
| **22.  ** | **DERIVATIVE                INSTRUMENTS** |
|---------------------|-------------------------------------------|

**Fair        Value Hedges - Interest Rate Risk Management**

**Cash        Flow Hedges - Forward Starting Swaps**

**Cash        Flow Hedges - Treasury Locks**

**Cash        Flow Hedges - Commodity Risk Management**

|                                        |   |                             |   |      |   |         |   |      |   |
|---------------------------------------------|--------|----------------------------------|--------|-----------|--------|--------------|--------|-----------|--------|
|                                        |   | **December                  31** |   |
|                                        |   | **2006**                         |   | **2005**  |   |
|                                        |   | **Notional**                     |   |      |   | **Notional** |   |      |   |
|                                        |   | **Contract**                     |   | **Fair**  |   | **Contract** |   | **Fair**  |   |
|                                        |   | **Amount**                       |   | **Value** |   | **Amount**   |   | **Value** |   |
| **Great                  Plains Energy**    |   | (millions)                       |   |
| Swap                  contracts             |   |                             |   |      |   |         |   |      |   |
| Cash                  flow hedges           |   | $                                | 477.5  |      | $      | (38.9        | )      | $         | 180.1  |   | $ | 27.2 |   |
| Non-hedging                  derivatives    |   |                             | 37.1   |      |   | (6.8         | )      |      | 35.5   |   |   | - |   |
| Forward                  contracts          |   |                             |   |      |   |         |   |      |   |   |   |   |   |
| Cash                  flow hedges           |   |                             | 871.5  |      |   | (69.7        | )      |      | 106.5  |   |   | 17.6 |   |
| Non-hedging                  derivatives    |   |                             | 250.7  |      |   | (24.8        | )      |      | 178.3  |   |   | 3.6 |   |
| Anticipated                  debt issuance  |   |                             |   |      |   |         |   |      |   |   |   |   |   |
| Forward                  starting swap      |   |                             | 225.0  |      |   | (0.4         | )      |      | -      |   |   | - |   |
| Treasury                  lock              |   |                             | 77.6   |      |   | 0.2          |   |      | -      |   |   | - |   |
| Interest                  rate swaps        |   |                             |   |      |   |         |   |      |   |   |   |   |   |
| Fair                  value hedges          |   |                             | 146.5  |      |   | (1.8         | )      |      | 146.5  |   |   | (2.6 | ) |
| **Consolidated                  KCP&L** |   |                             |   |      |   |         |   |      |   |   |   |   |   |
| Forward                  contracts          |   |                             |   |      |   |         |   |      |   |   |   |   |   |
| Cash                  flow hedges           |   |                             | 6.1    |      |   | (0.5         | )      |      | -      |   |   | - |   |
| Anticipated                  debt issuance  |   |                             |   |      |   |         |   |      |   |   |   |   |   |
| Forward                  starting swap      |   |                             | 225.0  |      |   | (0.4         | )      |      | -      |   |   | - |   |
| Interest                  rate swaps        |   |                             |   |      |   |         |   |      |   |   |   |   |   |
| Fair                  value hedges          |   |                             | 146.5  |      |   | (1.8         | )      |      | 146.5  |   |   | (2.6 | ) |
|                                        |   |                             |   |      |   |         |   |      |   |   |   |   |   |

|                                       |   |                                     |   |                                        |   |     |   |     |   |     |   |
|--------------------------------------------|--------|------------------------------------------|--------|---------------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                       |   | **Great                  Plains Energy** |   | **Consolidated                  KCP&L** |   |
|                                       |   | **December                  31**         |   | **December                  31**            |   |
|                                       |   | **2006**                                 |   |                                        |   | **2005** |   | **2006** |   | **2005** |   |
|                                       |   | (millions)                               |   |
| Current                  assets            |   | $                                        | 12.7   |                                        |   |     |   | $        | 35.8   |     | $      | 12.0 |   | $ | 11.9 |   |
| Other                  deferred charges    |   |                                     | 1.7    |                                        |   |     |   |     | 11.8   |     |   | - |   |   | - |   |
| Other                  current liabilities |   |                                     | (56.3  | )                                           |   |     |   |     | 1.6    |     |   | (1.3 | ) |   | - |   |
| Deferred                  income taxes     |   |                                     | 32.1   |                                        |   |     |   |     | (20.5  | )        |   | (4.0 | ) |   | (4.5 | ) |
| Other                  deferred credits    |   |                                     | (35.3  | )                                           |   |     | 1.0    |     |   | -        |   |   | - |   |
| Total                                      |   | $                                        | (45.1  | )                                           |   | $        | 29.7   |     | $      | 6.7      |   | $ | 7.4 |   |

|                                        |   |       |   |     |   |     |   |
|---------------------------------------------|--------|------------|--------|----------|--------|----------|--------|
|                                        |   | **2006**   |   | **2005** |   | **2004** |   |
| **Great                  Plains Energy**    |   | (millions) |   |
| Fuel                  expense               |   | $          | -      |     | $      | (0.5     | )      | $ | (0.7 | ) |
| Purchased                  power expense    |   |       | 54.6   |     |   | (35.6    | )      |   | (0.6 | ) |
| Interest                  expense           |   |       | (0.4   | )        |   | -        |   |   | - |   |
| Minority                  interest          |   |       | -      |     |   | -        |   |   | 0.2 |   |
| Income                  taxes               |   |       | (22.4  | )        |   | 15.1     |   |   | 0.5 |   |
| OCI                                         |   | $          | 31.8   |     | $      | (21.0    | )      | $ | (0.6 | ) |
| **Consolidated                  KCP&L** |   |       |   |     |   |     |   |   |   |   |
| Fuel                  expense               |   | $          | -      |     | $      | (0.5     | )      | $ | (0.7 | ) |
| Interest                  expense           |   |       | (0.4   | )        |   | -        |   |   | - |   |
| Income                  taxes               |   |       | 0.2    |     |   | 0.2      |   |   | 0.3 |   |
| OCI                                         |   | $          | (0.2   | )        | $      | (0.3     | )      | $ | (0.4 | ) |
|                                        |   |       |   |     |   |     |   |   |   |   |

| **23.  ** | **JOINTLY                    OWNED ELECTRIC UTILITY PLANTS** |
|---------------------|--------------------------------------------------------------|

|                                                      |   |                                           |   |        |   |                             |   |
|-----------------------------------------------------------|--------|------------------------------------------------|--------|-------------|--------|----------------------------------|--------|
|                                                      |   | **Wolf                  Creek**                |   | **LaCygne** |   | **Iatan                  No. 1** |   |
|                                                      |   | **Unit**                                       |   | **Units**   |   | **Unit**                         |   |
|                                                      |   | (millions,                  except MW amounts) |   |
| KCP&L's                  share                        |   | 47%                                            |   | 50%         |   | 70%                              |   |
|                                                      |   |                                           |   |        |   |                             |   |
| Utility                  plant in service                 |   | $                                              | 1,378  |        | $      | 346                              |   | $ | 268 |   |
| Accumulated                  depreciation                 |   |                                           | 734    |        |   | 253                              |   |   | 195 |   |
| Nuclear                  fuel, net                        |   |                                           | 39     |        |   | -                                |   |   | - |   |
| KCP&L's                  2007 accredited capacity-MWs |   |                                           | 548    |        |   | 709                              |   |   | 460                  (a | ) |

| (a)    | The                  Iatan No. 2 air permit limits KCP&L's accredited capacity of Iatan No.                  1 to 460 MWs from |
|--------|------------------------------------------------------------------------------------------------------------------------------------|
|   | 469                  MWs until the air quality control equipment included in the comprehensive                  energy plan is     |
|   | operational.                                                                                                                       |   |   |   |   |

| **24.  ** | **NEW                ACCOUNTING STANDARDS** |
|---------------------|---------------------------------------------|

**SFAS        No. 157 **

**FIN        No. 48**

| **25.  ** | **QUARTERLY                OPERATING RESULTS (UNAUDITED****)** |
|---------------------|----------------------------------------------------------------|

|                                                              |   |                                                |   |    |   |    |   |    |   |
|-------------------------------------------------------------------|--------|-----------------------------------------------------|--------|---------|--------|---------|--------|---------|--------|
|                                                              |   | **Quarter**                                         |   |
| **Great                Plains Energy**                            |   | **1st**                                             |   | **2nd** |   | **3rd** |   | **4th** |   |
| **As                Adjusted**                                    |   | (millions,                except per share amounts) |   |
| **2006**                                                          |   |                                                |   |    |   |    |   |    |   |
| Operating                revenue                                  |   | $                                                   | 559.2  |    | $      | 642.1   |   | $       | 818.5  |   | $ | 655.5 |   |
| Operating                income                                   |   |                                                | 7.6    |    |   | 73.3    |   |    | 93.6   |   |   | 60.9 |   |
| Net                income (loss)                                  |   |                                                | (1.1   | )       |   | 38.4    |   |    | 55.9   |   |   | 34.4 |   |
| Basic                and diluted earnings (loss) per common share |   |                                                | (0.02  | )       |   | 0.49    |   |    | 0.69   |   |   | 0.42 |   |
| **As                Adjusted**                                    |   |                                                |        |    |   |         |   |    |        |   |   |  |   |
| **2005**                                                          |   |                                                |
| Operating                revenue                                  |   | $                                                   | 545.1  |    | $      | 631.7   |   | $       | 782.9  |   | $ | 645.2 |   |
| Operating                income                                   |   |                                                | 42.4   |    |   | 59.6    |   |    | 126.5  |   |   | 54.5 |   |
| Income                from continuing operations                  |   |                                                | 20.5   |    |   | 23.7    |   |    | 89.9   |   |   | 30.1 |   |
| Net                income                                         |   |                                                | 20.5   |    |   | 20.1    |   |    | 91.7   |   |   | 30.0 |   |
| Basic                and diluted earnings per common              |   |                                                |        |    |   |         |   |    |        |   |   |  |   |
| share                from continuing operations                   |   |                                                | 0.27   |    |   | 0.31    |   |    | 1.20   |   |   | 0.40 |   |
| Basic                and diluted earnings per common share        |   |                                                | 0.27   |    |   | 0.26    |   |    | 1.22   |   |   | 0.40 |   |

