<PAGE>
_____________________________________________________________________

                           FORM 10-K

               SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C.  20549

   [X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
               SECURITIES AND EXCHANGE ACT OF 1934
                                
           For the fiscal year ended DECEMBER 31, 1997
                                
  [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934
                                
                  COMMISSION FILE NUMBER 1-707
                                
                KANSAS CITY POWER & LIGHT COMPANY
     (Exact name of registrant as specified in its charter)

            Missouri                                44-0308720
(State or other jurisdiction of                  (I.R.S. Employer
incorporation  or organization)                 Identification No.)

                       1201 Walnut Street
                  Kansas City, Missouri  64106
            (Address of principal executive offices)

Registrant's telephone number, including area code:  816-556-2200

   Securities registered pursuant to Section 12(b) of the Act:

                                              Name of each exchange
Title of each class                           on which registered
___________________                           ______________________

Cumulative Preferred Stock                    New York Stock Exchange
  par value $100 per share -
    3.80%, 4.50%, 4.35%

Common Stock without par value                New York Stock Exchange
                                              Chicago Stock Exchange

   Securities registered pursuant to Section 12(g) of the Act:  None.

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.      Yes   X     No

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.      X

On  March  10,  1998, KCPL had 61,872,915 outstanding  shares  of
common  stock  without par value, and the aggregate market  value
(based  upon  the closing price of these shares on the  New  York
Stock  Exchange)  of voting securities held by  nonaffiliates  of
KCPL was approximately $1,890,990,964.

              DOCUMENTS INCORPORATED BY REFERENCE
Portions of the 1998 Proxy Statement are incorporated by reference
in Part III of this report.
_____________________________________________________________________


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                      TABLE OF CONTENTS
                                                           Page
                                                          Number
Item  1.  Business........................................   1
            Proposed Merger With Western Resources, Inc...   1
               Regulation.................................   2
                    Rates.................................   2
                    Environmental Matters.................   2
                         Air..............................   3
                         Water............................   3
               Competition................................   4
               Fuel Supply................................   4
                    Coal..................................   4
                    Nuclear...............................   4
                         High-Level Waste.................   5
                         Low-Level Waste..................   5
               Employees..................................   6
               Subsidiaries...............................   6
               Officers of the Registrant.................   7
                    KCPL Officers.........................   7
                    KLT Inc. Officers.....................   8

Item  2.  Properties......................................   8
               Generation Resources.......................   8
               Transmission and Distribution Resources....   9
               General....................................   9

Item  3.  Legal Proceedings...............................  10

Item  4.  Submission of Matters to a Vote of Security
          Holders.........................................  11

Item  5.  Market for the Registrant's Common Equity
          and Related Stockholder Matters.................  11
               Market Information.........................  11
               Holders....................................  12
               Dividends..................................  12

Item  6.  Selected Financial Data.........................  13

Item  7.  Management's Discussion and Analysis of 
          Financial Condition and Results of
          Operations......................................  14

Item  8.  Consolidated Financial Statements...............  25

Item  9.  Changes in and Disagreements with 
          Accountants on Accounting and Financial
          Disclosure......................................  47

Item 10.  Directors and Executive Officers of the 
          Registrant......................................  47

Item 11.  Executive Compensation..........................  47

Item 12.  Security Ownership of Certain Beneficial 
          Owners and Management...........................  47

Item 13.  Certain Relationships and Related Transactions..  47

Item 14.  Exhibits, Financial Statement Schedules, and
          Reports on Form 8-K.............................  48


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                           PART I


ITEM 1.  BUSINESS

     Kansas City Power & Light Company (KCPL) was incorporated in
Missouri  in  1922 and is headquartered in downtown Kansas  City,
Missouri.  KCPL is a medium-sized public utility engaged  in  the
generation, transmission, distribution and sale of electricity to
over 445,000 customers in a 4,700 square mile area located in all
or  portions  of  31  counties in western  Missouri  and  eastern
Kansas.   About two-thirds of KCPL's retail sales are to Missouri
customers  and  the  remainder  to Kansas  customers.   Customers
include   approximately  391,000  residences,  51,000  commercial
firms,  and 3,000 industrials, municipalities and other  electric
utilities.  Retail revenues in Missouri and Kansas accounted  for
approximately  92%  of  KCPL's total utility  revenues  in  1997.
Wholesale firm power, bulk power sales and miscellaneous electric
revenues  accounted for the remainder of utility  revenues.   Low
fuel  costs and superior plant performance enable KCPL  to  serve
its customers well while maintaining a leadership position in the
bulk power market.

     KLT  Inc.,  a  wholly-owned, nonutility subsidiary  of  KCPL
formed in 1992, pursues nonregulated business ventures.  Existing
ventures   include  investments  in  domestic  and  international
nonregulated  power  production, energy  services,  oil  and  gas
development   and   production,   telecommunications,   telemetry
technology  and  affordable  housing limited  partnerships.   See
"Subsidiaries" on page 6 of this report.  Approximately  7.9%  of
KCPL's net income came from the KLT companies in 1997 (the  first
year  of  significant positive contribution by KLT).   KCPL  also
owns 47% of Wolf Creek Nuclear Operating Corporation (WCNOC), the
operating  company  for the Wolf Creek Generating  Station  (Wolf
Creek).

PROPOSED MERGER WITH WESTERN RESOURCES, INC.

      On  February  7,  1997,  KCPL and Western  Resources,  Inc.
(Western Resources) entered into an Agreement and Plan of  Merger
(the  Merger Agreement) to form a strategic business combination.
Western  Resources first delivered an unsolicited exchange  offer
to  KCPL's Board of Directors during the second quarter of  1996.
This initial offer, subject to numerous conditions, proposed  the
exchange  of  $28  (later  increased to  $31)  worth  of  Western
Resources  common stock for each share of KCPL common stock.   In
July 1996, Western Resources commenced an exchange offer for KCPL
common  stock.   In late 1996, KCPL began discussing  a  possible
merger with Western Resources leading to the Merger Agreement.

      In  December  1997,  KCPL canceled its previously-scheduled
special  meeting  of  shareholders to  vote  on  the  transaction
because  Western  Resources advised that its  investment  banker,
Salomon  Smith  Barney (Salomon), had indicated it  was  unlikely
that  Salomon would be in a position to issue a fairness  opinion
from a financial point of view to the Western shareholders on the
transaction.    The  companies  are  currently  exploring   other
alternatives on which a transaction could be based.

     The current Merger Agreement does not allow KCPL to increase
its  common  stock  dividend  prior  to  the  effective  time  or
termination.   It  also requires KCPL to redeem  all  outstanding
shares of preferred stock prior to completion of the merger.  The
Merger  Agreement  can  be terminated on  June  30,  1998,  under
certain  circumstances, if 

<PAGE>

shareholder  approval  has  not  been
obtained.    If,  however,  the  current  Merger   Agreement   is
terminated under other circumstances and KCPL, within two and one-
half years following termination, agrees to consummate a business
combination  with a third party that made a proposal  to  combine
prior  to  termination,  a payment of $50  million  will  be  due
Western Resources.

REGULATION

     KCPL  is  subject to the jurisdiction of the Public  Service
Commission of the State of Missouri (MPSC), the State Corporation
Commission  of  the  State of Kansas (KCC),  the  Federal  Energy
Regulatory  Commission (FERC), the Nuclear Regulatory  Commission
(NRC)  and  certain other governmental regulatory  bodies  as  to
various  phases  of  its  operations, including  rates,  service,
safety  and  nuclear plant operations, environmental matters  and
issuances of securities.

    RATES

     KCPL's  retail electric rates are regulated by the MPSC  and
KCC  for  sales  within  the respective states  of  Missouri  and
Kansas.    FERC   approves  KCPL's  rates  for   wholesale   bulk
electricity  sales.  Firm electric sales are made by  contractual
arrangements between the entity being served and KCPL.

     KCPL  has not increased any of its retail or wholesale rates
since  1988.   Pursuant to a stipulation and agreement  with  the
MPSC,  KCPL reduced Missouri retail rates by about 2.7% effective
January  1,  1994,  2% effective July 9, 1996, and by about  2.5%
effective  January  1,  1997.   Pursuant  to  a  stipulation  and
agreement with the KCC, KCPL began accruing a reduction of  about
4.7%  in its Kansas retail rates effective January 1, 1998.   The
reduction will be implemented coincident with the completion of a
pending  rate  design  case.   The amount  that  accrues  between
January  1,  1998,  and  the  implementation  date  of  the  rate
reduction will be refunded at that time.

    ENVIRONMENTAL MATTERS

     KCPL's operations must comply with federal, state and  local
environmental   laws   and  regulations.   The   generation   and
transmission of electricity uses, produces and requires  disposal
of  certain  products and by-products, including  polychlorinated
biphenyl   (PCBs),  asbestos  and  other  potentially   hazardous
materials.  The  Federal  Comprehensive  Environmental  Response,
Compensation and Liability Act (the Superfund law) imposes strict
joint and several liability for those who generate, transport  or
deposit  hazardous waste.  This liability extends to the  current
property  owner  as  well  as prior  owners  since  the  time  of
contamination.

     KCPL  continually conducts environmental audits designed  to
detect  contamination  and  ensure compliance  with  governmental
regulations.  However, compliance programs needed to meet  future
environmental  laws  and  regulations  governing  water  and  air
quality,  including  carbon  dioxide emissions,  hazardous  waste
handling  and  disposal,  toxic substances  and  the  effects  of
electromagnetic  fields,  could require  substantial  changes  to
operations  or  facilities.  KCPL cannot presently  estimate  any
additional  costs  of meeting such new regulations  or  standards
which might be established in the future, nor can it estimate the
possible effect which any new regulations or standards could have
upon  its  operations.   However, KCPL currently  estimates  that
expenditures  necessary to comply with environmental  regulations
will  not  be  material  with the possible exceptions  set  forth
below.

<PAGE>

       AIR

     The  Clean  Air Act Amendments of 1990 call for a  study  of
certain  air  toxic  substances.  Based on the  outcome  of  this
study,  regulation of these substances, including mercury,  could
be  required.   We  cannot  predict the likelihood  of  any  such
regulations or compliance costs.

     The  United  States  Environmental Protection  Agency  (EPA)
published  new  air quality standards for ozone  and  particulate
matter in July 1997.  Additional regulations implementing the new
standards  are expected to be finalized in 1998.  In the  absence
of  the  implementation  regulations,  the  real  impact  of  the
standards  on KCPL cannot be determined; however, the  impact  on
KCPL   and  other  utilities  who  use  fossil  fuels  could   be
substantial.

     Under the new fine particulate regulations, EPA will begin a
five-year  study  of  fine  particulate  emissions.   Until  this
testing  and  review  period  have been  completed,  KCPL  cannot
determine  additional compliance costs, if any,  associated  with
the new particulate regulations.

    In 1997, EPA also issued new proposed regulations on reducing
Nitrogen  Oxide  (NOx) emissions.  Under the new regulations,  22
states,  including Missouri but not Kansas, would be required  to
develop  plans to reduce NOx emissions.  The new limits would  go
into  effect  in either 2002 or 2004.  The cost of  equipment  to
reduce NOx emissions could be substantial; however, until studies
are  completed  on  the actual impact of the new  regulations  on
KCPL, the costs cannot be determined.

     At  a  December  1997 meeting in Kyoto, Japan,  the  Clinton
Administration  supported  changes to  the  International  Global
Climate  Change  treaty which would require  a  7%  reduction  in
United  States Carbon Dioxide (CO2) emissions below 1990  levels.
President Clinton has stated that this change in the treaty  will
not   be  submitted  to  the  U.S.  Senate  at  this  time  where
ratification  is  uncertain.  If future national restrictions  on
electric  utility  CO2  emissions are  eventually  required,  the
financial impact upon KCPL could be substantial.

       WATER

      KCPL  commissioned  an  environmental  assessment  of   its
Northeast  Station  and  of  its  Spill  Prevention  Control  and
Countermeasure  plan  as required by the Clean  Water  Act.   The
assessment  revealed  contamination  of  the  site  by  petroleum
products,  heavy  metals,  volatile  and  semi-volatile   organic
compounds,  asbestos, pesticides and other regulated  substances.
Based  upon  studies and discussions with Burns & McDonnell,  the
cost  of  the  cleanup could range between $1.5  million  and  $6
million.

      Also,  groundwater  analysis  has  indicated  that  certain
volatile organic compounds are moving through the Northeast site,
just  above  bedrock,  from unidentified sources  off-site.   The
Missouri  Department of Natural Resources (MDNR) was notified  of
the  possible release of petroleum products and the  presence  of
volatile   organic  compounds  (VOCs)  moving  under  the   site.
Monitoring  and removal of free petroleum products  continues  at
the  site.   During 1997, KCPL was advised that  MDNR  located  a
source  of  the VOCs upgradient and unrelated to KCPL.   MDNR  is
working  with  that site owner to reduce the flow of  VOCs  under
Northeast Station.

<PAGE>


COMPETITION

    See "Regulation and Competition" on page 14 of this report.

FUEL SUPPLY

     KCPL's principal sources of fuel for electric generation are
coal and nuclear fuel.  These fuels are expected to satisfy about
98% of the 1998 fuel requirements with the remainder provided  by
other sources including natural gas, oil and steam.  The 1997 and
estimated  1998 fuel mix, based on total Btu generation,  are  as
follows:

                                           Estimated
                                1997          1998
                                ____       _________
                 Coal            74%           74%
                 Nuclear         25%           25%
                 Other            1%            1%

    COAL

    KCPL's average cost per million Btu of coal burned, excluding
fuel  handling costs, was $0.85 in 1997, $0.85 in 1996 and  $0.89
in  1995.  KCPL's  cost of delivered coal is  about  62%  of  the
regional average.