|                                        |   |        |   |    |   |    |   |    |   |
|---------------------------------------------|--------|-------------|--------|---------|--------|---------|--------|---------|--------|
|                                        |   | **Quarter** |   |
| **Consolidated                  KCP&L** |   | **1st**     |   | **2nd** |   | **3rd** |   | **4th** |   |
| **As                  Adjusted**            |   | (millions)  |   |
| **2006**                                    |   |        |   |
| Operating                  revenue          |   | $           | 240.4  |    | $      | 290.9   |   | $       | 359.3  |   | $ | 249.8 |   |
| Operating                  income           |   |        | 31.7   |    |   | 69.2    |   |    | 118.4  |   |   | 51.7 |   |
| Net                  income                 |   |        | 13.0   |    |   | 36.6    |   |    | 69.5   |   |   | 30.2 |   |
| **As                  Adjusted**            |   |        |        |    |   |         |   |    |        |   |   |  |   |
| **2005**                                    |   |        |
| Operating                  revenue          |   | $           | 233.3  |    | $      | 272.1   |   | $       | 353.0  |   | $ | 272.5 |   |
| Operating                  income           |   |        | 25.2   |    |   | 56.0    |   |    | 101.1  |   |   | 67.2 |   |
| Net                  income                 |   |        | 10.6   |    |   | 27.2    |   |    | 69.7   |   |   | 36.2 |   |
|                                        |   |        |        |    |   |         |   |    |        |   |   |  |   |

|                                                          |   |                                                  |   |    |   |    |   |    |   |
|---------------------------------------------------------------|--------|-------------------------------------------------------|--------|---------|--------|---------|--------|---------|--------|
|                                                          |   | **Quarter**                                           |   |
| **Great                  Plains Energy**                      |   | **1st**                                               |   | **2nd** |   | **3rd** |   | **4th** |   |
| **2006**                                                      |   | (millions,                  except per share amounts) |   |
| Operating                  income as previously reported      |   | $                                                     | 6.0    |    | $      | 72.0    |   | $       | 92.4   |   |   | N/A |   |
| Adjustment                                                    |   |                                                  | 1.6    |    |   | 1.3     |   |    | 1.2    |   |   | N/A |   |
|                                                          |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| Net                  income (loss) as previously reported     |   |                                                  | (2.1   | )       |   | 37.6    |   |    | 55.2   |   |   | N/A |   |
| Adjustment                                                    |   |                                                  | 1.0    |    |   | 0.8     |   |    | 0.7    |   |   | N/A |   |
|                                                          |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| Basic                  and diluted EPS as previously reported |   |                                                  | (0.03  | )       |   | 0.48    |   |    | 0.68   |   |   | N/A |   |
| Adjustment                                                    |   |                                                  | 0.01   |    |   | 0.01    |   |    | 0.01   |   |   | N/A |   |
| **2005**                                                      |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| Operating                  income as previously reported      |   | $                                                     | 41.8   |    | $      | 62.6    |   | $       | 125.5  |   | $ | 53.3 |   |
| Adjustment                                                    |   |                                                  | 0.6    |    |   | (3.0    | )      |    | 1.0    |   |   | 1.2 |   |
|                                                          |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| Income                  from continuing operations            |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| as                  previously reported                       |   |                                                  | 20.2   |    |   | 25.5    |   |    | 89.1   |   |   | 29.4 |   |
| Adjustment                                                    |   |                                                  | 0.3    |    |   | (1.8    | )      |    | 0.8    |   |   | 0.7 |   |
|                                                          |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| Net                  income as previously reported            |   |                                                  | 20.2   |    |   | 21.9    |   |    | 90.9   |   |   | 29.3 |   |
| Adjustment                                                    |   |                                                  | 0.3    |    |   | (1.8    | )      |    | 0.8    |   |   | 0.7 |   |
|                                                          |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| Basic                  and diluted EPS from continuing        |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| operations                  as previously reported            |   |                                                  | 0.27   |    |   | 0.34    |   |    | 1.19   |   |   | 0.39 |   |
| Adjustment                                                    |   |                                                  | -      |    |   | (0.03   | )      |    | 0.01   |   |   | 0.01 |   |
|                                                          |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |
| Basic                  and diluted EPS as previously reported |   |                                                  | 0.27   |    |   | 0.29    |   |    | 1.21   |   |   | 0.39 |   |
| Adjustment                                                    |   |                                                  | -      |    |   | (0.03   | )      |    | 0.01   |   |   | 0.01 |   |
|                                                          |   |                                                  |   |    |   |    |   |    |   |   |   |   |   |

|                                                   |   |        |   |    |   |    |   |    |   |
|--------------------------------------------------------|--------|-------------|--------|---------|--------|---------|--------|---------|--------|
|                                                   |   | **Quarter** |   |
| **Consolidated                KCP&L**              |   | **1st**     |   | **2nd** |   | **3rd** |   | **4th** |   |
| **2006**                                               |   | (millions)  |   |
| Operating                income as previously reported |   | $           | 30.1   |    | $      | 67.9    |   | $       | 117.2  |   |   | N/A |   |
| Adjustment                                             |   |        | 1.6    |    |   | 1.3     |   |    | 1.2    |   |   | N/A |   |
|                                                   |   |        |   |    |   |    |   |    |   |   |   |   |   |
| Net                income as previously reported       |   |        | 12.0   |    |   | 35.8    |   |    | 68.8   |   |   | N/A |   |
| Adjustment                                             |   |        | 1.0    |    |   | 0.8     |   |    | 0.7    |   |   | N/A |   |
| **2005**                                               |   |        |   |    |   |    |   |    |   |   |   |   |   |
| Operating                income as previously reported |   | $           | 24.6   |    | $      | 59.0    |   | $       | 100.1  |   | $ | 66.0 |   |
| Adjustment                                             |   |        | 0.6    |    |   | (3.0    | )      |    | 1.0    |   |   | 1.2 |   |
|                                                   |   |        |   |    |   |    |   |    |   |   |   |   |   |
| Net                income as previously reported       |   |        | 10.3   |    |   | 29.0    |   |    | 68.9   |   |   | 35.5 |   |
| Adjustment                                             |   |        | 0.3    |    |   | (1.8    | )      |    | 0.8    |   |   | 0.7 |   |
|                                                   |   |        |   |    |   |    |   |    |   |   |   |   |   |

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*Employers’        Accounting for Defined Benefit Pension and Other Postretirement Plans,*
*Accounting        for Planned Major Maintenance Activities,*
* *
*Accounting        for Conditional Asset Retirement Obligations*

*Internal        Control—Integrated Framework*

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*Employers’        Accounting for Defined Benefit Pension and Other Postretirement Plans,*
*Accounting        for Planned Major Maintenance Activities,*
*Accounting        for Conditional Asset Retirement Obligations*

*Internal        Control—Integrated Framework*

**ITEM        9. CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL        DISCLOSURE**

**ITEM        9A. CONTROLS AND PROCEDURES**

**Disclosure        Controls and Procedures**

**Changes        in Internal Control Over Financial Reporting**

**Management’s        Report on Internal Control Over Financial Reporting**

***Great        Plains Energy***

*Internal        Control - Integrated Framework*

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*Internal        Control—Integrated Framework *

*Internal        Control—Integrated Framework *

*Internal        Control—Integrated Framework *

***KCP&L***

*Internal        Control - Integrated Framework*

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*Internal        Control—Integrated Framework *

*Internal        Control—Integrated Framework *
*Internal        Control—Integrated Framework *

**ITEM        9B. OTHER INFORMATION**

**PART          III**

**ITEM          10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

**Great          Plains Energy Directors**

| ·   | Information                  regarding the directors of Great Plains Energy required by this                  item is                  contained in the Proxy Statement section titled “Election of                  Directors.” |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Information                  regarding compliance with Section 16(a) of the Securities Exchange                  Act of                  1934 required by this item is contained in the Proxy Statement                  section                  titled “Section 16(a) Beneficial Ownership Reporting                  Compliance.” |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Information                  regarding the Audit Committee of Great Plains Energy required by                  this item                  is contained in the Proxy Statement section titled “Corporate                  Governance.” |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Great          Plains Energy and KCP&L Executive Officers**

**Great          Plains Energy and KCP&L Code of Ethics**

**Other          KCP&L Information**

**ITEM          11. EXECUTIVE COMPENSATION**

**GREAT          PLAINS ENERGY**

**KCP&L**

**ITEM 12.          SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED          STOCKHOLDER MATTERS**

**GREAT          PLAINS ENERGY**

**KCP&L**

**Equity          Compensation Plan**

**ITEM 13.          CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR          INDEPENDENCE**

**GREAT          PLAINS ENERGY**

**KCP&L**

**ITEM          14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

**GREAT          PLAINS ENERGY**

**KCP&L**

|                                |
|-------------------------------------|
| **Fee                  Category**   |   | **2006** |   | **2005** |   |
| Audit                  Fees         |   | $ | 984,256 |   | $ | 1,075,986 |   |
| Audit-Related                  Fees |   |   | 44,200 |   |   | 62,251 |   |
| Tax                  Fees           |   |   | 21,831 |   |   | 24,307 |   |
| All                  Other Fees     |   |   | - |   |   | 21,100 |   |
| Total                  Fees         |   | $ | 1,050,287 |   | $ | 1,183,644 |   |

**Audit        Fees:**

**Audit-Related        Fees:**

**Tax        Fees:**

**All        Other Fees:**

**Audit        Committee Pre-Approval of Audit and Permissible Non-Audit Services of        Independent Auditors**

**PART        IV**

**ITEM        15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

| **Financial                  Statements** |                                                                                                                                                           |
|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |                                                                                                                                                           |   |
| **Great                  Plains Energy**  | **Page                  No.**                                                                                                                             |
| a.                                   | Consolidated                  Statements of Income for the years ended December 31, 2006, 2005 and                  2004                             |    59 |
| b.                                   | Consolidated                  Balance Sheets - December 31, 2006 and 2005                                                                       |    60 |
| c.                                   | Consolidated                  Statements of Cash Flows for the years ended December 31, 2006,                  2005 and                  2004             |    62 |
| d.                                   | Consolidated                  Statements of Common Shareholders’ Equity for the years ended                  December 31, 2006, 2005 and 2004  |    63 |
| e.                                   | Consolidated                  Statements of Comprehensive Income for the years ended December 31,                  2006, 2005 and 2004               |    64 |
| f.                                   | Notes                  to Consolidated Financial Statements                                                                                               |    71 |
| g.                                   | Report                  of Independent Registered Public Accounting Firm                                                                                  |  126 |
|                                      |                                                                                                                                                           |   |

| **KCP&L**                                            |                                                                                                                                                           |
|----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| h.                                                  | Consolidated                  Statements of Income for the years ended December 31, 2006, 2005 and                  2004                             |    65 |
| i.                                                  | Consolidated                  Balance Sheets - December 31, 2006 and 2005                                                                       |    66 |
| j.                                                  | Consolidated                  Statements of Cash Flows for the years ended December 31, 2006,                  2005 and                  2004             |    68 |
| k.                                                  | Consolidated                  Statements of Common Shareholders’ Equity for the years ended                  December 31, 2006, 2005 and 2004  |    69 |
| l.                                                  | Consolidated                  Statements of Comprehensive Income for the years ended December 31,                  2006, 2005 and 2004               |    70 |
| m.                                                  | Notes                  to Consolidated Financial Statements                                                                                               |    71 |
| n.                                                  | Report                  of Independent Registered Public Accounting Firm                                                                                  |  127 |
|                                                     |                                                                                                                                                           |   |
| **Financial                  Statement Schedules**  |
|                                                     | **Great                  Plains Energy**                                                                                                                       |   |
| a.                                                  | Schedule                  I - Parent Company Financial Statements                                                                                         |  143 |
| b.                                                  | Schedule                  II - Valuation and Qualifying Accounts and Reserves                                                                             |  147 |
|                                                     | **KCP&L**                                                                                                                                                  |   |
| c.                                                  | Schedule                  II - Valuation and Qualifying Accounts and Reserves                                                                             |  148 |

**Exhibits**

**Great        Plains Energy Documents**

| ExhibitNumber  |    | Description                  of Document                                                                                                                                                                                                                                                                       |
|---------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1.1          | *  | Agreement                  and Plan of Merger among Kansas City Power & Light Company, Great                  Plains Energy Incorporated and KCP&L Merger Sub Incorporated dated as                  of October 1, 2001 (Exhibit 2 to Form 8-K dated October 1,                  2001).      |
| 2.1.2          | *  | Agreement                  and Plan of Merger among Aquila, Inc., Great Plains Energy Incorporated,                  Gregory Acquisition Corp., and Black Hills Corporation dated as                  of                  February 6, 2007 (Exhibit 2.1 to Form 8-K dated February 7,                  2007).  |
| 3.1.1          | *  | Articles                  of Incorporation of Great Plains Energy Incorporated dated as of                  February 26, 2001 (Exhibit 3.i to Form 8-K filed October 1,                  2001).                                                                                                      |
| 3.1.2          | *  | By-laws                  of Great Plains Energy Incorporated, as amended September 16, 2003                  (Exhibit 3.1 to Form 10-Q for the quarter ended September 30,                  2003).                                                                                                             |
| 4.1.1          | *  | Resolution                  of Board of Directors Establishing 3.80% Cumulative Preferred Stock                  (Exhibit 2-R to Registration Statement, Registration No.                  2-40239).                                                                                                           |
| 4.1.2          | *  | Resolution                  of Board of Directors Establishing 4.50% Cumulative Preferred Stock                  (Exhibit 2-T to Registration Statement, Registration No.                  2-40239).                                                                                                           |

| 4.1.3   | *   | Resolution                  of Board of Directors Establishing 4.20% Cumulative Preferred Stock                  (Exhibit 2-U to Registration Statement, Registration No.                  2-40239).                                                                                                                                                                                               |
|--------------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1.4   | *   | Resolution                  of Board of Directors Establishing 4.35% Cumulative Preferred Stock                  (Exhibit 2-V to Registration Statement, Registration No.                  2-40239).                                                                                                                                                                                               |
| 4.1.5   | *   | Pledge                  Agreement, dated June 14, 2004, between Great Plains Energy Incorporated                  and BNY Midwest Trust Company, as Collateral Agent, Custodial Agent                  and                  Securities Intermediary and BNY Midwest Trust Company, as Purchase                  Contract Agent (Exhibit 4.2 to Form 8-A/A, dated June 14,                  2004).  |
| 4.1.6   | *   | Indenture,                  dated June 1, 2004, between Great Plains Energy Incorporated and                  BNY                  Midwest Trust Company, as Trustee (Exhibit 4.5 to Form 8-A/A, dated                  June 14, 2004).                                                                                                                                                       |
| 4.1.7   | *   | First                  Supplemental Indenture, dated June 14, 2004, between Great Plains                  Energy                  Incorporated and BNY Midwest Trust Company, as Trustee (Exhibit                  4.5 to                  Form 8-A/A, dated June 14, 2004).                                                                                                                  |
| 4.1.8   | *   | Form                  of Income PRIDES (included in Exhibit 4.1 to Form 8-A/A, dated                  June 14,                  2004, as Exhibit A thereto).                                                                                                                                                                                                                                       |
| 4.1.9   | *   | Confirmation                  of Forward Stock Sale Transaction between Great Plains Energy Incorporated                  and Merrill Lynch Financial Markets, Inc., dated May 17, 2006 (Exhibit                  1.2                  to Form 8-K filed May 23, 2006).                                                                                                                            |
| 10.1.1  | *+  | Amended                  Long-Term Incentive Plan, effective as of May 7, 2002 (Exhibit                  10.1.a to                  Form 10-K for the year ended December 31, 2002).                                                                                                                                                                                                               |
| 10.1.2  | *+  | Great                  Plains Energy Incorporated Long-Term Incentive Plan Awards Standards                  and                  Administration effective as of February 7, 2006 (Exhibit 10.1.b                  to Form                  10-K for the year ended December 31, 2005).                                                                                                            |
| 10.1.3  | *+  | Form                  of Restricted Stock Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit                  10.1                  to Form 8-K dated February 4, 2005).                                                                                                                                          |
| 10.1.4  | *+  | Form                  of Restricted Stock Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit                  10.2                  to Form 8-K dated February 4, 2005).                                                                                                                                          |
| 10.1.5  | *+  | Form                  of Restricted Stock Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit                  10.1.e to Form 10-K for the year ended December 31, 2005).                                                                                                                                          |
| 10.1.6  | +   | Form                  of Restricted Stock Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002.                                                                                                                                                                                                                              |
| 10.1.7  | *+  | Form                  of Performance Share Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit                  10.1.b to Form 10-Q for the quarter ended March 31, 2005).                                                                                                                                         |
| 10.1.8  | *+  | Form                  of Performance Share Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit                  10.1.c to Form 10-Q for the quarter ended March 31, 2005).                                                                                                                                         |
| 10.1.9  | *+  | Form                  of Performance Share Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002 (Exhibit                  10.1.h to Form 10-K for the year ended December 31, 2005).                                                                                                                                         |