     During  1998, approximately 10.9 million tons of  coal  (7.6
million tons, KCPL's share) are projected to be burned at  KCPL's
generating  units,  including  jointly-owned  units.   KCPL   has
entered  into  coal-purchase contracts with various suppliers  in
Wyoming's Powder River Basin, the nation's principal supplier  of
low-sulfur coal.  These contracts, with expiration dates  ranging
from  1998  through 2003, will satisfy approximately 95%  of  the
projected  coal  requirements for 1998, 50%  for  1999,  and  20%
thereafter.

    NUCLEAR

    WCNOC has on hand or under contract 100% of the uranium needs
for  1998  and 59% of the uranium required to operate Wolf  Creek
through  September 2003.  The balance is expected to be  obtained
through spot market and contract purchases.

     Contracts  are  in place for the conversion  of  uranium  to
uranium  hexaflouride  sufficient for  operation  of  Wolf  Creek
through 2001.

     Contracts  are  in  place for 100% of Wolf  Creek's  uranium
enrichment  requirements  for 1998  and  88%  of  the  enrichment
services required for operation of Wolf Creek through March 2005.
The  balance is expected to be obtained through a combination  of
contract and spot market purchases.

<PAGE>


       HIGH-LEVEL WASTE

     Nuclear  fuel  is  amortized to fuel expense  based  on  the
quantity  of  heat  produced for the generation  of  electricity.
Under  the  Nuclear Waste Policy Act of 1982, the  Department  of
Energy  (DOE) is responsible for the permanent disposal of  spent
nuclear fuel.  We pay the DOE a quarterly fee of one-tenth  of  a
cent  for  each kilowatt-hour of net nuclear generation delivered
and  sold  for  future  disposal of spent  nuclear  fuel.   These
disposal costs are charged to fuel expense and recovered  through
rates.

     In  1996  a United States Court of Appeals issued a decision
that  the Nuclear Waste Policy Act unconditionally obligated  DOE
to  begin  accepting spent fuel for disposal in  1998.   In  late
1997, the same court issued another decision precluding DOE  from
concluding   that   its  delay  in  accepting   spent   fuel   is
"unavoidable" under its contracts with utilities due to lack of a
repository  or interim storage authority.  By yearend 1997,  KCPL
and  other utilities had petitioned DOE for authority to  suspend
payments  of their quarterly fees until such time as  DOE  begins
accepting spent fuel.  In January 1998, DOE denied the utilities'
petition.  The utilities intend to appeal that decision.

     A  permanent  disposal site may not  be  available  for  the
industry until 2010 or later, although an interim facility may be
available  earlier.  Under current DOE policy, once  a  permanent
site  is available, the DOE will accept spent nuclear fuel  on  a
priority basis; the owners of the oldest spent fuel will be given
the  highest priority.  As a result, disposal services  for  Wolf
Creek may not be available prior to 2016.  Wolf Creek has an  on-
site,  temporary storage facility for spent nuclear fuel.   Under
current  regulatory guidelines, this facility can provide storage
space until about 2005.  Wolf Creek has started plans to increase
its  on-site spent fuel storage capacity.  That project, expected
to  be complete by 2000, should provide storage capacity for  all
spent fuel expected to be generated by Wolf Creek through the end
of its licensed life in 2025.

       LOW-LEVEL WASTE

      The  Low-Level Radioactive Waste Policy Amendments  Act  of
1985  mandated that the various states, individually  or  through
interstate  compacts,  develop alternative low-level  radioactive
waste  disposal  facilities.   The states  of  Kansas,  Nebraska,
Arkansas,  Louisiana and Oklahoma formed the  Central  Interstate
Low-Level  Radioactive  Waste Compact  and  selected  a  site  in
northern  Nebraska  to locate a disposal facility.   The  present
estimate  of the cost for such a facility is about $154  million.
WCNOC  and  the  owners of the other five nuclear  units  in  the
compact have provided most of the pre-construction financing  for
this  project.  As of January 31, 1998, utilities in the  compact
have  spent in excess of $82 million, of which $13.3 million  was
WCNOC's share.

      There  is  uncertainty as to whether this project  will  be
completed.  Significant opposition to the project has been raised
by  Nebraska officials and residents in the area of the  proposed
facility,  and  attempts  have been made through  litigation  and
proposed legislation in Nebraska to slow down or stop development
of the facility.

<PAGE>


EMPLOYEES

     At December 31, 1997, KCPL and its wholly-owned subsidiaries
had   2,298   employees   (including  temporary   and   part-time
employees), 1,429 of which were represented by three local unions
of  the  International Brotherhood of Electrical Workers  (IBEW).
KCPL  has labor agreements with Local 1613, representing clerical
employees  (which  expires  March 31,  1999),  with  Local  1464,
representing outdoor workers (which expires January 8, 2000), and
with  Local 412, representing power plant workers (which  expires
February  28,  2001).  KCPL is also a 47% owner of  WCNOC,  which
employs 981 persons to operate Wolf Creek.

SUBSIDIARIES

    KLT Inc. has six active wholly-owned direct subsidiaries:

    - KLT  Investments Inc., a passive investor in affordable
      housing investments which generate tax credits.
    
    - KLT Investments II Inc., a passive investor in economic,
      community-development and energy-related projects.

    - KLT Energy Services Inc., a participant in energy management
      and lighting services businesses.  KLT Energy Services Inc. has
      one majority-owned subsidiary, Custom Energy, L.L.C., which
      provides energy management and lighting services to commercial,
      industrial and governmental customers.  KLT Energy Services Inc.
      also  has a 50%-owned subsidiary, Custom Lighting Services,
      L.L.C., which provides streetlight design, construction and
      maintenance services to municipalities.

    - KLT Power Inc., a participant in independent power  and
      cogeneration projects.  KLT Power Inc. has five wholly-owned
      subsidiaries,  KLT Iatan Inc., which was formed for the co-
      development of the Iatan Unit 2 coal-fired power plant; KLT Power
      International  2, which participates in  independent  power
      projects located in China; KLT Power Asia which participates in
      independent power projects located in certain Asian countries;
      and KLT Power Latin American and KLT Power (Bermuda), Ltd., which
      participate in independent power projects located in  Latin
      America.

    - KLT Gas Inc., a participant in oil and gas reserves and
      exploration.  KLT Gas Inc. has one wholly-owned subsidiary, FAR
      Gas Acquisitions Corporation, which holds limited partnerships in
      coal seam methane gas wells that generate tax credits.  KLT Gas
      Inc. also has a 95% ownership in Apache Canyon Gas L.L.C., which
      has production from over 70 coal seam methane wells and continues
      development  of mineral rights in the vicinity  of  Weston,
      Colorado.
    
    - KLT  Telecom  Inc.,  an investor in communications  and
      information technology opportunities.  KLT Telecom Inc. has two
      majority-owned subsidiaries, Municipal Solutions, an outsourcer
      of municipal services, and Telemetry Solutions, a provider of
      storage tank monitoring services.  KLT Telecom Inc. is also an
      investor  in Digital Teleport, Inc., a St. Louis, Missouri,
      facility-based provider of long-haul and local telecommunication
      services.

KCPL's  equity investment in KLT Inc. at December 31,  1997,  was
$119 million.

<PAGE>


OFFICERS OF THE REGISTRANT

    KCPL OFFICERS
                                                                 Year
                                                                 Named
Name                  Age     Positions Currently  Held         Officer
____________________  ___  __________________________________   _______

Drue Jennings         51   Chairman of the Board, President      1980
                           and Chief Executive Officer

Bernard J. Beaudoin   57   Executive Vice President - Chief      1984
                           Financial Officer

Marcus Jackson        46   Executive Vice President - Chief      1989
                           Operating Officer

J. Turner White       49   Executive Vice President -            1990
                           Corporate Development

John J. DeStefano     48   Senior Vice President - Business      1989
                           Development

Jeanie Sell Latz      46   Senior Vice President - Corporate     1991
                           Services, Corporate Secretary
                           and Chief Legal Officer

Frank L. Branca       50   Vice President - Wholesale and        1989
                           Transmission

Steven W. Cattron     42   Vice President - Marketing and        1994
                           Sales

Charles R. Cole       51   Vice President - Customer Services    1990

Douglas M. Morgan     55   Vice President - Information          1994
                           Technology

Richard A. Spring     43   Vice President - Production           1994

Bailus M. Tate        51   Vice President - Human Resources      1994

Andrea F. Bielsker    39   Treasurer                             1996

Neil A. Roadman       52   Controller                            1980

Mark C. Sholander     52   General Counsel and Assistant         1986
                           Secretary

<PAGE>


  KLT INC. OFFICERS
                                                                 Year
                                                                 Named
Name                  Age      Positions Currently Held         Officer
____________________  ___  __________________________________   _______

Ronald G. Wasson      53   President                             1995

Floyd R. Pendleton    54   Vice President-Business               1992
                           Development

David M. McCoy        50   Vice President-Business               1996
                           Development

Mark G. English       46   Vice President, General               1995
                           Counsel and Corporate Secretary

James P. Gilligan     41   Treasurer                             1997

Teresa D. Cook        37   Controller                            1997

     All of the foregoing persons have been officers or employees
in  a  responsible position with KCPL or KLT for  the  past  five
years except for Mr. Spring.  Mr. Spring was an employee of  KCPL
from  1978  to  1993, when he left KCPL to join Northern  Indiana
Public  Service  Company as Director of Electric Production.   In
July 1994, he rejoined KCPL as Vice President-Production.

     The term of office of each officer commences with his or her
appointment  by the Board of Directors and ends at such  time  as
the Board of Directors may determine.

ITEM 2.  PROPERTIES

GENERATION RESOURCES

    KCPL's generating facilities consist of the following:

                                                Estimated
                                                  1998
                                     Year     Megawatt (mw)
              Unit                 Completed    Capacity          Fuel
             ____________          _________  _____________   ________
Existing Units
 Base Load.. Wolf Creek(a)           1985         547(b)       Nuclear
             Iatan                   1980         469(b)          Coal
             LaCygne 2               1977         336(b)          Coal
             LaCygne 1               1973         344(b)          Coal
             Hawthorn 6(c)           1997         142          Gas/Oil
             Hawthorn 5              1969         479         Coal/Gas
             Montrose 3              1964         171             Coal
             Montrose 2              1960         163             Coal
             Montrose 1              1958         163             Coal
 Peak Load.. Northeast 13 and 14(c)  1976         119              Oil
             Northeast 17 and 18(c)  1977         124              Oil
             Northeast 15 and 16(c)  1975         124              Oil
             Northeast 11 and 12(c)  1972         106              Oil
             Grand Avenue (2 units)  1929 & 1948   77              Gas
                                                _____
               Total                            3,364
                                                _____
                                                _____

<PAGE>


  (a)  This  unit  is  one  of KCPL's  principal  generating
       facilities  and has the lowest fuel cost  of  any  of  its
       generating facilities.  An extended shutdown of  the  unit
       could  have a substantial adverse effect on the operations
       of KCPL and its financial condition.
  (b)  KCPL's share of jointly-owned unit.
  (c)  Combustion turbines.

     KCPL's  maximum  system net hourly peak  load  of  3,044  mw
occurred on July 25, 1997.  The maximum winter peak load of 2,012
mw  occurred  on  December 19, 1996.  The  accredited  generating
capacity  of KCPL's electric facilities in the summer (when  peak
loads  are  experienced) of 1997 under MOKAN Power Pool standards
was 3,297 mw.

     KCPL  owns  the Hawthorn Station (Jackson County, Missouri),
Montrose  Station  (Henry  County, Missouri),  Northeast  Station
(Jackson  County, Missouri) and two Grand Avenue Station  turbine
generators (Jackson County, Missouri).  KCPL also owns 50% of the
688-mw  LaCygne 1 Unit and 672-mw LaCygne 2 Unit in Linn  County,
Kansas;  70%  of  the  670-mw  Iatan Station  in  Platte  County,
Missouri;  and  47% of the 1,164 mw Wolf Creek in Coffey  County,
Kansas.

TRANSMISSION AND DISTRIBUTION RESOURCES

     KCPL's  electric transmission system is interconnected  with
systems of other utilities to permit bulk power transactions with
other  electricity suppliers in Kansas, Missouri, Iowa,  Nebraska
and  Minnesota.  KCPL is a member of the MOKAN Power Pool,  which
is  a  contractual arrangement among eleven utilities in  western
Missouri  and  Kansas  which interchange electric  energy,  share
reserve  generating capacity, and provide emergency  and  standby
electricity services to each other.

     KCPL  owns approximately 1,700 miles of transmission  lines,
approximately  8,900  miles of overhead distribution  lines,  and
approximately  3,100  miles  of underground  distribution  lines.
KCPL has all franchises necessary to sell electricity within  the
territories  from which substantially all of its gross  operating
revenue is derived.

GENERAL

     KCPL's  principal  plants and properties,  insofar  as  they
constitute   real  estate,  are  owned  in  fee;  certain   other
facilities are located on premises held under leases, permits  or
easements; and its electric transmission and distribution systems
are  for  the most part located over or under highways,  streets,
other  public  places  or  property owned  by  others  for  which
permits,  grants, easements or licenses (deemed satisfactory  but
without   examination  of  underlying  land  titles)  have   been
obtained.

     Substantially  all of the fixed property and  franchises  of
KCPL, which consists principally of electric generating stations,
electric  transmission and distribution lines  and  systems,  and
buildings  (subject to exceptions and reservations), are  subject
to  a  General Mortgage Indenture and Deed of Trust dated  as  of
December 1, 1986.