| 10.1.10  | +   | Form                  of Performance Share Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002.                                                                                                   |
|---------------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1.11  | +   | Form                  of Performance Share Agreement Pursuant to the Great Plains Energy                  Incorporated Long-Term Incentive Plan Effective May 7, 2002.                                                                                                   |
| 10.1.12  | *+  | Strategic                  Energy, L.L.C. Long-Term Incentive Plan Grants 2005, Amended May                  2, 2005                  (Exhibit 10.1.f to Form 10-Q for the quarter ended March 31,                  2005).                                               |
| 10.1.13  | *+  | Strategic                  Energy, L.L.C. Long-Term Incentive Plan Grants 2005, as amended                  May 2,                  2005 and October 31, 2006 (Exhibit 10.1.g to Form 10-Q for the                  quarter                  ended September 30, 2006).  |
| 10.1.14  | *+  | Strategic                  Energy, L.L.C. Executive Long-Term Incentive Plan 2006 (Exhibit                  10.1.j to                  Form 10-K for the year ended December 31, 2005).                                                                                  |
| 10.1.15  | *+  | Great                  Plains Energy Incorporated/Kansas City Power & Light Company Annual                  Incentive Plan 2005, Amended May 3, 2005 (Exhibit 10.1.c to Form                  10-Q for                  the quarter ended March 31, 2005).           |
| 10.1.16  | *+  | Great                  Plains Energy Incorporated Kansas City Power & Light Company Annual                  Incentive Plan amended as of January 1, 2006 (Exhibit 10.1.l to                  Form 10-K                  for the year ended December 31, 2005).       |
| 10.1.17  | *+  | Strategic                  Energy, L.L.C. Annual Incentive Plan dated January 1, 2006 (Exhibit                  10.1.m                  to Form 10-K for the year ended December 31, 2005).                                                                              |
| 10.1.18  | *+  | Strategic                  Energy, L.L.C. Annual Incentive Plan 2006 goals as amended October                  31,                  2006 (Exhibit 10.1.h to Form 10-Q for the quarter ended September                  30,                  2006).                       |
| 10.1.19  | +   | Great                  Plains Energy Incorporated Kansas City Power & Light Company Annual                  Incentive Plan amended effective as of January 1, 2007.                                                                                                  |
| 10.1.20  | +   | Strategic                  Energy, L.L.C. Executive Committee Annual Incentive Plan dated                  as of                  January 1, 2007.                                                                                                                       |
| 10.1.21  | +   | Strategic                  Energy, L.L.C. Executive Committee Long-Term Incentive Plan dated                  as of                  January 1, 2007.                                                                                                                    |
| 10.1.22  | *+  | Form                  of Indemnification Agreement with each officer and director (Exhibit                  10-f                  to Form 10-K for year ended December 31, 1995).                                                                                   |
| 10.1.23  | *+  | Form                  of Conforming Amendment to Indemnification Agreement with each                  officer and                  director (Exhibit 10.1.a to Form 10-Q for the quarter ended March                  31,                  2003).                        |
| 10.1.24  | *+  | Form                  of Indemnification Agreement with officers and directors (Exhibit                  10.1.p                  to Form 10-K for the year ended December 31, 2005).                                                                                     |
| 10.1.25  | *+  | Form                  of Restated Severance Agreement dated January 2000 with certain                  executive                  officers (Exhibit 10-e to Form 10-K for the year ended December 31,                  2000).                                       |
| 10.1.26  | *+  | Form                  of Conforming Amendment to Severance Agreements with certain executive                  officers (Exhibit 10.1.b to Form 10-Q for the quarter ended March                  31,                  2003).                                             |
| 10.1.27  | *+  | Form                  of Change in Control Severance Agreement with Michael J. Chesser                  (Exhibit                  10.1.a to Form 10-Q for the quarter ended September 30,                  2006).                                                        |
| 10.1.28  | *+  | Form                  of Change in Control Severance Agreement with John R. Marshall                  (Exhibit                  10.1.c to Form 10-Q for the quarter ended September 30,                  2006).                                                          |

| 10.1.29  | *+  | Form                  of Change in Control Severance Agreement with Shahid Malik (Exhibit                  10.1.d                  to Form 10-Q for the quarter ended September 30, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1.30  | *+  | Form                  of Change in Control Severance Agreement with other executive officers                  of                  Great Plains Energy Incorporated and Kansas City Power & Light Company                  (Exhibit 10.1.e to Form 10-Q for the quarter ended September 30,                  2006).                                                                                                                                                                                                                                                                                               |
| 10.1.31  | *+  | Great                  Plains Energy Incorporated Supplemental Executive Retirement Plan,                  as                  amended and restated effective October 1, 2003 (Exhibit 10.1.a                  to Form                  10-Q for the quarter ended September 30, 2003).                                                                                                                                                                                                                                                                                                                              |
| 10.1.32  | *+  | Nonqualified                  Deferred Compensation Plan (Exhibit 10-b to Form 10-Q for the quarter                  ended March 31, 2000).                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 10.1.33  | +   | Description                  of Compensation Arrangements with Directors and Certain Executive                  Officers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.1.34  | *+  | Employment                  Agreement among Strategic Energy, L.L.C., Great Plains Energy Incorporated                  and Shahid J. Malik, dated as of November 10, 2004 (Exhibit 10.1.p                  to Form                  10-K for the year ended December 31, 2004).                                                                                                                                                                                                                                                                                                                                     |
| 10.1.35  | *+  | Severance                  Agreement among Strategic Energy, L.L.C., Great Plains Energy Incorporated                  and Shahid J. Malik, dated as of November 10, 2004 (Exhibit 10.1.q                  to Form                  10-K for the year ended December 31, 2004).                                                                                                                                                                                                                                                                                                                                      |
| 10.1.36  | *   | First                  Amended and Restated Joint Plan under Chapter 11 of the United                  States                  Bankruptcy Code dated March 31, 2003, of Digital Teleport Inc.,                  DTI                  Holdings, Inc. and Digital Teleport of Virginia, Inc. (Exhibit                  10.1.e to                  Form 10-Q for the quarter ended March 31, 2003).                                                                                                                                                                                                                     |
| 10.1.37  | *   | Credit                  Agreement dated as of May 11, 2006, among Great Plains Energy                  Incorporated, Bank of America, N.A., JPMorgan Chase Bank, N.A.,                  BNP                  Paribas, The Bank of Tokyo-Mitsubishi UFJ, Limited, Chicago Branch,                  Wachovia Bank N.A., The Bank of New York, Keybank National Association,                  The Bank of Nova Scotia, UMB Bank, N.A., and Commerce Bank, N.A                  (Exhibit                  10.1.a to Form 10-Q for the quarter ended June 30, 2006).                                                      |
| 10.1.38  | *   | Amended                  and Restated Credit Agreement, dated as of July 2, 2004, by and                  among                  Strategic Energy, L.L.C., LaSalle Bank National Association, PNC                  Bank,                  National Association, Citizens Bank of Pennsylvania, Provident                  Bank, Fifth                  Third Bank and Sky Bank. (Exhibit 10.2 to Form 10-Q for the quarter                  ended                  June 30, 2004).                                                                                                                                   |
| 10.1.39  | *   | Amendment                  No. 1 dated as of December 20, 2005, to Amended and Restated Credit                  Agreement, dated as of July 2, 2004, by and among Strategic Energy,                  L.L.C., LaSalle Bank National Association, PNC Bank, National Association,                  Citizens Bank of Pennsylvania, Provident Bank, Fifth Third Bank,                  First                  National Bank of Pennsylvania and Sky Bank (Exhibit 10.1.bb to                  Form 10-K                  for the year ended December 31, 2005).                                                          |
| 10.1.40  | *   | Consent                  dated as of May 31, 2006, to Amended and Restated Credit Agreement,                  dated                  as of July 2, 2004, by and among Strategic Energy, L.L.C., LaSalle                  Bank                  National Association, PNC Bank, National Association, Citizens                  Bank of                  Pennsylvania, National City Bank of Pennsylvania, Fifth Third Bank,                  Sky                  Bank and First National Bank of Pennsylvania (Exhibit 10.1.b to                  Form 10-Q                  for the quarter ended June 30, 2006).  |

| 10.1.41  |     | Waiver                  and Amendment dated as of December 6, 2006, to Amended and Restated                  Credit                  Agreement, dated as of July 2, 2004, by and among Strategic Energy,                  L.L.C., LaSalle Bank National Association, PNC Bank, National Association,                  Citizens Bank of Pennsylvania, National City Bank of Pennsylvania,                  Fifth                  Third Bank, Sky Bank and First National Bank of Pennsylvania.                                                                                    |
|---------------|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1.42  | *   | Amended                  and Restated Limited Guaranty dated as of July 2, 2004, by Great                  Plains                  Energy Incorporated in favor of the lenders under the Amended and                  Restated                  Credit Agreement dated as of July 2, 2004 among Strategic Energy,                  L.L.C.                  and the financial institutions from time to time parties thereto.                  (Exhibit                  10.3 to Form 10-Q for the quarter ended June 30, 2004).                                                   |
| 10.1.43  | *   | Amendment                  dated as of October 2, 2006, to Amended and Restated Limited Guaranty                  dated as of July 2, 2004, by Great Plains Energy Incorporated in                  favor of                  the lenders under the Amended and Restated Credit Agreement dated                  as of                  July 2, 2004, among Strategic Energy, L.L.C. and the financial                  institutions from time to time parties thereto (Exhibit 10.1.e                  to Form                  10-Q for the quarter ended September 30, 2006).  |
| 10.1.44  | *   | General                  Agreement of Indemnity issued by Great Plains Energy Incorporated                  and                  Strategic Energy, L.L.C. in favor of Federal Insurance Company                  and                  subsidiary or affiliated insurers dated May 23, 2002 (Exhibit 10.1.a.                  to                  Form 10-Q for the quarter ended June 30, 2002).                                                                                                                                                                                  |
| 10.1.45  | *   | Agreement                  of Indemnity issued by Great Plains Energy Incorporated and Strategic                  Energy, L.L.C. in favor of Federal Insurance Company and subsidiary                  or                  affiliated insurers dated May 23, 2002 (Exhibit 10.1.b. to Form                  10-Q for                  the quarter ended June 30, 2002).                                                                                                                                                                                                           |
| 10.1.46  | *   | Agreement                  between Great Plains Energy Incorporated and Andrea F. Bielsker                  dated                  March 4, 2005 (Exhibit 10.1.jj to Form 10-K for the year ended                  December 31, 2004).                                                                                                                                                                                                                                                                                                                                       |
| 10.1.47  | *   | Agreement                  between Great Plains Energy Incorporated and Jeanie Sell Latz dated                  April                  5, 2005 (Exhibit 10.1 to Form 8-K dated April 5, 2005).                                                                                                                                                                                                                                                                                                                                                                                    |
| 10.1.48  | *   | Asset                  Purchase Agreement by and among Aquila, Inc., Black Hills Corporation,                  Great Plains Energy Incorporated, and Gregory Acquisition Corp.,                  dated                  February 6, 2007 (Exhibit 10.1 to Form 8-K dated February 7, 2007).                                                                                                                                                                                                                                                                                       |
| 10.1.49  | *   | Partnership                  Interests Purchase Agreement by and among Aquila, Inc., Aquila                  Colorado,                  LLC, Black Hills Corporation, Great Plains Energy Incorporated,                  and                  Gregory Acquisition Corp., dated February 6, 2007 (Exhibit 10.2                  to Form                  8-K dated February 7, 2007).                                                                                                                                                                                              |
| 10.1.50       | *+  | Form                  of Conforming Amendment to Severance Agreements with William H.                  Downey                  (Exhibit 10.1.b to Form 10-Q for the quarter ended September 30,                  2006).                                                                                                                                                                                                                                                                                                                                                                |
| 12.1     |     | Computation                  of Ratio of Earnings to Fixed Charges.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 21.1     |     | List                  of Subsidiaries of Great Plains Energy Incorporated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 23.1.a   |     | Consent                  of Counsel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 23.1.b   |     | Consent                  of Independent Registered Public Accounting Firm.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 24.1     |     | Powers                  of Attorney.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