<PAGE>



ITEM 3.  LEGAL PROCEEDINGS

KANSAS CITY POWER & LIGHT CO. V. WESTERN RESOURCES, INC., ET. AT

     On  May  20, 1996, KCPL commenced litigation in  the  United
States  District  Court  for the Western  District  of  Missouri,
Western  Division  (District Court), against  Western  Resources,
Inc.  (Western Resources) and Robert L. Rives (Rives)  requesting
the  District Court to declare the Amended and Restated Agreement
and  Plan  of Merger between KCPL, KC Merger Sub, Inc., UtiliCorp
and  KC  United Corp., dated January 1996, amended May  20,  1996
(Amended  Merger  Agreement), and the  transactions  contemplated
thereby  (collectively the Transaction) were legal.  On  May  24,
1996,  Jack R. Manson (Manson), filed an action to become a party
to  the  above  litigation  as the shareholders'  representative.
Manson  made  claims against KCPL and all its  directors  stating
they  had violated their fiduciary duties; that their actions  in
adopting  the  Amended Merger Agreement were  illegal  and  ultra
vires;  that  the  adoption  of  the   Amended  Merger  Agreement
illegally deprived shareholders of rights under Missouri law; and
that  the  adoption  of  the  Amended  Merger  Agreement  was  an
excessive response to Western Resources' acquisition offer.

     The District Court on August 2, 1996, ruled the transactions
contemplated  by the Amended Merger Agreement were legally  valid
and  authorized under Missouri law; but the combined transactions
resulted in a merger between KCPL and UtiliCorp requiring,  under
Missouri  law,  approval by the holders  of   two-thirds  of  the
outstanding shares of KCPL's stock.

     By order dated November 25, 1996, the District Court allowed
Manson  to amend his counterclaim claiming the directors breached
their fiduciary duties by refusing to meet with Western Resources
and had committed reckless, grossly negligent, or negligent waste
of corporate assets by pursuing the merger with UtiliCorp.

      On  July  18,  1997,  the District Court  issued  an  Order
dismissing the amended counterclaim.  Manson then filed a  motion
to amend the Order requesting the Court award his attorneys' fees
in  this  matter.  The Court, in an Order dated August 25,  1997,
agreed  to  consider the issue of attorneys' fees.  In  response,
Manson  and  his  counsel filed an Application for  an  Award  of
Attorneys'  Fees and Related Disbursements seeking  an  award  of
over  $6 million, which is still pending. On September 23,  1997,
Manson   also appealed the Order as amended, to the United States
Court  of  Appeals for the Eighth Circuit, which has  stayed  the
matter pending the outcome of the fee application.  KCPL believes
it will be able to successfully defend these actions.

STATE OF MISSOURI EX REL. INTER-CITY BEVERAGE CO., INC., ET. AL
VS.  THE PUBLIC SERVICE COMMISSION OF THE STATE OF MISSOURI,  ET.
AL;  AND JEWISH COMMUNITY CAMPUS OF GREATER KANSAS CITY, INC. VS.
KANSAS STATE CORPORATION COMMISSION, ET. AL.

     On  August  13, 1993, a lawsuit was filed by nine customers,
including Inter-City Beverage Co., Inc., in the Circuit Court  of
Jackson  County,  Missouri against KCPL.  The  suit  alleged  the
misapplication  of  certain  of  KCPL's  electric  rate   tariffs
resulting  in overcharges to industrial and commercial  customers
which had been provided service under those tariffs and requested
certification as a class action.  On December 3, 1993, the  Court
dismissed  the  matter  for lack of subject matter  jurisdiction.
Plaintiffs  appealed  to the Missouri Court of  Appeals,  Western
District.  The Court of Appeals upheld the 

<PAGE>


dismissal.  Plaintiffs then  filed  a  motion  to transfer the 
case  with  the  Missouri Supreme Court.  The motion was denied.

     Plaintiffs  then took their claims to the state  commissions
filing complaints at the MPSC on August 23, 1995, and at the  KCC
on  August  30, 1995, on behalf of Jewish Community  Campus,  the
only  Kansas plaintiff.  The MPSC complaint was dismissed May  1,
1996.   The  Cole  County, Missouri Circuit  Court  affirmed  the
dismissal on January 29, 1997. On March 4, 1997, Plaintiffs filed
a  Notice  of  Appeal to the Missouri Court of  Appeals,  Western
District.  Plaintiffs' Initial Brief was filed with the Court  of
Appeals  on June 9, 1997.  The briefs of KCPL and the  MPSC  were
filed  on  July 9, 1997.  Plaintiffs' Reply Brief  was  filed  on
August 4, 1997.  The appeal was argued December 9, 1997.

     The  KCC complaint was dismissed April 9, 1996.  The Johnson
County, Kansas District Court affirmed the dismissal on February 4,  
1997.   The Plaintiff filed a Notice of Appeal to the  Kansas
Court of Appeals on March 3, 1997.  Plaintiff's Initial Brief was
filed  with the Court of Appeals on May 27, 1997. The  briefs  of
KCPL  and the KCC were filed on June 30, 1997. Plaintiff's  Reply
Brief was filed July 15, 1997.

     Should the proceedings before the MPSC and KCC be overturned
by the state courts, KCPL could be required to refund the alleged
overcharges.   KCPL  believes it will  be  able  to  successfully
defend these actions.


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

     No  matter  was submitted during the fourth quarter  of  the
fiscal  year covered by this report to a vote of security holders
through the solicitation of proxies or otherwise.



                          PART II

ITEM  5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY  AND  RELATED
STOCKHOLDER MATTERS

MARKET INFORMATION:

     (1)  Principal Market:

          Common Stock of KCPL is listed on the New York  Stock
          Exchange and the Chicago Stock Exchange.

     (2)  Stock Price Information:

                                Common Stock Price Range
                       _________________________________________
                               1997                  1996
                       ___________________     _________________ 
            Quarter     High        Low         High       Low
            _______    _________  ________     _______    ______
            First      $29-3/4    $28          $27-1/4    $24
            Second      29-1/8     27-3/8       27-3/4     23-5/8
            Third       29-13/16   28-7/16      28-3/8     26-1/4
            Fourth      29-15/16   27-3/8       29-3/8     26-1/2

<PAGE>

HOLDERS:

     At December 31, 1997, KCPL's Common Stock was held by 24,300
shareholders of record.

DIVIDENDS:

    Common Stock dividends were declared as follows:

         Quarter        1998     1997     1996
         _______        _____    _____    _____

         First         $0.405   $0.405   $0.390
         Second                  0.405    0.390
         Third                   0.405    0.405
         Fourth                  0.405    0.405

     KCPL's  Restated Articles of Consolidation  contain  certain
restrictions on the payment of dividends on KCPL's Common Stock.

<PAGE>

ITEM 6.  SELECTED FINANCIAL DATA

                                 Year Ended December 31
                        1997(a)  1996(b)   1995      1994(c)   1993
                       (dollars in millions except per share amounts)

Operating revenues     $ 896    $ 904     $ 886     $ 868     $ 857
Net income             $  77    $ 108     $ 123     $ 105     $ 106
Earnings per common
  share                $ 1.18   $ 1.69    $ 1.92    $ 1.64    $ 1.66
Total assets at
  year-end             $3,058   $2,915    $2,883    $2,770    $2,755
Total mandatorily redeemable
  preferred securities $ 150    $  --     $  --     $  --     $  --
Total redeemable
  preferred stock and
  long-term debt
  (including current
  maturities)          $1,008   $ 971     $ 911     $ 833     $ 870
Cash dividends per
  common share         $ 1.62   $ 1.59    $ 1.54    $ 1.50    $ 1.46
Ratio of earnings to
  fixed charges          2.03     3.06      3.94      4.07      3.80

(a)   In 1997, KCPL recorded a $53 million payment to UtiliCorp United
(UtiliCorp) for terminating the merger with UtiliCorp and agreeing  to
a merger with Western Resources Inc. (Western Resources).  See Note 13
to the Consolidated Financial Statements.
(b)  In 1996, KCPL recorded $31 million in merger related costs.
(c)   In  1994, KCPL recorded a $22.5 million expense for a  voluntary
early retirement program.

CERTAIN FORWARD-LOOKING INFORMATION

      Statements made in this report which are not based on historical
facts   are  forward-looking  and,  accordingly,  involve  risks   and
uncertainties  that  could cause actual results to  differ  materially
from those discussed.  Any forward-looking statements are intended  to
be  as  of  the date on which such a statement is made.  In connection
with  the  safe harbor provisions of the Private Securities Litigation
Reform  Act of 1995, we are providing the following important  factors
that  could  cause actual results to differ materially  from  provided
forward-looking information.  These important factors include: (a) the
Western Resources Inc. (Western Resources) merger (see Note 13 to  the
Consolidated Financial Statements); (b) future economic conditions  in
the  regional, national and international markets; (c) state,  federal
and foreign regulation and possible additional reductions in regulated
electric   rates;   (d)  weather  conditions;  (e)  financial   market
conditions,  including, but not limited to changes in interest  rates;
(f)  inflation  rates; (g) increased competition, including,  but  not
limited  to,  the  deregulation of the United States electric  utility
industry,  and the entry of new competitors; (h) ability to carry  out
marketing and sales plans; (i ) ability to achieve generation planning
goals  and the occurrence of unplanned generation outages; (j) nuclear
operations;  (k)  ability  to  enter  new  markets  successfully   and
capitalize on growth opportunities in nonregulated businesses, and (l)
adverse  changes  in applicable laws, regulations or  rules  governing
environmental,  tax or accounting matters.  This list of  factors  may
not  be  all inclusive since it is not possible for us to predict  all
possible factors.

<PAGE>

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

STATUS OF MERGER

      See  Note 13 to the Consolidated Financial Statements as to  the
current  status  of the merger agreement with Western  Resources  Inc.
(Western  Resources).  In December 1996 the Federal Energy  Regulatory
Commission  (FERC)  issued  a  statement concerning  electric  utility
mergers.   Under the statement, companies must demonstrate that  their
merger  does not adversely affect competition or wholesale rates.   As
remedies,   FERC   may  consider  a  range  of  conditions   including
transmission upgrades, divestitures of generating assets or  formation
of independent system operators.

REGULATION AND COMPETITION

     As competition develops throughout the electric utility industry,
we  are positioning Kansas City Power & Light Company (KCPL) to  excel
in  an  open  market.  We are improving the efficiency of KCPL's  core
utility operations, lowering prices and offering new services.  We now
offer  customized  energy  packages  to  larger  customers,  including
options offering natural gas contracts.

     Competition in the electric utility industry was accelerated with
the  National  Energy Policy Act of 1992.  This  Act  gives  FERC  the
authority  to require electric utilities to provide transmission  line
access  to  independent  power producers (IPPs)  and  other  utilities
(wholesale wheeling).  KCPL, already active in the wholesale  wheeling
market,  was one of the first utilities to receive FERC's approval  of
an  open-access tariff for wholesale wheeling transactions.  In  April
1996  FERC  issued  an  order  requiring all  owners  of  transmission
facilities  to adopt open-access tariffs and participate in  wholesale
wheeling.   We  have made the necessary filings to  comply  with  that
order.

      FERC's  April  1996  order has encouraged more  movement  toward
retail  competition at the state level. An increasing number of states
have  already  adopted open access requirements for utilities'  retail
electric service, allowing competing suppliers access to their  retail
customers   (retail  wheeling).   Many  other  states   are   actively
considering  retail  wheeling.  In Kansas, the  retail  wheeling  task
force  has  proposed a restructuring bill that would implement  retail
competition on July 1, 2001.  Some of the key points included  in  the
proposed  bill  are: 1) the Kansas Corporation Commission  (KCC)  will
determine  the amount of under-utilized assets (stranded  costs)  each
utility  is  allowed to recover and 2) a unit charge per kwh  will  be
assessed to all customers for recovery of competitive transition costs
(these  costs include stranded costs, other regulatory assets, nuclear
decommissioning, etc.).  In Missouri, a legislative committee has been
formed to study the issue while the Missouri Public Service Commission
(MPSC)  has  established a task force to plan  for  implementation  of
retail wheeling if authorized by law.

      Competition through retail wheeling could result in market-based
rates  below  current  cost-based rates.  This  would  provide  growth
opportunities  for  low-cost  producers  and  risks  for   higher-cost
producers,  especially those with large industrial  customers.   Lower
rates  and the loss of major customers could result in stranded  costs
and  place  an  unfair  burden  on  the  remaining  customer  base  or
shareholders.  Testimony filed in the merger case in Kansas  for  KCPL
indicated  that  stranded  costs are  approximately  $1  billion.   An
independent  study prepared at the request of the KCC  concluded  that
there  are  no  stranded  costs.  We cannot predict  the  extent  that
stranded  costs will be recoverable in future rates.  If  an  adequate
and  fair  provision  for  recovery of  these  lost  revenues  is  not
provided,  certain  generating assets may have  to  be  evaluated  for
impairment  and  appropriate charges recorded  against  earnings.   In
addition  to  lower  profit  margins, market-based  rates  could  also
require generating assets to be depreciated over shorter useful lives,
increasing operating expenses.

<PAGE>

      Although  Missouri  and Kansas have not  yet  authorized  retail
wheeling,  we believe KCPL is positioned well to compete  in  an  open
market  with  its diverse customer mix and pricing strategies.   About
21%  of  KCPL's retail mwh sales are to industrial customers which  is
below  the  utility  industry  average.   KCPL  has  a  flexible  rate
structure  with  industrial rates that are competitively  priced  with
other  companies in the region.  In addition, long-term contracts  are
in place or under negotiation for a large portion of KCPL's industrial
sales.   There  has  not been direct competition for  retail  electric
service   in  KCPL's  service  territory  although  there   has   been
competition in the bulk power market and between alternative fuels.

      Increased  competition  could also  force  utilities  to  change
accounting  methods.   Financial  Accounting  Standards  Board  (FASB)
Statement No. 71 - Accounting for Certain Types of Regulation, applies
to regulated entities whose rates are designed to recover the costs of
providing  service.   An entity's operations could  stop  meeting  the
requirements  of FASB 71 for various reasons, including  a  change  in
regulation or a change in the competitive environment for a  company's
regulated  services.   For  those operations  no  longer  meeting  the
requirements  of  regulatory accounting, regulatory  assets  would  be
written  off.   KCPL's  regulatory assets, totaling  $153  million  at
December  31, 1997, will be maintained as long as FASB 71 requirements
are met.

       It  is  possible  that  competition  could  eventually  have  a
materially  adverse  affect  on  KCPL's  results  of  operations   and
financial  position.   Should  competition  eventually  result  in   a
significant  charge  to equity, capital costs and  requirements  could
increase significantly.

NONREGULATED OPPORTUNITIES

     KLT Inc. (KLT) is a wholly-owned subsidiary pursuing nonregulated
business  ventures.  Existing ventures include investments in domestic
and  international nonregulated power production, energy services, oil
and  gas  development  and  production, telecommunications,  telemetry
technology and affordable housing limited partnerships.

      KCPL had a total equity investment in KLT of $119 million as  of
December  31,  1997,  and KLT's net income for  the  year  totaled  $6
million  compared to a $1.4 million loss in 1996.  KLT's  consolidated
assets at December 31, 1997, totaled $346 million.  The growth of  KLT
accounts  for most of the increase in KCPL's consolidated  investments
and  nonutility  property  (see  Capital  Requirements  and  Liquidity
section).   The  February 7, 1997, Agreement and Plan of  Merger  with
Western   Resources  includes  a  provision  that   requires   Western
Resources'  approval of investments beyond a certain  limit  excluding
the  cost of routine regulated utility capital expenditures.  In  1997
new investments were restricted under this agreement.

EARNINGS OVERVIEW

      Earnings per share (EPS) for 1997 of $1.18 decreased $0.51  from
1996.   KCPL's  pursuit  of  its strategic  options  resulted  in  the
September 1996 termination of a merger agreement with UtiliCorp United
Inc.   (UtiliCorp)  and  the  February  1997  announcement  of  KCPL's
agreement  to  combine  with Western Resources after  nine  months  of
defending  against  an  unsolicited  exchange  offer.   These  actions
triggered  KCPL's payment of $53 million in February 1997 to UtiliCorp
under  provisions of the UtiliCorp merger agreement, lowering EPS  for
1997 by $0.52.  In 1997 $7 million ($0.07 per share) of merger-related
expenses  were  incurred (see Note 13).  The net effect  of  the  rate
reductions  approved  by  the MPSC lowered EPS  for  the  year  by  an
estimated  $0.17.   Increased  depreciation  expense  also  negatively
affected  EPS for the year.  Partially offsetting these decreases  are
continued load growth, lower deferred Wolf Creek amortization  and  an
increase  in  subsidiary income.  Additionally,  merger-related  costs
reduced EPS in the prior year by $0.31.

<PAGE>

     EPS for 1996 of $1.69 decreased $0.23 from 1995.  Terminating the
merger  agreement  in  September 1996  with  UtiliCorp  and  defending
against Western Resources' unsolicited exchange offer reduced 1996 EPS
by  $0.31.   Other factors contributing to the decrease included  mild
summer temperatures and the effects of a new stipulation and agreement
with  the  Missouri commission.  In addition, EPS for 1995 included  a
$0.05  per  share  gain  on  the  sale  of  rail  cars.   Despite  the
unfavorable weather and merger-related charges, continued load  growth
contributed favorably to 1996 EPS.

MEGAWATT-HOUR (MWH) SALES AND ELECTRIC OPERATING REVENUES

Sales and revenue data:
                                   Increase (Decrease) from Prior Year
                                          1997              1996
                                     Mwh   Revenues    Mwh  Revenues
                                         (revenue change in millions)
Retail:
 Residential                         5 %     $ 9       1 %     $ -
 Commercial                          4 %      (1)      4 %      10
 Industrial                         (4)%      (3)      6 %       5
 Other                               1 %      (3)     (4)%       -
  Total retail                       3 %       2       4 %      15
Sales for resale:
 Bulk power sales                  (22)%     (12)      1 %       6
 Other                              19 %       1      29 %       -
  Total                                       (9)               21
Other revenues                                 1                (3)
  Total electric operating revenues          $(8)              $18

      During  1996  the  MPSC  approved a  stipulation  and  agreement
authorizing  a  $20  million revenue reduction in two  phases  and  an
increase  in  depreciation and amortization expense by $9 million  per
year.   In July 1996 we implemented phase one of the revenue reduction
designed  to reduce revenues from commercial and industrial  customers
by  an estimated $9 million per year.  This decrease is achieved  with
an  increase in summer revenues offset by a larger decrease in  winter
revenues.  This design more closely follows KCPL's increased costs  of
generating  electricity  in the summer.   The  second  phase  of  this
stipulation,  implemented  January 1, 1997, further  reduced  Missouri
residential,  commercial and industrial revenues by an  estimated  $11
million  per  year.  The decreases in revenues as  a  result  of  this
stipulation  and  agreement were about $20 million  for  1997  and  $3
million for 1996.

      Effective  January  1,  1998,  the  KCC  approved  a  settlement
agreement  authorizing  a  $14.2  million  revenue  reduction  and  an
increase  in  depreciation  expense of $2.8  million.   When  the  KCC
approves  a  new  rate design, which is anticipated by year-end  1998,
KCPL  will  refund the portion of the $14.2 million that  has  accrued
between  January 1, 1998 and the implementation date of the  new  rate
design.

     Summer temperatures were very mild in 1997 and 1996 compared with
1995,  remaining below normal for the fifth consecutive year.  Despite
this  mild weather pattern, retail mwh sales increased in each of  the
last  five  years due to load growth.  Load growth consists of  higher
usage-per-customer as well as the addition of new customers.

      Retail  mwh  sales for 1997 increased 3% over 1996 while  retail
revenues remained relatively flat due largely to the Missouri  revenue
reductions  discussed above.  Industrial sales and  revenues

<PAGE>

declined primarily because of reduced sales to a major industrial customer
as a result of a strike by its employees.

     Retail  mwh  sales for 1996 increased 4% over 1995  while  retail
revenues  increased  only 2%.  Similar to 1997, the  Missouri  revenue
reductions  are  the  main reason for this difference.   Additionally,
long-term contracts with major industrial customers contributed to the
decline  in  retail revenue per mwh. These contracts are  tailored  to
meet  customers' needs in exchange for their long-term  commitment  to
purchase   energy.   Long-term  contracts  are  in  place   or   under
negotiation for a large portion of KCPL's industrial sales.

      Bulk power sales vary with system requirements, generating  unit
and  purchased power availability, fuel costs and the requirements  of
other  electric  systems.  Outages at the LaCygne 1 and  2  generating
units  in  the second quarter of 1997 contributed to lower bulk  power
mwh sales in the current year (see Fuel and Purchased Power section).

      Total  revenue per mwh sold varies with changes in rate tariffs,
the mix of mwh sales among customer classifications and the effect  of
declining  price  per  mwh  as  usage increases.   An  automatic  fuel
adjustment  provision is only included in sales  for  resale  tariffs,
which apply to less than 1% of revenues.

      Future  mwh sales and revenues per mwh will also be affected  by
national  and  local  economies,  weather  and  customer  conservation
efforts.  Competition, including alternative sources of energy such as
natural  gas,  co-generation, IPPs and other electric  utilities,  may
also affect future sales and revenue.

FUEL AND PURCHASED POWER

      Combined  fuel  and purchased power expenses for  1997  remained
consistent with 1996 levels while total mwh sales (total of retail and
sales  for  resale)  decreased  by 3%.   This  difference  is  largely
attributable to an increase in purchased power expenses.  The cost per
kwh  for purchased power is significantly higher than the cost per kwh
of  generation.  Purchased power expense increased by about $7 million
in  1997  over  1996  as additional replacement  power  expenses  were
incurred during outages at the LaCygne generating units in 1997.

      Nuclear fuel costs per MMBTU remain substantially less than  the
MMBTU price of coal.  Nuclear fuel costs per MMBTU increased 1% during
1997  and 26% during 1996.  Nuclear fuel costs per MMBTU averaged 60%,
59%  and  45% of the MMBTU price of coal during 1997, 1996  and  1995,
respectively.   We expect the current relationship and  the  price  of
nuclear fuel to remain fairly constant through the year 2001.   During
1997  and  1996 fossil plants represented about 74% of generation  and
the nuclear plant about 26%.

      The  price of coal burned declined slightly in 1997 compared  to
1996  and declined 4% during 1996.  KCPL's coal procurement strategies
continue to provide coal costs below the regional average.  We  expect
coal costs to remain fairly consistent with 1997 levels through 2001.

      Combined fuel and purchased power expenses for 1996 increased 8%
or  $15  million from 1995, while total mwh sales increased  only  3%.
Items  contributing  to  this increase include increases  in  capacity
purchase  contracts, increases in replacement power expenses for  Wolf
Creek's  spring 1996 refueling outage, and increases in  the  cost  of
nuclear fuel.  Partially offsetting these increased expenses was a  $2
million decrease in expense from coal inventory adjustments.

<PAGE>

      Capacity purchase contracts provide a cost-effective alternative
to  constructing  new capacity and contributed to increased  purchased
power  expenses  in  1996.   Additional capacity  purchases  increased
purchased power expenses about $9 million in 1996.

OTHER OPERATION AND MAINTENANCE EXPENSES

      Combined  other  operation  and maintenance  expenses  for  1997
increased  from  1996  due largely to increases  in  system  dispatch,
customer   accounts  expenses  and  Wolf  Creek  non-fuel  operations.
Combined  other operation and maintenance expenses for 1996  decreased
from 1995 due to the timing of scheduled maintenance programs.

       We  continue  to  emphasize  new  technologies,  improved  work
methodology  and cost control.  We are improving system  processes  to
provide  increased efficiencies and improved operations.  Through  the
use  of  cellular technology, a majority of customer meters  are  read
automatically.

DEPRECIATION AND AMORTIZATION

      The  increase in depreciation expense from 1996 to 1997 and from
1995  to 1996 reflects the implementation of the MPSC stipulation  and
agreement  discussed  in  the  revenue  sections  as  well  as  normal
increases in depreciation from capital additions.  The stipulation and
agreement,  effective July 1, 1996, authorized  a  $9  million  annual
increase  in depreciation expense at about the same time the  Missouri
portion  of  Deferred  Wolf  Creek costs  became  fully  amortized  in
December 1996.  This amortization totaled about $9 million per year.

      The  Kansas  portion of Deferred Wolf Creek costs  became  fully
amortized  in the second quarter of 1997.  Amortization of the  Kansas
portion of this asset totaled about $3 million per year.

      The  Kansas  retail revenue agreement approved  by  the  KCC  in
January 1998 authorized an annual increase in depreciation expense  by
about $3 million effective January 1, 1998.

INCOME TAXES

      Operating  income taxes decreased $9 million in 1996 from  1995.
The decrease was primarily due to adjustments necessary to reflect the
filing  of  the 1995 tax returns and the settlement with the  Internal
Revenue Service regarding tax issues included in the 1985 through 1990
tax  returns.  Operating income taxes increased by $3 million in  1997
from this lower than normal 1996 level.

GENERAL TAXES

Components of general taxes:
                                         1997       1996        1995
                                                   (thousands)
  Property                             $ 43,529   $ 45,519   $ 46,019
  Gross receipts                         40,848     42,554     41,416
  Other                                   8,920      9,175      9,386
       Total                           $ 93,297   $ 97,248   $ 96,821

     Property taxes decreased from 1996 to 1997 as a result of changes
in Kansas tax law which reduced the mill levy rates.

<PAGE>

OTHER INCOME AND (DEDUCTIONS)

     Miscellaneous Income
     Miscellaneous income increased in 1997 from 1996 due primarily to
     increased  revenues  from non-utility and subsidiary  operations.
     Dividends  on  the  investment  in  a  fossil-fuel  generator  in
     Argentina  (see  Capital  Requirements  and  Liquidity  section),
     revenues  from  a subsidiary in which KLT obtained a  controlling
     interest  during  1997 and increased revenues from  oil  and  gas
     exploration  contributed to the increase in miscellaneous  income
     from subsidiary operations.
     
     Miscellaneous  income for 1995  included a $5 million  gain  from
     the  sale  of  steel  railcars, which  were  replaced  by  leased
     aluminum  cars.  Aluminum cars are lighter-weight and offer  more
     coal  capacity  per  car, contributing to  lower  delivered  coal
     prices.

     Miscellaneous Deductions
     Miscellaneous  deductions  increased  in  1997  from   1996   due
     primarily to a $53 million payment to UtiliCorp in February 1997.
     The  September 1996 termination of the UtiliCorp merger agreement
     and  the  February 1997 announcement of the agreement to  combine
     with  Western Resources, triggered the payment to UtiliCorp under
     provisions  of  the  UtiliCorp merger  agreement.   Miscellaneous
     deductions  for  1997 also include $7 million  of  merger-related
     expenses  (see  Note  13).   Miscellaneous  deductions  for  1996
     included $31 million in merger-related costs.
     