| 31.1.a  |   | Rule                  13a-14(a)/15d-14(a) Certifications of Michael J. Chesser.  |
|--------------|--------|---------------------------------------------------------------------------------------|

| 31.1.b  |   | Rule                  13a-14(a)/15d-14(a) Certifications of Terry Bassham.  |
|--------------|--------|----------------------------------------------------------------------------------|
| 32.1    |   | Section                  1350 Certifications.                               |

**      *

**KCP&L        DOCUMENTS**

| Exhibit                  Number  |    | Description                  of Document                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.2                              | *  | Agreement                  and Plan of Merger among Kansas City Power & Light Company, Great                  Plains Energy Incorporated and KCP&L Merger Sub Incorporated dated as                  of October 1, 2001 (Exhibit 2 to Form 8-K dated October 1,                  2001).                                                                     |
| 3.2.1                            | *  | Restated                  Articles of Consolidation of Kansas City Power & Light Company, as                  amended October 1, 2001 (Exhibit 3-(i) to Form 10-Q for the quarter                  ended September 30, 2001).                                                                                                                                   |
| 3.2.2                            | *  | By-laws                  of Kansas City Power & Light Company, as amended November 1, 2005                  (Exhibit 3.2.b to Form 10-K for the year ended December 31,                  2005).                                                                                                                                                                           |
| 4.2.1                            | *  | General                  Mortgage and Deed of Trust dated as of December 1, 1986, between                  Kansas                  City Power & Light Company and UMB Bank, n.a. (formerly United                  Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4-bb to Form                  10-K                  for the year ended December 31, 1986).  |
| 4.2.2                            | *  | Fourth                  Supplemental Indenture dated as of February 15, 1992, to Indenture                  dated as of December 1, 1986 (Exhibit 4-y to Form 10-K for the year                  ended December 31, 1991).                                                                                                                                     |
| 4.2.3                            | *  | Fifth                  Supplemental Indenture dated as of September 15, 1992, to Indenture                  dated as of December 1, 1986 (Exhibit 4-a to quarterly report on Form                  10-Q for the quarter ended September 30, 1992).                                                                                                             |
| 4.2.4                            | *  | Seventh                  Supplemental Indenture dated as of October 1, 1993, to Indenture                  dated as of December 1, 1986 (Exhibit 4-a to quarterly report on Form                  10-Q for the quarter ended September 30, 1993).                                                                                                              |
| 4.2.5                            | *  | Eighth                  Supplemental Indenture dated as of December 1, 1993, to Indenture                  dated as of December 1, 1986 (Exhibit 4 to Registration Statement,                  Registration No. 33-51799).                                                                                                                                          |

| 4.2.6  | *  | Eleventh                  Supplemental Indenture dated as of August 15, 2005, to the General                  Mortgage and Deed of Trust dated as of December 1, 1986, between                  Kansas                  City Power & Light Company and UMB Bank, n.a. (formerly United                  Missouri Bank of Kansas City, N.A.), Trustee (Exhibit 4.2 to Form                  10-Q for                  the quarter ended September 30, 2005).  |
|-------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2.7   | *  | Indenture                  for Medium-Term Note Program dated as of February 15, 1992, between                  Kansas City Power & Light Company and The Bank of New York (Exhibit                  4-bb to Registration Statement, Registration No. 33-45736).                                                                                                                                                                                                                                       |
|--------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.2.8   | *  | Indenture                  for $150 million aggregate principal amount of 6.50% Senior Notes                  due                  November 15, 2011 and $250 million aggregate principal amount of                  7.125%                  Senior Notes due December 15, 2005 dated as of December 1, 2000,                  between Kansas City Power & Light Company and The Bank of New York                  (Exhibit 4-a to Report on Form 8-K dated December 18,                  2000).  |
| 4.2.9   | *  | Indenture                  dated March 1, 2002 between The Bank of New York and Kansas City                  Power                  & Light Company (Exhibit 4.1.b. to Form 10-Q for the quarter ended                  March 31, 2002).                                                                                                                                                                                                                                                                    |
| 4.2.10  | *  | Supplemental                  Indenture No. 1 dated as of November 15, 2005, to Indenture dated                  March 1,                  2002 between The Bank of New York and Kansas City Power & Light                  Company (Exhibit 4.2.j to Form 10-K for the year ended December                  31,                  2005).                                                                                                                                                                    |
| 4.2.11  | *  | Registration                  Rights Agreement dated as of November 17, 2005, among Kansas City                  Power                  & Light Company, and BNP Paribas Securities Corp. and J.P. Morgan                  Securities Inc. as representatives of the several initial purchasers                  (Exhibit 4.2.k to Form 10-K for the year ended December 31,                  2005).                                                                                                        |
| 10.2.1  | *  | Insurance                  agreement between Kansas City Power & Light Company and XL Capital                  Assurance Inc., dated December 5, 2002 (Exhibit 10.2.f to Form                  10-K for                  the year ended December 31, 2002).                                                                                                                                                                                                                                                 |
| 10.2.2  | *  | Insurance                  Agreement dated as of August 1, 2004, between Kansas City Power&                  Light Company and XL Capital Assurance Inc. (Exhibit 10.2 to Form                  10-Q for                  the quarter ended September 30, 2004).                                                                                                                                                                                                                                            |
| 10.2.3  | *  | Insurance                  Agreement dated as of September 1, 2005, between Kansas City Power&                  Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to                  Form 10-K                  for the year ended December 31, 2005).                                                                                                                                                                                                                                           |
| 10.2.4  | *  | Insurance                  Agreement dated as of September 1, 2005, between Kansas City Power&                  Light Company and XL Capital Assurance Inc. (Exhibit 10.2.e to                  Form 10-K                  for the year ended December 31, 2005).                                                                                                                                                                                                                                           |
| 10.2.5  | *  | Iatan                  Unit 2 and Common Facilities Ownership Agreement, dated as of May                  19,                  2006, among Kansas City Power & Light Company, Aquila, Inc., The                  Empire District Electric Company, Kansas Electric Power Cooperative,                  Inc.,                  and Missouri Joint Municipal Electric Utility Commission (Exhibit                  10.2.a                  to Form 10-Q for the quarter ended June 30, 2006).                 |