     The  increase in Miscellaneous deductions in 1997 from 1996  also
     reflects  increased non-utility expenses and subsidiary operating
     costs.   Subsidiary expenses included in Miscellaneous deductions
     increased  by  $29  million  in  1997  from  1996.   The  primary
     subsidiary   expenses  that  increased   are   cost   of   sales,
     administrative and general labor and benefits, incentives for gas
     production,  external  consulting  services  and  provision   for
     uncollectible notes receivable.  Expansion into new projects  for
     the power subsidiaries, increased gas operations and inclusion of
     three small companies in which KLT obtained controlling interests
     during  1997 are the primary activities that contributed  to  the
     increased expenses.
     
     Miscellaneous  deductions  increased  in  1996  from   1995   due
     primarily  to  the termination of the UtiliCorp merger  agreement
     and  defense  against  Western  Resources'  unsolicited  exchange
     offer.   During  the  third  quarter  of  1996,  $13  million  in
     previously   deferred  merger  costs  and  $5  million   of   the
     termination  fee were expensed.  In addition, costs  incurred  to
     defend  against  the  unsolicited exchange offer  increased  1996
     expenses  by  $13  million.  Also, subsidiary expenses  increased
     about  $9 million.  Total subsidiary expenses, including interest
     charges discussed below, are substantially offset by related  tax
     benefits.
     
     Income Taxes
     Income   taxes   reflect  the  tax  impact  of  the   excess   of
     miscellaneous     deductions    over    miscellaneous     income.
     Additionally,  we  accrued tax credits in  1997  of  $23  million
     related  to  KLT's  investments  in  affordable  housing  limited
     partnerships and oil and gas investments.  In 1996  and  1995  we
     accrued  tax credits of $12 million and $5 million, respectively,
     related  primarily  to  KLT's investments in  affordable  housing
     limited  partnerships.  The increase in tax  credits  accrued  in
     1997 from 1996 is due to an increase of $8 million in tax credits
     related to oil and gas investments.  This increase in tax credits
     and  reduced net income resulted in a significant impact  on  the
     effective  income tax rate.  Accrued taxes on the  balance  sheet
     decreased  primarily because $9 million of these tax credits  did
     not  reduce estimated tax payments because such amounts can  only
     be  refunded  by the IRS after the tax return is filed  in  1998.
     Non-taxable  increases in the cash surrender value of  corporate-
     owned  life  insurance contracts also affected  the  relationship
     between miscellaneous deductions and income taxes.
     
<PAGE>

INTEREST CHARGES

      Long-term debt interest expense increased during 1997 reflecting
higher average levels of long-term debt outstanding compared with  the
previous year.  The higher average levels of debt resulted mainly from
financing  by  KLT  to  support expanding  subsidiary  operations  and
funding of other corporate capital requirements.

      The  average interest rate on long-term debt, including  current
maturities, was 6.1% in 1997 compared with 6.0% in 1996 and 1995.

      We  use  interest  rate  swap and cap agreements  to  limit  the
interest expense on a portion of KCPL's variable-rate long-term  debt.
We  do  not use derivative financial instruments for trading or  other
speculative purposes.  Although these agreements are an integral  part
of  KCPL's  interest  rate  management, their  incremental  effect  on
interest expense and cash flows is not significant.

      The  increase in miscellaneous interest charges in 1997 compared
to  1996  is  primarily due to interest charges incurred on  the  $150
million of 8.3% preferred securities.

WOLF CREEK

       Wolf   Creek  is  one  of  KCPL's  principal  generating  units
representing  about  17% of its accredited generating  capacity.   The
plant's operating performance has remained strong, contributing  about
26%  of  the  annual  mwh  generation while operating  at  an  average
capacity  of  87% over the last three years.  It has the  lowest  fuel
cost per MMBTU of any of KCPL's generating units.

      The  incremental  operating, maintenance and  replacement  power
costs for planned outages are accrued evenly over the unit's operating
cycle,  normally 18 months.  As actual outage expenses  are  incurred,
the refueling liability and related deferred tax asset are reduced.

     Wolf Creek's ninth refueling and maintenance outage, budgeted for
35  days,  began in early October 1997 and was completed  in  December
1997 (58 days).  The extended length of the ninth outage was caused by
several  equipment problems, the most significant of  which  included:
failure  of  the  fuel assembly gripper, failure of  a  residual  heat
removal pump to start on demand, difficulties in declaring operable an
essential  service  water system and a reactor  trip  during  startup.
Wolf  Creek's  eighth  scheduled  refueling  and  maintenance  outage,
budgeted  for 45 days, began in early February 1996 and was  completed
in  April  1996 (64 days).  The eighth outage started one month  early
when  the  plant was shut down after water flow from the cooling  lake
was  restricted  by  ice buildup on an intake  screen.   The  extended
lengths  of the outages were the primary reasons for the increases  in
Wolf  Creek  related replacement power and operating  and  maintenance
expenses  in  1997  and 1996 over 1995.  Costs of the  1997  and  1996
outages  were  $6  million  and $2 million  in  excess  of  the  costs
estimated  and accrued for the outages.  Wolf Creek's tenth  refueling
and  maintenance outage is scheduled for the spring  of  1999  and  is
estimated to be a 40 day outage.

      Wolf  Creek's assets and operating expenses represent about  42%
and  19% of utility total assets and operating expenses, respectively.
Currently,  no  major  equipment replacements  are  expected,  but  an
extended  shut-down  of  Wolf Creek could have a  substantial  adverse
effect  on  KCPL's  business,  financial  condition  and  results   of
operations.   Higher  replacement  power  and  other  costs  would  be
incurred  as  a  result.  Although not expected, an unscheduled  plant
shut-down  could  be  caused  by actions  of  the  Nuclear  Regulatory
Commission  reacting to safety concerns at the plant or other  similar

<PAGE>

nuclear   units.   If  a  long-term  shut-down  occurred,  the   state
regulatory commissions could consider reducing rates by excluding  the
Wolf Creek investment from rate base.

     Ownership and operation of a nuclear generating unit exposes KCPL
to  risks regarding the cost of decommissioning the unit at the end of
its  life  and  to  potential retrospective assessments  and  property
losses  in  excess of insurance coverage.  These risks are more  fully
discussed in the related sections of Notes 1 and 4 to the Consolidated
Financial Statements.

ENVIRONMENTAL MATTERS

      KCPL's policy is to act in an environmentally responsible manner
and   use   the  latest  technology  available  to  avoid  and   treat
contamination.   We continually conduct environmental audits  designed
to   ensure  compliance  with  governmental  regulations  and   detect
contamination.   However, these regulations are  constantly  evolving;
governmental  bodies may impose additional or more rigid environmental
regulations  that could require substantial changes to  operations  or
facilities.

      The  Clean  Air  Act  Amendments of 1990  contain  two  programs
significantly affecting the utility industry.  KCPL has spent about $5
million   for  the  installation  of  continuous  emission  monitoring
equipment  to satisfy the requirements under the acid rain  provision.
The  other  utility-related program calls for a study of  certain  air
toxic  substances.  Based on the outcome of this study, regulation  of
these  substances,  including mercury, could be required.   We  cannot
predict the likelihood of any such regulations or compliance costs.

      In  July 1997 the United States Environmental Protection  Agency
(EPA)  published  new air quality standards for ozone and  particulate
matter.   Additional regulations implementing these new standards  are
expected   to  be  finalized  in  1998.   Without  the  implementation
regulations,  the  real  impact of the standards  on  KCPL  cannot  be
determined.  However, the impact on KCPL and other utilities  who  use
fossil  fuels  could be substantial.  Under the new  fine  particulate
regulations  EPA  will  begin a five-year study  of  fine  particulate
emissions.   Until this testing and review period has been  completed,
KCPL  cannot determine additional compliance costs, if any, associated
with the new particulate regulations.

      In  1997  EPA also issued new proposed regulations  on  reducing
Nitrogen Oxide (NOx) emissions.  Under the new regulations 22  states,
including Missouri but not Kansas, would be required to develop  plans
to  reduce  NOx  emissions.  The new limits would go  into  effect  in
either  2002  or 2004.  The cost of equipment to reduce NOx  emissions
could  be  substantial, however, until studies are  completed  on  the
actual  impact  of  the new regulations on KCPL the  costs  cannot  be
determined.

     At   a  December  1997  meeting  in  Kyoto,  Japan,  the  Clinton
Administration  supported changes to the International Global  Climate
Change  treaty which would require a seven percent reduction in United
States  Carbon  Dioxide (CO2) emissions below 1990 levels.   President
Clinton  has  stated  that  this change in  the  treaty  will  not  be
submitted  to  the  U.S.  Senate at this time  where  ratification  is
uncertain.   If future national restrictions on electric  utility  CO2
emissions  are  eventually required, the financial  impact  upon  KCPL
could be substantial.

IMPACT OF THE YEAR 2000 ISSUE

     The  Year 2000 Issue is the result of computer programs using two
digits instead of four digits to define the applicable year.  Computer
programs with date-sensitive software may recognize a date using  "00"
as  the year 1900 rather than the year 2000.  This could result  in  a
system failure or miscalculations causing disruptions of operations.

<PAGE>

     Through  ongoing  assessment of the  Year  2000  Issue,  we  have
determined  that it is necessary to modify or replace some  of  KCPL's
internal  software so that its computer systems will properly  utilize
dates  beyond  December 31, 1999.  We believe that  with  the  planned
modifications and conversions of KCPL's software, the Year 2000  Issue
can  be  mitigated.   We  will  utilize  both  internal  and  external
resources  to  address the Year 2000 Issue.  We plan to  complete  the
Year  2000  project by December 31, 1998.  This will  allow  time  for
additional compliance testing of the systems.

     The  cost  of the Year 2000 project is being expensed as incurred
and  is not material to KCPL's results of operations.  However,  there
is  no  guarantee that current cost estimates of the Year 2000 project
will  not  be  exceeded.  For the past several  years,  we  have  been
replacing  older  systems  with new and innovative  technologies  that
place  us  in  a stronger competitive position for the future.   As  a
result, the cost of the Year 2000 project has been lessened.  Specific
factors  that might cause costs to exceed estimates include,  but  are
not  limited  to,  the availability and cost of appropriately  trained
personnel,  the  ability to locate and correct all  relevant  computer
codes, and similar uncertainties.

     We  have initiated formal communications with all of KCPL's large
suppliers  and  customers to evaluate KCPL's  vulnerability  to  those
third  parties'  failure  to  remediate their  own  Year  2000  Issue.
However,  there  is  no guarantee that third party  systems  on  which
KCPL's  systems rely will be timely converted, or that  a  failure  to
convert,  or  a  conversion that is incompatible with KCPL's  systems,
would not have a material adverse effect on KCPL.

PROJECTED CONSTRUCTION EXPENDITURES

      We are fully exploring alternatives to new construction.  During
1995  we  entered into an operating lease for a new 142 mw  combustion
turbine, now scheduled to be placed in service during 1998.   We  have
also  contracted  to purchase capacity through fixed-price  agreements
(see  Note  4  to  the  Consolidated Financial Statements  -  Capacity
Purchase  Commitments).   Compared to the  long-term  fixed  costs  of
building new capacity, these contracts provide a cost-effective way of
meeting uncertain levels of demand growth, even though there are risks
associated with market price fluctuations.

     Total utility capital expenditures, excluding allowance for funds
used  during  construction, were $125 million in 1997.    The  utility
construction  expenditures are projected for the next  five  years  as
follows:

                                   Construction Expenditures
                           1998   1999    2000   2001    2002  Total
                                           (millions)

Generating facilities      $ 27   $ 34    $ 34    $13    $ 40   $148
Nuclear fuel                 19      2      21     25       1     68
Transmission facilities       6      4       4      8      18     40
Distribution and
  general facilities         54     53      53     49      45    254
     Total                 $106   $ 93    $112    $95    $104   $510

     This construction expenditure plan is subject to continual review
and change.

CAPITAL REQUIREMENTS AND LIQUIDITY

      As  of December 31, 1997, liquid resources of KCPL included cash
flows  from  operations,  $300  million  of  registered  but  unissued
unsecured medium-term notes and $343 million of unused bank  lines  

<PAGE>

of credit.  The unused lines consisted of KCPL's short-term bank lines of
credit of $300 million and KLT's long-term revolving line of credit of
$43  million.  Cash and cash equivalents increased by $51 million from
December 31, 1996 to December 31, 1997, primarily due to $21.5 million
of  proceeds from the sale of streetlights to the City of Kansas City,
Missouri  at a minimal gain; the issuance of $150 million of preferred
securities (see Note 10 to the Consolidated Financial Statements)  and
because   expenditures  during  1997  for  certain  investments   were
restricted under the Western Resources merger agreement.

      KCPL  continues to generate positive cash flows  from  operating
activities,  although  individual components of working  capital  will
vary  with normal business cycles and operations including the  timing
of receipts and payments.

      Cash  required to meet current tax liabilities has increased  as
KCPL  no  longer receives the benefits of accelerated tax depreciation
on  any significant generating plant assets.  Accelerated depreciation
lowers  tax  payments in the earlier years of an  asset's  life  while
increasing deferred tax liabilities; this relationship reverses in the
later  years  of an asset's life.  KCPL's last significant  generating
plant addition was the completion of Wolf Creek in 1985.

      At  December  31,  1997 coal inventory levels  were  at  75%  of
targeted  levels.   This  shortfall was due mainly  to  poor  railroad
delivery  performance throughout 1997.  Such railroad related problems
are  expected to continue at least through 1998.  We are working  with
KCPL's  rail  carriers  to ensure an adequate coal  supply  and  allow
recovery to targeted coal inventory levels.

     Deferred debt issuance expenses and goodwill resulting from KLT's
acquisitions contributed to the increase in Other deferred charges  on
the Consolidated Balance Sheets from December 31, 1996 to December 31,
1997.   Other  deferred credits increased due to an increase  in  Wolf
Creek  decommissioning liabilities.  Also, minority interests included
in  Other  deferred  credits  increased as  KLT  obtained  controlling
interests in new companies in 1997.

      Cash  used  in  investing activities varies with the  timing  of
utility  capital  expenditures and KLT's purchases of investments  and
nonutility properties.  KLT completed several investments during  1997
increasing  Investments and Nonutility Property  on  the  Consolidated
Balance  Sheet  by approximately $100 million.  These  include  a  12%
ownership  interest in the largest fossil-fuel generator in  Argentina
and  a significant ownership interest in Digital Teleport, Inc. (DTI),
a  St.  Louis,  Missouri, facilities-based provider of  long-haul  and
local  telecommunications services.  As part of the  DTI  transaction,
KLT  converted a note receivable, with a balance at December 31, 1996,
of $9 million, to the investment in DTI.

      Construction  work  in progress increased by  $24  million  from
December  31, 1996 to December 31, 1997, due to continued construction
on production projects and system software upgrades.

      Cash  provided by financing activities increased  from  December
1996  to December 1997 due to additional long-term borrowings.   Long-
term debt, including current maturities, increased by $37 million from
December  31,  1996 to December 31, 1997, primarily due to  additional
borrowings  by  KLT  on its long-term revolving line  of  credit.   As
discussed  in  Note 10 to the Consolidated Financial Statements,  KCPL
Financing I, a wholly-owned subsidiary of KCPL, issued $150 million of
preferred  securities  in  April 1997.  The  $53  million  payment  to
UtiliCorp,  recorded as an expense, and KLT's purchases of investments
and  nonutility  properties  were financed  mostly  by  the  preferred
securities  and additional long-term borrowings.  Cash used  in  Other
financing activities increased from 1996 to 1997 due primarily to  the
costs  of  issuing the preferred securities which are being  amortized
over 40 years.

<PAGE>

     KCPL's common dividend payout ratio was 137% in 1997, 94% in 1996
and  80% in 1995.  The increase in the payout ratios for 1997 and 1996
from  1995  is  due  mainly to the significant  merger  related  costs
expensed  in  both periods.  The last time the common dividend  payout
ratio  was  greater than 100% was 1992.  The summer of  1992  was  the
second coolest on record.

      We  expect  to meet day-to-day operations, utility  construction
requirements   and   dividends   with   internally-generated    funds.
Uncertainties affecting KCPL's ability to meet these requirements with
internally-generated  funds  include  the  effect  of   inflation   on
operating  expenses, the level of mwh sales, regulatory  actions,  the
availability   of   generating  units  and  compliance   with   future
environmental  regulations (see Environmental Matters  section).   The
funds  needed  for  the retirement of $462 million  of  maturing  debt
through  the  year 2002 will be provided from operations, refinancings
or   short-term  debt.   KCPL  might  issue  additional  debt   and/or
additional  equity  to  finance  growth  or  take  advantage  of   new
opportunities.

<PAGE>

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS


KANSAS CITY POWER & LIGHT COMPANY
CONSOLIDATED STATEMENTS OF INCOME


                                                  Year Ended December 31
                                            1997          1996          1995
                                                      (Thousands)


ELECTRIC OPERATING REVENUES               $895,943      $903,919      $885,955

OPERATING EXPENSES
 Operation
   Fuel                                    134,509       140,505       139,371
   Purchased power                          59,247        52,455        38,783
   Other                                   191,897       180,719       178,599
 Maintenance                                70,892        71,495        78,439
 Depreciation                              110,898       103,912        97,225
 Income taxes                               71,113        68,155        77,062
 General taxes                              93,297        97,248        96,821
 Deferred Wolf Creek costs amortization      1,368        11,617        12,607
    Total                                  733,221       726,106       718,907

OPERATING INCOME                           162,722       177,813       167,048

OTHER INCOME AND (DEDUCTIONS)
 Allowance for equity funds
  used during construction                   2,407         2,368         2,279
 Miscellaneous income                       39,021         4,843         8,623
 Miscellaneous deductions                 (118,442)      (55,172)      (11,101)
 Income taxes                               63,034        36,402        10,259
    Total                                  (13,980)      (11,559)       10,060


INCOME BEFORE INTEREST CHARGES             148,742       166,254       177,108

INTEREST CHARGES
 Long-term debt                             60,298        53,939        52,184
 Short-term debt                             1,382         1,251         1,189
 Miscellaneous                              12,843         4,840         3,112
 Allowance for borrowed funds
  used during construction                  (2,341)       (1,947)       (1,963)
    Total                                   72,182        58,083        54,522

 Net Income                                 76,560       108,171       122,586
 Preferred Stock
  Dividend Requirements                      3,789         3,790         4,011
 Earnings Available for
  Common Stock                             $72,771      $104,381      $118,575

Average Number of Common
 Shares Outstanding                         61,895        61,902        61,902
Basic and Diluted Earnings
 per Common Share                            $1.18         $1.69         $1.92
Cash Dividends per
 Common Share                                $1.62         $1.59         $1.54


CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
                                                 Year Ended December 31
                                            1997          1996          1995
                                                      (thousands)
Beginning Balance                         $455,934      $449,966      $426,738
Net Income                                  76,560       108,171       122,586
                                           532,494       558,137       549,324
Dividends Declared
  Preferred stock - at required rates        3,773         3,782         4,029
  Common stock                             100,269        98,421        95,329
Ending Balance                            $428,452      $455,934      $449,966

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.

<PAGE>

KANSAS CITY POWER & LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS

                                                     December 31   December 31
                                                        1997          1996
ASSETS                                                      (thousands)

UTILITY PLANT, at original cost
 Electric                                             $3,502,796    $3,472,607
 Less-accumulated depreciation                         1,314,154     1,238,187
    Net utility plant in service                       2,188,642     2,234,420
 Construction work in progress                            93,264        69,577
 Nuclear fuel, net of amortization of
   $86,516 and $84,540                                    41,649        39,497
    Total                                              2,323,555     2,343,494

REGULATORY ASSET - RECOVERABLE TAXES                     123,000       126,000

INVESTMENTS AND NONUTILITY PROPERTY                      345,126       231,874

CURRENT ASSETS
 Cash and cash equivalents                                74,098        23,571
 Electric customer accounts receivable, net of
    allowance for doubtful accounts
    of $1,941 and $1,644                                  28,741        27,093
 Other receivables                                        33,492        36,113
 Fuel inventories, at average cost                        13,824        19,077
 Materials and supplies, at average cost                  46,579        47,334
 Deferred income taxes                                       648         2,737
 Other                                                     7,155         5,055
    Total                                                204,537       160,980

DEFERRED CHARGES
 Regulatory assets                                        30,017        37,747
 Other deferred charges                                   31,798        14,417
    Total                                                 61,815        52,164

    Total                                             $3,058,033    $2,914,512

CAPITALIZATION AND LIABILITIES

CAPITALIZATION (see statements)                       $2,051,489    $1,943,647
CURRENT LIABILITIES
 Notes payable to banks                                    1,243             0
 Current maturities of long-term debt                     74,180        26,591
 Accounts payable                                         57,568        55,618
 Accrued taxes                                             1,672        18,443
 Accrued interest                                         22,360        21,054
 Accrued payroll and vacations                            23,409        25,558
 Accrued refueling outage costs                            1,664         7,181
 Other                                                    15,068        11,980
     Total                                               197,164       166,425

DEFERRED CREDITS AND OTHER LIABILITIES
 Deferred income taxes                                   638,679       643,189
 Deferred investment tax credits                          63,257        67,107
 Other                                                   107,444        94,144
    Total                                                809,380       804,440

COMMITMENTS AND CONTINGENCIES  (note 4)

   Total                                              $3,058,033    $2,914,512

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.


<PAGE>

KANSAS CITY POWER & LIGHT COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                   Year Ended December 31
                                               1997        1996        1995
                                                       (thousands)

CASH FLOWS FROM OPERATING ACTIVITIES
 Net income                                    $76,560    $108,171    $122,586
 Adjustments to reconcile net income
  to net cash from operating activities:
 Depreciation                                  110,898     103,912      97,225
 Amortization of:
  Nuclear fuel                                  16,836      16,094      14,679
  Deferred Wolf Creek costs                      1,368      11,617      12,607
  Other                                          8,223       5,507       8,152
 Deferred income taxes (net)                     4,780      (8,662)     (3,268)
 Investment tax credit amortization
   and reversals                                (3,850)     (4,163)    (11,570)
 Deferred storm costs                                0      (8,885)          0
 Allowance for equity funds used
   during construction                          (2,407)     (2,368)     (2,279)
 Other operating activities (Note 1)            (3,924)     (4,314)    (14,955)

  Net cash from operating activities           208,484     216,909     223,177

CASH FLOWS FROM INVESTING ACTIVITIES
 Utility capital expenditures                 (124,734)   (100,947)   (134,070)
 Allowance for borrowed funds used
   during construction                          (2,341)     (1,947)     (1,963)
 Purchases of investments                     (107,603)    (35,362)    (56,759)
 Purchases of nonutility property              (15,733)    (20,395)          0
 Sale of streetlights                           21,500           0           0
 Other investing activities                     (8,902)       (931)      9,046

  Net cash from investing activities          (237,813)   (159,582)   (183,746)

CASH FLOWS FROM FINANCING ACTIVITIES
 Issuance of mandatorily redeemable
   Preferred Securities                        150,000           0           0
 Issuance of long-term debt                     66,292     135,441     111,055
 Repayment of long-term debt                   (28,832)    (74,230)    (33,428)
 Net change in short-term borrowings             1,243     (19,000)    (13,000)
 Dividends paid                               (104,042)   (102,203)    (99,358)
 Other financing activities                     (4,805)     (2,154)      3,473

  Net cash from financing activities            79,856     (62,146)    (31,258)

NET CHANGE IN CASH AND CASH
      EQUIVALENTS                               50,527      (4,819)      8,173
CASH AND CASH EQUIVALENTS
      AT BEGINNING OF YEAR                      23,571      28,390      20,217
CASH AND CASH EQUIVALENTS
     AT END OF YEAR                            $74,098     $23,571     $28,390

CASH PAID DURING THE YEAR FOR:
Interest (net of amount capitalized)           $71,272     $52,457     $48,200
Income taxes                                   $22,385     $58,344     $67,053

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.

<PAGE>

CONSOLIDATED STATEMENTS OF CAPITALIZATION

                                                     December 31   December 31
                                                        1997          1996
                                                           (thousands)
COMMON STOCK EQUITY
 Common stock-150,000,000 shares authorized
   without par value-61,908,726 shares issued,
   stated value                                         $449,697      $449,697
 Retained earnings (see statements)                      428,452       455,934
 Unrealized gain on securities available for sale          1,935         6,484
 Capital stock premium and expense                        (1,664)       (1,666)
          Total                                          878,420       910,449
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
 No Par Value
   4.75%* - 500,000 shares issued                         50,000        50,000
 $100 Par Value - Redeemable
   4.00%                                                      62            62
          Total                                           89,062        89,062
COMPANY-OBLIGATED MANDATORILY REDEEMABLE PREFERRED
SECURITIES OF SUBSIDIARY TRUST HOLDING SOLELY KCPL
SUBORDINATED DEBENTURES                                  150,000             0

LONG-TERM DEBT (excluding current maturities)
 General Mortgage Bonds
    Medium-Term Notes due 1997-2008, 6.92% and
       6.81% weighted-average rate at December 31        407,500       468,500
    4.24%* Environmental Improvement Revenue
       Refunding Bonds due 2012-23                       158,768       158,768
 Guaranty of Pollution Control Bonds
    4.31%* due 2015-17                                   196,500       196,500
 Subsidiary Obligations
    Affordable Housing Notes due 2000-06, 8.48%
       and 8.51% weighted-average rate at
       December 31                                        61,207        65,368
    Bank Credit Agreement due 1999, 6.67% and
       6.78% weighted-average rate at December 31        107,500        55,000
    Other Long-Term Notes                                  2,532             0
          Total                                          934,007       944,136
          Total                                       $2,051,489    $1,943,647

*  Variable rate securities, weighted-average rate as of December 31, 1997

The accompanying Notes to Consolidated Financial Statements are an integral
part of these statements.

<PAGE>

KANSAS CITY POWER & LIGHT COMPANY
Notes to Consolidated Financial Statements

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company

      Kansas  City  Power  & Light Company is a medium-sized  electric
utility  with  more  than  445,000 customers at  year-end  in  western
Missouri and eastern Kansas.  About 95% of KCPL's retail revenues  are
from  the  Kansas City metropolitan area, an agribusiness  center  and
major  regional  center for wholesale, retail and  service  companies.
About two-thirds of KCPL's retail sales are to Missouri customers, the
remainder to Kansas customers.

      The  consolidated financial statements include the  accounts  of
Kansas  City Power & Light Company and KLT Inc. (KLT), a wholly-owned,
nonutility subsidiary. The consolidated entity is referred to as KCPL.
KLT  was  formed in 1992 as a holding company for various nonregulated
business  ventures. Existing ventures include investments in  domestic
and  international nonregulated power production, energy services, oil
and  gas  development  and  production, telecommunications,  telemetry
technology  and  affordable housing limited partnerships.   Currently,
the electric utility accounts for about 89% of consolidated assets and
about 92% of net income.  Intercompany balances and transactions  have
been  eliminated. KLT's revenues and expenses have been classified  as
Other  Income  and  (Deductions) and Interest Charges  in  the  income
statement.

      The  accounting  records  conform to  the  accounting  standards
prescribed  by  the  Federal Energy Regulatory Commission  (FERC)  and
generally accepted accounting principles.  These standards require the
use  of estimates and assumptions that affect amounts reported in  the
financial   statements   and  the  disclosure   of   commitments   and
contingencies.