| 10.2.6  | *  | Contract                  between Kansas City Power & Light Company and ALSTOM Power Inc. for                  Engineering, Procurement, and Constructions Services for Air Quality                  Control Systems and Selective Catalytic Reduction Systems at Iatan                  Generating Station Units 1 and 2 and the Pulverized Coal-Fired                  Boiler at                  Iatan Generating Station Unit 2, dated as of August 10, 2006 (Exhibit                  10.2.a to Form 10-Q for the quarter ended September 30,                  2006).  |
|--------------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2.7   | *  | Credit                  Agreement dated as of May 11, 2006, among Kansas City Power & Light                  Company, Bank of America, N.A., JPMorgan Chase Bank, N.A., BNP                  Paribas,                  The Bank of Tokyo-Mitsubishi UFJ, Limited, Chicago Branch, Wachovia                  Bank                  N.A., The Bank of New York, Keybank National Association, The Bank                  of Nova                  Scotia, UMB Bank, N.A., and Commerce Bank, N.A (Exhibit 10.2.b                  to Form                  10-Q for the quarter ended June 30, 2006).                                                                     |
|---------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.2.8   | *  | Stipulation                  and Agreement dated March 28, 2005, among Kansas City Power & Light                  Company, Staff of the Missouri Public Service Commission, Office                  of the                  Public Counsel, Missouri Department of Natural Resources, Praxair,                  Inc.,                  Missouri Independent Energy Consumers, Ford Motor Company, Aquila,                  Inc.,                  The Empire District Electric Company, and Missouri Joint Municipal                  Electric Utility Commission (Exhibit 10.2 to Form 10-Q for the                  quarter                  ended March 31, 2005).  |
| 10.2.9   | *  | Stipulation                  and Agreement filed April 27, 2005, among Kansas City Power & Light                  Company, the Staff of the State Corporation Commission of the State                  of                  Kansas, Sprint, Inc., and the Kansas Hospital Association (Exhibit                  10.2.a                  to Form 10-Q for the quarter ended June 30, 2005).                                                                                                                                                                                                                                                                              |
| 10.2.10  | *  | Stipulation                  and Agreement dated as of September 29, 2006, among Kansas City                  Power                  & Light Company, the Staff of the Kansas Corporation Commission,                  the                  Citizens’ Utility Ratepayer Board, Wal-Mart Stores Inc. and the                  International Brotherhood of Electrical Workers, Local Union Nos.                  412,                  1464 and 1613 (Exhibit 10.2.b to Form 10-Q for the quarter ended                  September                  30, 2006).                                                                                                    |
| 10.2.11  | *  | Purchase                  and Sale Agreement dated as of July 1, 2005, between Kansas City                  Power & Light Company, as Originator, and Kansas City Power &                  Light Receivables Company, as Buyer (Exhibit 10.2.b to Form 10-Q                  for the                  quarter ended June 30, 2005).                                                                                                                                                                                                                                                                                                                 |
| 10.2.12  | *  | Receivables                  Sale Agreement dated as of July 1, 2005, among Kansas City Power&                  Light Receivables Company, as the Seller, Kansas City Power & Light                  Company, as the Initial Collection Agent, The Bank of Tokyo-Mitsubishi,                  Ltd., New York Branch, as the Agent, and Victory Receivables Corporation                  (Exhibit 10.2.c to Form 10-Q for the quarter ended June 30,                  2005).                                                                                                                                                                                        |
| 12.2     |    | Computation                  of Ratio of Earnings to Fixed Charges.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 23.2.a   |    | Consent                  of Counsel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 23.2.b   |    | Consent                  of Independent Registered Public Accounting Firm.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 24.2     |    | Powers                  of Attorney.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 31.2.a   |    | Rule                  13a-14(a)/15d-14(a) Certifications of William H. Downey.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 31.2.b   |    | Rule                  13a-14(a)/15d-14(a) Certifications of Terry Bassham.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.2     |    | Section                  1350 Certifications.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

**        *

**Schedule        I - Parent Company Financial Statements**

| **GREAT                    PLAINS ENERGY INCORPORATED**                                                                                        |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Income                    Statements of Parent Company**                                                                                     |   |
|                                                                                                                                           |   |   |   |   |   |   |   |
|                                                                                                                                           |   |   |   | As                    Adjusted |   | As                    Adjusted |   |
| **Year                    Ended December 31**                                                                                                  |   | **2006** |   | 2005 |   | 2004 |   |
| **Operating                    Expenses**                                                                                                      |   | (millions) |   |
| Other                                                                                                                                          |   | **$** | **7.1** |   | $ | 7.1 |   | $ | 8.5 |   |
| General                    taxes                                                                                                               |   |   | **0.3** |   |   | 0.3 |   |   | 0.2 |   |
| Total                                                                                                                                          |   |   | **7.4** |   |   | 7.4 |   |   | 8.7 |   |
| Operating                    loss                                                                                                              |   |   | **(7.4** | **)** |   | (7.4 | ) |   | (8.7 | ) |
| Equity                    from earnings in subsidiaries                                                                                        |   |   | **143.0** |   |   | 178.2 |   |   | 200.9 |   |
| Non-operating                    income                                                                                                        |   |   | **1.1** |   |   | 1.6 |   |   | 2.3 |   |
| Non-operating                    expenses                                                                                                      |   |   | **-** |   |   | (0.1 | ) |   | (0.2 | ) |
| Interest                    charges                                                                                                            |   |   | **(8.9** | **)** |   | (9.4 | ) |   | (8.1 | ) |
| Income                    before income taxes                                                                                                  |   |   | **127.8** |   |   | 162.9 |   |   | 186.2 |   |
| Income                    taxes                                                                                                                |   |   | **(0.2** | **)** |   | (0.6 | ) |   | (3.7 | ) |
| Net                    income                                                                                                                  |   |   | **127.6** |   |   | 162.3 |   |   | 182.5 |   |
| Preferred                    stock dividend requirements                                                                                       |   |   | **1.6** |   |   | 1.6 |   |   | 1.6 |   |
| Earnings                    available for common shareholders                                                                                  |   | **$** | **126.0** |   | $ | 160.7 |   | $ | 180.9 |   |
|                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Average                    number of basic common shares outstanding                                                                           |   |   | **78.0** |   |   | 74.6 |   |   | 72.0 |   |
| Average                    number of diluted common shares outstanding                                                                         |   |   | **78.2** |   |   | 74.7 |   |   | 72.1 |   |
|                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Basic                    earnings per common share                                                                                             |   | **$** | **1.62** |   | $ | 2.15 |   | $ | 2.51 |   |
| Diluted                    earnings per common share                                                                                           |   | **$** | **1.61** |   | $ | 2.15 |   | $ | 2.51 |   |
|                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |
| Cash                    dividends per common share                                                                                             |   | **$** | **1.66** |   | $ | 1.66 |   | $ | 1.66 |   |
|                                                                                                                                           |
| The                    accompanying Notes to Financial Statements of Parent Company                    are an                    integral part |
| of                    these statements.                                                                                                        |

| **GREAT                      PLAINS ENERGY INCORPORATED**                                                                                            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Balance                      Sheets of Parent Company**                                                                                            |   |
|                                                                                                                                                 |   |   |   |   |   |
|                                                                                                                                                 |   |   |   | As                      Adjusted |   |
| **December                      31**                                                                                                                 |   | **2006** |   | 2005 |   |
| **ASSETS**                                                                                                                                           |   | (millions) |   |
| **Current                      Assets**                                                                                                              |   |   |   |   |   |
| Cash                      and cash equivalents                                                                                                       |   | **$** | **5.8** |   | $ | 2.0 |   |
| Accounts                      receivable from subsidiaries                                                                                           |   |   | **1.6** |   |   | 1.0 |   |
| Notes                      receivable from subsidiaries                                                                                              |   |   | **2.3** |   |   | 5.4 |   |
| Taxes                      receivable                                                                                                                |   |   | **1.9** |   |   | 1.8 |   |
| Other                                                                                                                                                |   |   | **0.5** |   |   | 0.5 |   |
| Total                                                                                                                                                |   |   | **12.1** |   |   | 10.7 |   |
| **Nonutility                      Property and Investments**                                                                                         |   |   |   |   |   |   |   |
| Investment                      in KCP&L                                                                                                         |   |   | **1,383.1** |   |   | 1,151.6 |   |
| Investments                      in other subsidiaries                                                                                               |   |   | **178.6** |   |   | 288.0 |   |
| Total                                                                                                                                                |   |   | **1,561.7** |   |   | 1,439.6 |   |
| **Deferred                      Charges and Other Assets**                                                                                           |   |   |   |   |   |   |   |
| Deferred                      Income Taxes                                                                                                           |   |   | **0.8** |   |   | - |   |
| Other                                                                                                                                                |   |   | **4.6** |   |   | 2.0 |   |
| Total                                                                                                                                                |   |   | **5.4** |   |   | 2.0 |   |
| Total                                                                                                                                                |   | **$** | **1,579.2** |   | $ | 1,452.3 |   |
|  The                    accompanying Notes to Financial Statements of Parent Company                    are an                    integral part |
|  of                    these statements.                                                                                                        |

|  **GREAT                      PLAINS ENERGY INCORPORATED**** **** **** **** **** **** **                                         | ** ** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| ** Balance                      Sheets of Parent Company**                                                                                                     |       |
|                                                                                                                                                                |       |   |   |   |   |
|                                                                                                                                                                |       |   |   |  As                      Adjusted |   |
| **December                      31**                                                                                                                                |       |  **2006** |   |  2005 |   |
| ** LIABILITIES                    AND CAPITALIZATION**                                                                                                         |       |  (millions) |   |
| **Current                      Liabilities**                                                                                                                        |       |   |   |   |   |   |   |
| Notes                      payable                                                                                                                                  |       | **$** | **-** |   | $ | 6.0 |   |
| Notes                      payable to subsidiaries                                                                                                                  |       |   | **13.2** |   |   | - |   |
| Current                      maturities of long-term debt                                                                                                           |       |   | **163.6** |   |   | - |   |
| Accounts                      payable to subsidiaries                                                                                                               |       |   | **15.6** |   |   | 0.5 |   |
| Accounts                      payable                                                                                                                               |       |   | **-** |   |   | 0.1 |   |
| Accrued                      interest                                                                                                                               |       |   | **1.6** |   |   | 1.7 |   |
| Other                                                                                                                                                               |       |   | **1.9** |   |   | 6.5 |   |
| Total                                                                                                                                                               |       |   | **195.9** |   |   | 14.8 |   |
| **Deferred                      Credits and Other Liabilities**                                                                                                     |       |   |   |   |   |   |   |
| Payable                      to subsidiaries                                                                                                                        |       |   | **2.1** |   |   | - |   |
| Other                                                                                                                                                               |       |   | **0.3** |   |   | 0.9 |   |
| Total                                                                                                                                                               |       |   | **2.4** |   |   | 0.9 |   |
| **Capitalization**                                                                                                                                                  |       |   |   |   |   |   |   |
| Common                      shareholders' equity                                                                                                                    |       |   |   |   |   |   |   |
| Common                      stock-150,000,000 shares authorized without par value                                                                                   |       |   |   |   |   |   |   |
| 80,405,035                      and 74,783,824 shares issued, stated value                                                                                          |       |   | **896.8** |   |   | 744.4 |   |
| Retained                      earnings                                                                                                                              |       |   | **493.4** |   |   | 498.6 |   |
| Treasury                      stock-53,499 and 43,376 shares, at cost                                                                                               |       |   | **(1.6** | **)** |   | (1.3 | ) |
| Accumulated                      other comprehensive loss                                                                                                           |       |   | **(46.7** | **)** |   | (7.7 | ) |
| Total                                                                                                                                                               |       |   | **1,341.9** |   |   | 1,234.0 |   |
| Cumulative                      preferred stock $100 par value                                                                                                      |       |   |   |   |   |   |   |
| 3.80%                      - 100,000 shares issued                                                                                                                  |       |   | **10.0** |   |   | 10.0 |   |
| 4.50%                      - 100,000 shares issued                                                                                                                  |       |   | **10.0** |   |   | 10.0 |   |
| 4.20%                      - 70,000 shares issued                                                                                                                   |       |   | **7.0** |   |   | 7.0 |   |
| 4.35%                      - 120,000 shares issued                                                                                                                  |       |   | **12.0** |   |   | 12.0 |   |
| Total                                                                                                                                                               |       |   | **39.0** |   |   | 39.0 |   |
| Long-term                      debt                                                                                                                                 |       |   | **-** |   |   | 163.6 |   |
| Total                                                                                                                                                               |       |   | **1,380.9** |   |   | 1,436.6 |   |
| **Commitments                      and Contingencies**                                                                                                              |
| Total                                                                                                                                                               |       | **$** | **1,579.2** |   | $ | 1,452.3 |   |
|                                                                                                                                                                |
| The                      accompanying Notes to Financial Statements of Parent Company                      are an                      integral part of these  |
| statements.                                                                                                                                                    |

| **GREAT                      PLAINS ENERGY INCORPORATED**                                                                                                                       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Statements                      of Cash Flows of Parent Company**                                                                                                             |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |
|                                                                                                                                                                            |   |   |   | As                      Adjusted |   | As                      Adjusted |   |
| **Year                      Ended December 31**                                                                                                                                 |   | **2006** |   | 2005 |   | 2004 |   |
| **Cash                      Flows from Operating Activities**                                                                                                                   |   | (millions) |   |
| Net                      income                                                                                                                                                 |   | **$** | **127.6** |   | $ | 162.3 |   | $ | 182.5 |   |
| Adjustments                      to reconcile income to net cash from operating activities:                                                                                     |   |   |   |   |   |   |
| Amortization                                                                                                                                                                    |   |   | **0.6** |   |   | 0.6 |   |   | 1.8 |   |
| Deferred                      income taxes, net                                                                                                                                 |   |   | **-** |   |   | - |   |   | 0.6 |   |
| Equity                      in earnings from subsidiaries                                                                                                                       |   |   | **(143.0** | **)** |   | (178.2 | ) |   | (200.9 | ) |
| Cash                      flows affected by changes in:                                                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Accounts                      receivable from subsidiaries                                                                                                                      |   |   | **(0.6** | **)** |   | (0.4 | ) |   | 4.3 |   |
| Taxes                      receivable                                                                                                                                           |   |   | **(0.1** | **)** |   | 2.6 |   |   | (4.4 | ) |
| Accounts                      payable to subsidiaries                                                                                                                           |   |   | **15.1** |   |   | 0.5 |   |   | (0.8 | ) |
| Other                      accounts payable                                                                                                                                     |   |   | **(0.1** | **)** |   | 0.1 |   |   | - |   |
| Accrued                      taxes                                                                                                                                              |   |   | **-** |   |   | - |   |   | (7.5 | ) |
| Accrued                      interest                                                                                                                                           |   |   | **(0.1** | **)** |   | 0.1 |   |   | 0.8 |   |
| Cash                      dividends from subsidiaries                                                                                                                           |   |   | **118.0** |   |   | 133.9 |   |   | 210.1 |   |
| Other                                                                                                                                                                           |   |   | **1.7** |   |   | 3.0 |   |   | 0.4 |   |
| Net                      cash from operating activities                                                                                                                         |   |   | **119.1** |   |   | 124.5 |   |   | 186.9 |   |
| **Cash                      Flows from Investing Activities**                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Equity                      contributions to subsidiaries                                                                                                                       |   |   | **(134.6** | **)** |   | - |   |   | (305.0 | ) |
| Net                      change in notes receivable from subsidiaries                                                                                                           |   |   | **3.1** |   |   | 11.0 |   |   | 7.8 |   |
| Net                      cash from investing activities                                                                                                                         |   |   | **(131.5** | **)** |   | 11.0 |   |   | (297.2 | ) |
| **Cash                      Flows from Financing Activities**                                                                                                                   |   |   |   |   |   |   |   |   |   |   |
| Issuance                      of common stock                                                                                                                                   |   |   | **153.6** |   |   | 9.1 |   |   | 153.7 |   |
| Issuance                      of long-term debt                                                                                                                                 |   |   | **-** |   |   | - |   |   | 163.6 |   |
| Issuance                      fees                                                                                                                                              |   |   | **(5.7** | **)** |   | - |   |   | (12.1 | ) |
| Net                      change in notes payable to subsidiaries                                                                                                                |   |   | **13.2** |   |   | - |   |   | - |   |
| Net                      change in short-term borrowings                                                                                                                        |   |   | **(6.0** | **)** |   | (14.0 | ) |   | (67.0 | ) |
| Dividends                      paid                                                                                                                                             |   |   | **(132.7** | **)** |   | (125.5 | ) |   | (120.8 | ) |
| Other                      financing activities                                                                                                                                 |   |   | **(6.2** | **)** |   | (5.9 | ) |   | (5.0 | ) |
| Net                      cash from financing activities                                                                                                                         |   |   | **16.2** |   |   | (136.3 | ) |   | 112.4 |   |
| **Net                      Change in Cash and Cash Equivalents**                                                                                                                |   |   | **3.8** |   |   | (0.8 | ) |   | 2.1 |   |
| **Cash                      and Cash Equivalents at Beginning of Year**                                                                                                         |   |   | **2.0** |   |   | 2.8 |   |   | 0.7 |   |
| **Cash                      and Cash Equivalents at End of Year**                                                                                                               |   | **$** | **5.8** |   | $ | 2.0 |   | $ | 2.8 |   |
|                                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |
| The                      accompanying Notes to Financial Statements of Parent Company                      are an                      integral part of these statements.  |

**GREAT          PLAINS ENERGY INCORPORATED**

**Statements          of Common Shareholders’ Equity of Parent Company**

**Statements          of Comprehensive Income of Parent Company**

**GREAT          PLAINS ENERGY INCORPORATED**

**NOTES          TO FINANCIAL STATEMENTS OF PARENT COMPANY**

**Schedule          II - Valuation and Qualifying Accounts and Reserves**

| **Great                    Plains Energy**                                                                                                                                                                        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Valuation                    and Qualifying Accounts**                                                                                                                                                          |   |
| **Years                    Ended December 31, 2006,  2005 and 2004**                                                                                                                                         |   |
|                                                                                                                                                                                                              |
|                                                                                                                                                                                                              |   |   |   | **Additions** |   |   |   |   |
|                                                                                                                                                                                                              |   |   |   | **Charged** |   |   |   |   |   |   |
|                                                                                                                                                                                                              |   | **Balance                    At** | **To                    Costs** | **Charged** |   |   | **Balance** |
|                                                                                                                                                                                                              |   | **Beginning** | **And** | **To                    Other** |   |   | **At                    End** |
| **Description**                                                                                                                                                                                                   |   | **Of                    Period** | **Expenses** | **Accounts** | **Deductions** | **Of                    Period** |
| Year                    Ended December 31, 2006                                                                                                                                                                   |   | (millions) |   |
| Allowance                    for uncollectible accounts                                                                                                                                                           |   | $ | 6.9 |   | $ | 12.3 |   | $ | 5.7 |  (a) | $ | 16.6 |  (b) | $ | 8.3 |   |
| Legal                    reserves                                                                                                                                                                                 |   |   | 5.9 |   |   | 4.9 |   |   | 0.1 |   |   | 4.8 |  (c) |   | 6.1 |   |
| Environmental                    reserves                                                                                                                                                                         |   |   | 0.3 |   |   | - |   |   | - |   |   | - |   |   | 0.3 |   |
| Uncertain                    tax positions                                                                                                                                                                        |   |   | 4.6 |   |   | 1.1 |   |   | - |   |   | 1.0 |  (d) |   | 4.7 |   |
| Year                    Ended December 31, 2005                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance                    for uncollectible accounts                                                                                                                                                           |   | $ | 6.4 |   | $ | 6.9 |   | $ | 5.0 |  (a) | $ | 11.4 |  (b) | $ | 6.9 |   |
| Legal                    reserves                                                                                                                                                                                 |   |   | 3.2 |   |   | 4.5 |   |   | - |   |   | 1.8 |  (c) |   | 5.9 |   |
| Environmental                    reserves                                                                                                                                                                         |   |   | 0.3 |   |   | - |   |   | - |   |   | - |   |   | 0.3 |   |
| Uncertain                    tax positions                                                                                                                                                                        |   |   | 13.4 |   |   | 1.2 |   |   | - |   |   | 10.0 |  (d) |   | 4.6 |   |
| Year                    Ended December 31, 2004                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance                    for uncollectible accounts                                                                                                                                                           |   | $ | 8.5 |   | $ | 5.4 |   | $ | 2.8 |  (a) | $ | 10.3 |  (b) | $ | 6.4 |   |
| Legal                    reserves                                                                                                                                                                                 |   |   | 4.0 |   |   | 1.4 |   |   | - |   |   | 2.2 |  (c) |   | 3.2 |   |
| Environmental                    reserves                                                                                                                                                                         |   |   | 1.8 |   |   | - |   |   | - |   |   | 1.5 |  (e) |   | 0.3 |   |
| Uncertain                          tax positions                                                                                                                                                                  |   |   | 16.8 |   |   | 3.2 |   |   | - |   |   | 6.6 |  (d) |   | 13.4 |   |
| (a)                    Recoveries.                    Charged to other accounts for the year ended December 31, 2006                    and 2005,                    respectively, includes the    |
|    establishmentof                  an allowance of $1.5 million and $1.6 million.                                                                                                                 |
| (b)                    Uncollectible                    accounts charged off. Deductions for the year ended December                    31, 2004,                    includes a charge off of           |
|   $1.4                    million by Worry Free.                                                                                                                                                        |
| (c)                    Payment                    of claims.                                                                                                                                                      |
| (d)Reversal                    of uncertain tax positions. Deductions for the year ended December                    31,                    2005, includes a reclass of                                 |
|   $0.8                  million to franchise taxes payable.                                                                                                                                        |
| (e) Reversal                    of reserve for remediation of soil and groundwater.                                                                                                                |