Cash and Cash Equivalents

      Cash  and cash equivalents consists of highly liquid investments
with original maturities of three months or less.

Derivative Financial Instruments

     We use interest rate swap and cap agreements to reduce the impact
of changes in interest rates on variable-rate debt.

      Interest rate swap agreements effectively fix the interest rates
on  a  portion of KCPL's variable-rate debt.  Interest rate caps limit
the interest rate on a portion of KCPL's variable-rate debt by setting
a maximum rate.  The costs of rate caps are paid annually and included
in  interest  expense.  Any difference paid or received due  to  these
agreements is recorded as an adjustment to interest expense.

      These agreements are not marked to market value as they are used
only  to manage interest expense and the intent is to hold them  until
their   termination   date.   We  do  not  use  derivative   financial
instruments for trading or other speculative purposes.

<PAGE>

Fair Value of Financial Instruments

      The  stated  values of financial instruments as of December  31,
1997  and  1996,  approximated fair market values. KCPL's  incremental
borrowing  rate for similar debt was used to determine fair  value  if
quoted market prices were not available.

Securities Available for Sale

      Certain  investments in equity securities are accounted  for  as
securities  available for sale in accordance with Financial Accounting
Standards  Board  (FASB)  Statement No. 115 - Accounting  for  Certain
Investments  in  Debt and Equity Securities.  This requires  adjusting
the  securities to market value with unrealized gains (or losses), net
of  deferred  income  taxes,  reported  as  a  separate  component  of
shareholders' equity.

Investments in Affordable Housing Limited Partnerships

      Through  December  31, 1997, KLT had invested  $100  million  in
affordable housing limited partnerships.  About $79 million  of  these
investments were recorded at cost; the equity method was used for  the
remainder.   Tax  credits are recognized in  the  year  generated.   A
change  in  accounting  principle relating to investments  made  after
May 19, 1995, requires limited partnership investments of more than 5%
to  use  the  equity  method.  Of the investments  recorded  at  cost,
$69 million exceed this 5% level but were made prior to May 19, 1995.

Utility Plant

      Utility  plant  is stated at historical costs  of  construction.
These  costs  include  taxes,  an  allowance  for  funds  used  during
construction  (AFDC) and payroll-related costs including pensions  and
other   fringe   benefits.   Additions  of,   and   replacements   and
improvements  to  units  of  property  are  capitalized.   Repairs  of
property  and  replacements of items not considered  to  be  units  of
property  are  expensed as incurred (except as  discussed  under  Wolf
Creek  Refueling Outage Costs).  When property units  are  retired  or
otherwise disposed, the original cost, net of salvage and removal,  is
charged to accumulated depreciation.

     AFDC represents the cost of borrowed funds and a return on equity
funds  used to finance construction projects. It is capitalized  as  a
cost of construction work in progress.  AFDC on borrowed funds reduces
interest charges. AFDC on equity funds is shown as a noncash  item  of
other income.   When a construction project is placed in service,  the
related  AFDC,  as  well  as  other construction  costs,  is  used  to
establish  rates under regulatory rate practices.  The rates  used  to
compute gross AFDC are compounded semi-annually and averaged 8.6%  for
1997, 8.5% for 1996 and 8.7% for 1995.

      Depreciation is computed using the straight-line method over the
estimated  lives  of depreciable property based on rates  approved  by
state  regulatory  authorities.  Average annual composite  rates  were
about 3.2% in 1997 compared with 3.1% in 1996 and 2.9% in 1995.

Wolf Creek Refueling Outage Costs

     Forecasted incremental costs to be incurred during scheduled Wolf
Creek  Generating Station (Wolf Creek) refueling outages  are  accrued
monthly  over  the unit's operating cycle, normally about  18  months.
Estimated incremental costs, which include operating, maintenance  and
replacement power expenses, are based on budgeted outage costs and the
estimated  outage  duration.   Changes  to  or  variances  from  those
estimates are recorded when known or probable.

<PAGE>

Nuclear Plant Decommissioning Costs

      The  Missouri  Public Service Commission (MPSC) and  the  Kansas
Corporation  Commission  (KCC) require the owners  of  Wolf  Creek  to
submit  an updated decommissioning cost study every three years.   The
following  table  shows  the decommissioning cost  estimates  and  the
escalation  rates and earnings assumptions approved  by  the  MPSC  in
January  1998 and the KCC in 1997.  The decommissioning cost estimates
are  based on the immediate dismantlement method and include the costs
of   decontamination,  dismantlement  and  site  restoration.    Plant
decommissioning is not expected to start before 2025.

                                              KCC          MPSC
  Future cost of decommissioning:                            
    Total Station                        $1.3 billion  $1.8 billion
    47% share                            $624 million  $832 million
                                                             
  Current cost of decommissioning (in                        
  1996 dollars):
    Total Station                        $409 million  $409 million
    47% share                            $192 million  $192 million
                                                             
  Annual escalation factor                   3.60%         4.50%
  Annual return on trust assets              6.80%         7.66%

      KCPL  contributes about $3 million annually to  a  tax-qualified
trust  fund  to be used to decommission Wolf Creek.  These  costs  are
charged   to  other  operation  expenses  and  recovered   in   rates.
Contributions to the trust will remain consistent through 1999 and are
expected to increase slightly beginning in 2000.  These funding levels
assume  a  certain  return on trust assets.  If the actual  return  on
trust  assets  is  below  the anticipated level,  we  believe  a  rate
increase  will  be  allowed ensuring full recovery of  decommissioning
costs over the remaining life of the unit. This assumes KCPL continues
to be regulated.

      As  of  December  31,  1997 and 1996, the  trust  fund  balance,
including   reinvested   earnings,  was     $40   and   $31   million,
respectively.    These  amounts  are  reflected  in  Investments   and
Nonutility  Property. The related liabilities for decommissioning  are
included in Deferred Credits and Other Liabilities - Other.

      In 1996 FASB issued an Exposure Draft of a proposed Statement of
Financial  Accounting  Standards, Accounting for  Certain  Liabilities
Related to Closure or Removal of Long-Lived Assets, that addressed the
accounting  for obligations arising from dismantlement, removal,  site
reclamation,  and  decontamination of certain long-lived  assets.   In
November  1997 FASB decided to reconsider the scope of the  statement.
The effective date of the statement is undecided.  If current electric
utility  industry accounting practices for such decommissioning  costs
are changed: 1) annual decommissioning expenses could increase, and 2)
trust  fund income from the external decommissioning trusts  could  be
reported as investment income.  We are not able to predict what affect
those changes would have on results of operations, financial position,
or  related regulatory practices until the final issuance of a revised
accounting  guidance.   However,  we  do  not  anticipate  results  of
operations to be significantly affected as long as KCPL is regulated.

Nuclear Fuel

      Nuclear  fuel is amortized to fuel expense based on the quantity
of heat produced for the generation of electricity.  Under the Nuclear
Waste  Policy  Act  of  1982,  the  Department  of  Energy  (DOE)   

<PAGE>

is responsible for the permanent disposal of spent nuclear fuel.  KCPL
pays  the  DOE  a  quarterly  fee of one-tenth  of  a  cent  for  each
kilowatt-hour of net nuclear generation delivered and sold for  future
disposal  of spent nuclear fuel.  These disposal costs are charged  to
fuel expense and recovered through rates.

      In  1996  a  U.S.  Court of Appeals issued a decision  that  the
Nuclear  Waste Policy Act unconditionally obligated the DOE  to  begin
accepting  spent  fuel for disposal in 1998.  In late  1997  the  same
court issued another decision precluding the DOE from concluding  that
its delay in accepting spent fuel is "unavoidable" under its contracts
with  utilities  due  to  lack  of  a repository  or  interim  storage
authority.   By year-end 1997 KCPL and other utilities had  petitioned
the  DOE  for  authority to suspend payments of their  quarterly  fees
until  such  time as the DOE begins accepting spent fuel.  In  January
1998 the DOE denied the utilities' petition.  The utilities intend  to
appeal that decision.

      A  permanent disposal site may not be available for the industry
until  2010  or later, although an interim facility may  be  available
earlier.   Under  current  DOE  policy,  once  a  permanent  site   is
available, the DOE will accept spent nuclear fuel on a priority basis;
the  owners  of  the  oldest  spent fuel will  be  given  the  highest
priority.   As a result, disposal services for Wolf Creek may  not  be
available prior to 2016.  Wolf Creek has an on-site, temporary storage
facility  for spent nuclear fuel. Under current regulatory guidelines,
this  facility can provide storage space until about 2005.  Wolf Creek
has  started  plans to increase its on-site storage capacity  for  all
spent  fuel expected to be generated by Wolf Creek through the end  of
its licensed life in 2025.

Regulatory Assets

      FASB  Statement  No.  71  -  Accounting  for  Certain  Types  of
Regulation, applies to regulated entities whose rates are designed  to
recover  the  costs  of  providing service.  In accordance  with  this
statement,  certain  items that would normally  be  reflected  in  the
income  statement are deferred on the balance sheet.  These items  are
then  amortized  as the related amounts are recovered  from  customers
through rates.

      We  recognize  regulatory assets when allowed by a  commission's
rate order or when it is probable, based on regulatory precedent, that
future rates will recover the amortization of the deferred costs.   We
continuously  monitor changes in market and regulatory conditions  and
consider  the  effects  of  any changes  in  assessing  the  continued
applicability  of FASB 71.  If we were unable to apply  FASB  71,  the
unamortized  balance of $153 million of KCPL's regulatory assets,  net
of the related tax benefit, would be written off.

     Deferred Wolf Creek Costs

           The  KCC and MPSC allowed continued construction accounting
     for  ratemaking  purposes  after  Wolf  Creek's  1985  commercial
     in-service  date.   Certain  other  carrying  costs   were   also
     deferred.   The deferrals were amortized and recovered  in  rates
     from 1987 through June 1997.

     Recoverable Taxes

          See the following Income Taxes section.

<PAGE>

     Deferred Charges - Regulatory Assets

                                                         Amortization
                                         December 31,   Ending period
                                             1997
                                                        
                                          (millions)
     Coal contract termination costs        $   8.1          2002
     1996 snowstorm costs                       7.0          2001
     Decommission   and   decontaminate                        
       federal uranium enrichment facilities    6.0          2007
     Premium on redeemed debt                   6.9          2014
     Other                                      2.0          2006
               Total                        $  30.0      

Revenue Recognition

     We use cycle billing and accrue estimated unbilled revenue at the
end of each reporting period.

Income Taxes

      The  balance  sheet  includes  deferred  income  taxes  for  all
temporary  differences between the tax basis of an asset or  liability
and  that  reported  in the financial statements. These  deferred  tax
assets and liabilities are determined using the tax rates scheduled by
the tax law to be in effect when the differences reverse.

      Regulatory Asset - Recoverable Taxes mainly reflects the  future
revenue requirements necessary to recover the tax benefits of existing
temporary   differences  previously  passed  through   to   customers.
Operating   income  tax  expense  is  recorded  based  on   ratemaking
principles.   However, if the method used for the balance  sheet  were
reflected in the income statement, net income would remain the same.

      Investment tax credits are deferred when utilized and  amortized
to income over the remaining service lives of the related properties.

Environmental Matters

      Environmental costs are accrued when it is probable a  liability
has  been  incurred and the amount of the liability can be  reasonably
estimated.   We believe all appropriate costs related to environmental
matters have been recorded.

Basic and Diluted Earnings per Common Share Calculation

      Basic and diluted earnings per common share of $1.18, $1.69, and
$1.92  for  1997,  1996 and 1995 were determined by dividing  earnings
available   for   common  stock  of  $72,771,000,   $104,381,000   and
$118,575,000  by  the  average number of shares  outstanding  of  61.9
million.   Derivation  of  earnings  available  for  common  stock  is
reflected on the Consolidated Statements of Income.

<PAGE>

Consolidated Statements of Cash Flows - Other Operating Activities

                                           1997       1996      1995
Cash flows affected by changes in:              (thousands)
      Receivables                     $     973  $   1,462  $(17,551)
      Fuel inventories                    5,253      3,026    (5,533)
      Materials and supplies                755       (159)   (2,222)
      Accounts payable                    1,950      3,112   (20,980)
      Accrued taxes                     (16,771)   (21,283)   15,042
      Accrued interest                    1,306      4,148     4,697
      Wolf Creek refueling outage        
        accrual                          (5,517)    (6,382)   11,443
      Pension and postretirement       
        benefit obligations              (2,245)       (84)   (4,176)
Other                                    10,372     11,846     4,325
            Total                     $  (3,924)  $ (4,314) $(14,955)

2. PENSION PLANS AND OTHER EMPLOYEE BENEFITS

Pension Plans

      KCPL  has  defined  benefit pension  plans  for  its  employees,
including officers.  Benefits under these plans reflect the employees'
compensation,  years  of  service and age  at  retirement.   KCPL  has
satisfied   the  minimum  funding  requirements  under  the   Employee
Retirement Income Security Act of 1974.

Funded status of the plans:
December 31                                        1997        1996
                                                     (thousands)
Accumulated benefit obligation:
  Vested                                         $ 264,974   $ 247,264
  Nonvested                                          7,978       6,526
     Total                                       $ 272,952   $ 253,790

Determination of plan assets less obligations:
  Fair value of plan assets (a)                  $ 423,331   $ 363,285
  Projected benefit obligation (b)                 334,017     307,050
      Difference                                 $  89,314   $  56,235

Reconciliation of difference:
  Accrued trust liability                        $ (11,349)  $ (13,645)
  Unrecognized transition obligation                 8,469      10,541
  Unrecognized net gain                             96,662      63,022
  Unrecognized prior service cost                   (4,468)     (3,683)
      Difference                                  $ 89,314   $  56,235

(a)  Plan assets are invested in insurance contracts, corporate bonds,
     equity  securities, U.S. Government  securities, notes, mortgages
     and short-term investments.
(b)  Based on weighted-average discount rates of 7.5% in 1997 and 8.0%
     in  1996;  and increases in future salary levels of 4% to  5%  in
     1997 and 1996.