| **Kansas                    city Power & Light Company**                                                                                                                                                 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| **Valuation                    and Qualifying Accounts**                                                                                                                                                     |   |
| **Years                    Ended December 31, 2006, 2005 and 2004**                                                                                                                                          |   |
|                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                         |   |   |   | **Additions** |   |   |   |   |
|                                                                                                                                                                                                         |   |   |   | **Charged** |   |   |   |   |   |   |
|                                                                                                                                                                                                         |   | **Balance                    At** | **To                    Costs** | **Charged** |   |   | **Balance** |
|                                                                                                                                                                                                         |   | **Beginning** | **And** | **To                    Other** |   |   | **At                    End** |
| **Description**                                                                                                                                                                                              |   | **Of                    Period** | **Expenses** | **Accounts** | **Deductions** | **Of                    Period** |
| Year                    Ended December 31, 2006                                                                                                                                                              |   | (millions) |   |
| Allowance                    for uncollectible accounts                                                                                                                                                      |   | $ | 2.6 |   | $ | 4.5 |   | $ | 4.4 |  (a) | $ | 7.3 |  (b) | $ | 4.2 |   |
| Legal                    reserves                                                                                                                                                                            |   |   | 4.5 |   |   | 2.8 |   |   | - |   |   | 3.4 |  (c) |   | 3.9 |   |
| Environmental                    reserves                                                                                                                                                                    |   |   | 0.3 |   |   | - |   |   | - |   |   | - |   |   | 0.3 |   |
| Uncertain                    tax positions                                                                                                                                                                   |   |   | 1.2 |   |   | 0.8 |   |   | - |   |   | 0.2 |  (d) |   | 1.8 |   |
| Year                    Ended December 31, 2005                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance                    for uncollectible accounts                                                                                                                                                      |   | $ | 1.7 |   | $ | 3.3 |   | $ | 4.6 |  (a) | $ | 7.0 |  (b) | $ | 2.6 |   |
| Legal                    reserves                                                                                                                                                                            |   |   | 3.2 |   |   | 3.1 |   |   | - |   |   | 1.8 |  (c) |   | 4.5 |   |
| Environmental                    reserves                                                                                                                                                                    |   |   | 0.3 |   |   | - |   |   | - |   |   | -  |   |   | 0.3 |   |
| Uncertain                    tax positions                                                                                                                                                                   |   |   | 3.7 |   |   | 0.3 |   |   | - |   |   | 2.8 |  (d) |   | 1.2 |   |
| Year                    Ended December 31, 2004                                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Allowance                    for uncollectible accounts                                                                                                                                                      |   | $ | 4.9 |   | $ | 2.6 |   | $ | 2.7 |  (a) | $ | 8.5 |  (b) | $ | 1.7 |   |
| Legal                    reserves                                                                                                                                                                            |   |   | 3.8 |   |   | 1.4 |   |   | - |   |   | 2.0 |  (c) |   | 3.2 |   |
| Environmental                    reserves                                                                                                                                                                    |   |   | 1.8 |   |   | - |   |   | - |   |   | 1.5 |  (e) |   | 0.3 |   |
| Uncertain                    tax positions                                                                                                                                                                   |   |   | 6.4 |   |   | 2.1 |   |   | -  |   |   | 4.8 |  (d) |   | 3.7 |   |
| (a)                    Recoveries.                    Charged to other accounts for the year ended December 31, 2006                    and 2005,                    respectively, includes the    |
|    establishment                  of an                  allowance of $1.5 million and $1.6 million.                                                                                          |
| (b)                    Uncollectible                    accounts charged off. Deductions for the year ended December                    31, 2004,                    includes a charge off of      |
|   $1.4                    million by Worry Free.                                                                                                                                                   |
| (c)                    Payment                    of claims.                                                                                                                                                 |
| (d)Reversal                    of uncertain tax positions. Deductions for the year ended December                    31,                    2005, includes a reclass of                            |
|   $0.8                  million to franchise taxes                  payable.                                                                                                                  |
| (e) Reversal                    of reserve for remediation of soil and groundwater.                                                                                                           |

**SIGNATURES**

| Signature                                                                 | Title                                                                                                                                                                                      | Date                                             |
|---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|
| /s/Michael                  J. ChesserMichael                  J. Chesser | Chairman                  of the Board and Chief Executive                  Officer (Principal                  Executive Officer)                                                         | )))                                              |
|                                                                      |                                                                                                                                                                                       | )                                                |
|  /s/Terry                  BasshamTerry                  Bassham     | Executive                  Vice President - Finance and                  Strategic Development and Chief                  Financial Officer (Principal                  Financial Officer) | ))))                                             |
|                                                                      |                                                                                                                                                                                       | )                                                |
| /s/Lori                  A. WrightLori                  A. Wright         | Controller(Principal                  Accounting Officer)                                                                                                                                  | ))                                               |
|                                                                      |                                                                                                                                                                                       | )                                                |
| David                  L. Bodde*                                          | Director                                                                                                                                                                                   | )                    February 27, 2007 |
|                                                                      |                                                                                                                                                                                       | )                                                |
| /s/William                  H. DowneyWilliam                  H. Downey   | Director                                                                                                                                                                                   | ))                                               |
|                                                                      |                                                                                                                                                                                       | )                                                |
| Mark                  A. Ernst*                                           | Director                                                                                                                                                                                   | )                                                |
|                                                                      |                                                                                                                                                                                       | )                                                |
| Randall                  C. Ferguson, Jr.*                                | Director                                                                                                                                                                                   | )                                                |
|                                                                      |                                                                                                                                                                                       | )                                                |
| William                  K. Hall*                                         | Director                                                                                                                                                                                   | )                                                |
|                                                                      |                                                                                                                                                                                       | )                                                |
| Luis                  A. Jimenez*                                         | Director                                                                                                                                                                                   | )                                                |
|                                                                      |                                                                                                                                                                                       | )                                                |
| James                  A. Mitchell*                                       | Director                                                                                                                                                                                   | )                                                |
|                                                                      |                                                                                                                                                                                       | )                                                |
| William                  C. Nelson*                                       | Director                                                                                                                                                                                   | )                                                |
|                                                                      |                                                                                                                                                                                       | )                                                |
| Linda                  H. Talbott*                                        | Director                                                                                                                                                                                   | )                                                |
|                                                                      |                                                                                                                                                                                       | )                                                |
| Robert                  H. West*                                          | Director                                                                                                                                                                                   | )                                                |

**SIGNATURES**

| Signature                                                                 | Title                                                                                                                              | Date                                             |
|---------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|
| /s/                  William H. DowneyWilliam                  H. Downey  | President                  and Chief Executive Officer                  and Director(Principal                  Executive Officer) | )))                                              |
|                                                                      |                                                                                                                               | )                                                |
| /s/Terry                  BasshamTerry                  Bassham           | Chief                  Financial Officer (Principal                  Financial Officer)                                            | ))                                               |
|                                                                      |                                                                                                                               | )                                                |
| /s/Lori                  A. WrightLori                  A. Wright         | Controller(Principal                  Accounting Officer)                                                                          | ))                                               |
|                                                                      |                                                                                                                               | )                                                |
| David                  L. Bodde*                                          | Director                                                                                                                           | )                    February 27, 2007 |
|                                                                      |                                                                                                                               | )                                                |
| /s/Michael                  J. ChesserMichael                  J. Chesser | Chairman                  of the Board                                                                                             | ))                                               |
|                                                                      |                                                                                                                               | )                                                |
| Mark                  A. Ernst*                                           | Director                                                                                                                           | )                                                |
|                                                                      |                                                                                                                               | )                                                |
| Randall                  C. Ferguson, Jr.*                                | Director                                                                                                                           | )                                                |
|                                                                      |                                                                                                                               | )                                                |
| Luis                  A. Jimenez*                                         | Director                                                                                                                           | )                                                |
|                                                                      |                                                                                                                               | )                                                |
| James                  A. Mitchell*                                       | Director                                                                                                                           | )                                                |
|                                                                      |                                                                                                                               | )                                                |
| William                  C. Nelson*                                       | Director                                                                                                                           | )                                                |
|                                                                      |                                                                                                                               | )                                                |
| Linda                  H. Talbott*                                        | Director                                                                                                                           | )                                                |
|                                                                      |                                                                                                                               | )                                                |