<PAGE>

Components of provisions for pensions:
                                          1997       1996      1995
                                                 (thousands)

Service cost                           $   8,427  $   8,164 $  6,414
Interest cost on projected benefit
  obligation                              24,258     23,379   22,593
Actual return on plan assets             (75,435)   (40,831) (50,108)
Other                                     48,090     15,347   25,656
   Net periodic pension cost           $   5,340  $   6,059 $  4,555

Long-term rates of return on plan assets of 8.5% to 9.25% were used.

Postretirement Benefits Other Than Pensions

     In addition to providing pension benefits, certain postretirement
health care and life insurance benefits are provided for substantially
all retired employees.

      We  accrue  the  cost  of postretirement health  care  and  life
insurance benefits during an employee's years of service.  These costs
are currently recovered through rates on an accrual basis.  In 1995 we
began  funding the year's overall net periodic postretirement  benefit
cost, subject to maximum deductible limits for income tax purposes.

Reconciliation of postretirement benefits to amounts recorded  in  the
balance sheets:
December 31                                           1997      1996
                                                       (thousands)
Accumulated postretirement benefit
 obligation (APBO) (a):
   Retirees                                        $  20,464 $ 20,582
  Fully eligible active plan participants              3,820    3,149
  Other active plan participants                       8,914    8,459
     Total APBO                                       33,198   32,190
Fair value of plan assets (b)                         (4,970)  (3,620)
Unrecognized transition obligation                   (17,616) (18,791)
Unrecognized net gain                                  2,424    3,255
Unrecognized prior service cost                         (632)    (709)
     Accrued postretirement benefit obligation
      (included in Deferred Credits
       and Other Liabilities - Other)              $  12,404 $ 12,325

(a) Based on weighted-average discount rates of 7.5% in 1997 and  8.0%
    in  1996; and increases in future salary levels of 4% in 1997  and
    1996.
(b)  Plan assets are invested in certificates of deposit.


<PAGE>

Net periodic postretirement benefit cost:
                                              1997      1996    1995
                                                    (thousands)

Service  cost                                $   514  $   574 $   435
Interest cost on APBO                          2,518    2,520   2,423
Amortization of unrecognized
  transition obligation                        1,174    1,174   1,175
Other                                            (66)       6     (60)
  Net periodic postretirement benefit cost   $ 4,140  $ 4,274 $ 3,973

      Actuarial  assumptions include an increase in the annual  health
care cost trend rate for 1998 of 9%, decreasing gradually over a three-
year  period  to  its  ultimate level of 6%.   The  health  care  plan
requires retirees to share in the cost when premiums exceed a  certain
amount.  Because of this provision, an increase in the assumed  health
care cost trend rate by 1% per year would only increase the APBO as of
December  31,  1997,  by about $554,000 and the combined  service  and
interest  costs  of the net periodic postretirement benefit  cost  for
1997 by about $57,000.

Stock Options

      The  exercise price of stock options granted equaled the  market
price  of  KCPL's  common stock on the grant date.   One-half  of  all
options  granted vest one year after the grant date,  the  other  half
vest  two  years  after the grant date.  An amount equivalent  to  the
quarterly  dividends  paid  on KCPL's common  stock  shares  (dividend
equivalents) accrues on the options for the benefit of option holders.
The  option  holders  are  entitled to  stock  for  their  accumulated
dividend  equivalents  only if they exercise  their  option  when  the
market  price is above the exercise price.  Unexercised options expire
ten years after the grant date.

      KCPL follows Accounting Principles Board Opinion 25 - Accounting
for   Stock  Issued  to  Employees  and  related  Interpretations   in
accounting  for  this  plan.  Because of the  dividend  provision,  we
expensed  $1.2,  $1.4  and  $1.0 million  for  1997,  1996  and  1995,
respectively.    The  expense  includes  accumulated  and   reinvested
dividends  plus the appreciation in stock price since the grant  date.
If  the stock price decreases below the exercise price, the cumulative
expense related to those options is reversed.

      FASB Statement No. 123 - Accounting for Stock-Based Compensation
requires  certain disclosures regarding expense and value  of  options
granted  using  the  fair-value method even though  KCPL  follows  APB
Opinion 25.  The disclosures have not been made since we have expensed
approximately  the same amount as required by FASB 123.   For  options
outstanding  at December 31, 1997, exercise prices range from  $20.625
to  $26.188 and the weighted-average remaining contractual life is 6.6
years.

<PAGE>

Stock option activity over the last three years is summarized below:
                                 1997           1996          1995
                            shares price*  shares price*  shares price*
Outstanding at January 1   298,875 $22.96 266,125 $22.14 197,375 $21.87
  Granted                      ---     --  59,000  26.19  68,750  23.06
  Exercised                (33,625) 21.94 (26,250) 22.27     ---     --
Outstanding at December 31 265,250 $23.12 298,875 $22.96 266,125 $22.18
Exercisable as of
  December 31              235,750 $22.73 206,500 $22.02 162,813 $22.14
*weighted-average exercise price

3. INCOME TAXES

Income tax expense consisted of the following:
                                          1997        1996      1995
                                                  (thousands)
Current income taxes:
  Federal                                 $2,801     $35,816   $69,697
  State                                    4,348       8,762    11,944
     Total                                 7,149      44,578    81,641

Deferred income taxes, net:
  Federal                                  4,108      (7,441)   (3,152)
  State                                      672      (1,221)     (116)
     Total                                 4,780      (8,662)   (3,268)

Investment tax credit amortization
  and reversals                           (3,850)     (4,163)  (11,570)
     Total income tax expense             $8,079     $31,753   $66,803


KCPL's  effective income tax rates differed from the statutory federal
rates mainly due to the following:
                                            1997      1996      1995

Federal statutory income tax rate           35.0%     35.0%     35.0%
Differences between book and tax
  depreciation not normalized                3.7      (0.4)      1.2
Amortization of investment tax credits      (4.5)     (3.0)     (2.5)
Income    tax    credits                   (26.0)     (9.1)     (2.3)
State income taxes                           3.9       3.5       4.1
Other                                       (2.6)     (3.3)     (0.2)
     Effective income tax rate               9.5%     22.7%     35.3%

<PAGE>

The  tax  effects of major temporary differences resulting in deferred
tax assets and liabilities in the balance sheets are as follows:
December 31                                        1997        1996
                                                     (thousands)

Plant related                                   $ 558,629    $ 562,287
Recoverable taxes                                  48,000       49,000
Other                                              31,402       29,165
     Net deferred income tax liability          $ 638,031    $ 640,452

The net deferred income tax liability consisted of the following:
December 31                                        1997        1996
                                                       (thousands)

Gross  deferred income tax assets               $ (61,358)   $ (60,979)
Gross deferred income tax liabilities             699,389      701,431
     Net deferred income tax liability          $ 638,031    $ 640,452

4. COMMITMENTS AND CONTINGENCIES

Nuclear Liability and Insurance

     Liability Insurance

    The  Price-Anderson  Act  currently  limits  the  combined  public
    liability  of  nuclear reactor owners to $8.9 billion  for  claims
    that  could arise from a single nuclear incident.  The  owners  of
    Wolf  Creek  (the  Owners) carry the maximum available  commercial
    insurance of $0.2 billion.  The remaining $8.7 billion balance  is
    provided  by  Secondary Financial Protection (SFP), an  assessment
    plan mandated by the Nuclear Regulatory Commission.

    Under   SFP,  if  there  were  a  catastrophic  nuclear   incident
    involving any of the nation's licensed reactors, the Owners  would
    be  subject to a maximum retrospective assessment per incident  of
    up  to  $79  million ($37 million, KCPL's share).  The Owners  are
    jointly and severally liable for these charges, payable at a  rate
    not  to exceed $10 million ($5 million, KCPL's share) per incident
    per  year,  excluding applicable premium taxes.   The  assessment,
    most  recently  revised  in  1993,  is  subject  to  an  inflation
    adjustment every five years based on the Consumer Price Index.

     Property, Decontamination and Premature Decommissioning Insurance

    The  Owners  also carry $2.8 billion ($1.3 billion, KCPL's  share)
    of  property damage, decontamination and premature decommissioning
    insurance  for  loss  resulting from  damage  to  the  Wolf  Creek
    facilities.   This  insurance  is  provided  by  Nuclear  Electric
    Insurance Limited (NEIL).

    In the event of an accident, insurance proceeds must first be used
    for reactor stabilization and site decontamination.  KCPL's share
    of any remaining proceeds can be used for property damage restoration
    and premature decommissioning costs. Premature decommissioning coverage
    applies only if an accident at Wolf Creek exceeds $500 million in 

<PAGE>

    property damage and decontamination expenses, and only after trust 
    funds have been exhausted  (see Note 1 - Nuclear Plant Decommissioning
    Costs).

     Extra Expense Insurance - Including Replacement Power

    The  Owners  also carry additional insurance from  NEIL  to  cover
    costs  of  replacement power and other extra expenses incurred  in
    the   event  of  a  prolonged  outage  resulting  from  accidental
    property damage at Wolf Creek.

     Retrospective Assessments
     
           Under  all  NEIL policies, KCPL is subject to retrospective
     assessments  if  NEIL losses, for each policy  year,  exceed  the
     accumulated  funds  available to the insurer under  that  policy.
     The estimated maximum amount of retrospective assessments to KCPL
     under the current policies could total about $9 million.
     
     Other
     
           In  the  event  of a catastrophic loss at Wolf  Creek,  the
     insurance  coverage may not be adequate to cover property  damage
     and extra expenses incurred.  Uninsured losses, to the extent not
     recovered through rates, would be assumed by KCPL and could  have
     a  material,  adverse  effect on KCPL's financial  condition  and
     results of operations.

Nuclear Fuel Commitments

      As  of  December 31, 1997, KCPL's portion of Wolf Creek  nuclear
fuel commitments included $35 million for enrichment through 2003, $68
million  for fabrication through 2025 and $10 million for uranium  and
conversion through 2001.

Environmental Matters

      KCPL's  operations  must comply with federal,  state  and  local
environmental  laws and regulations.  The generation and  transmission
of  electricity  uses,  produces  and  requires  disposal  of  certain
products  and by-products, including polychlorinated biphenyl  (PCBs),
asbestos  and  other  potentially hazardous  materials.   The  Federal
Comprehensive  Environmental Response, Compensation and Liability  Act
(the  Superfund  law) imposes strict joint and several  liability  for
those  who  generate,  transport  or deposit  hazardous  waste.   This
liability  extends  to the current property owner  as  well  as  prior
owners since the time of contamination.

      We  continually conduct environmental audits designed to  detect
contamination  and  ensure  compliance with governmental  regulations.
However,   compliance  programs  needed  to  meet   new   and   future
environmental  laws and regulations governing water and  air  quality,
including  carbon  dioxide  emissions, hazardous  waste  handling  and
disposal, toxic substances and the effects of electromagnetic  fields,
could require substantial changes to operations or facilities.

Coal Contracts

      KCPL's share of coal purchased under existing contracts was $38,
$36 and $42 million in 1997, 1996 and 1995, respectively.  Under these
coal  contracts, KCPL's remaining share of purchase commitments totals
$91  million. Obligations for the years 1998 through 2002  total  $33,
$20,  $9,  $9 and $9 million, respectively.  The remainder  of  KCPL's
coal  requirements  will be fulfilled through spot  market

<PAGE>

purchases.  KCPL has freight commitments for delivery of coal for the
next  five years of approximately $20 million per year.

Leases

      KCPL has a transmission line lease with another utility whereby,
with  FERC  approval,  the rental payments can  be  increased  by  the
lessor.   If  this occurs, we can cancel the lease if we are  able  to
secure an alternative transmission path.  Commitments under this lease
total  $2 million per year and $52 million over the remaining life  of
the lease if it is not canceled.

      Rental  expense  for other leases including  railcars,  computer
equipment,  buildings, transmission line and other items  was  $20  to
$22  million  per  year  during the last three years.   The  remaining
rental commitments under these leases total $167 million.  Obligations
for the years 1998 through 2002 average $15 million per year.  Capital
leases are not material and are included in these amounts.

      As the managing partner of three jointly-owned generating units,
we  have  entered into leases for railcars to serve those units.   The
entire  lease  commitment is reflected in the above  amounts  although
about  $2  million per year ($29 million total) will be reimbursed  by
the other owners.

      KCPL  has a lease agreement for a combustion turbine.  The lease
term  expires  in  1999.   The  lease is not  included  in  the  lease
commitments  disclosed above as lease payments will  not  begin  until
construction of the turbine is completed and accepted by KCPL.  Rental
payments  will  be based on a variable London InterBank  Offered  Rate
(LIBOR)  and will depend on the final capitalized cost.  The operating
lease will be up to a $50 million commitment.

Purchased Capacity Commitments

       We  purchase  capacity  from  other  utilities  and  nonutility
suppliers.  Purchased capacity gives us the option to purchase  energy
if  needed or when market prices are favorable. This provides a  cost-
effective alternative to new construction.   As of December 31,  1997,
contracts to purchase capacity total $248 million through 2016. During
1997, 1996 and 1995, capacity purchases were $26, $26 and $17 million,
respectively.   For  the  years 1998 through 2002,  these  commitments
average  $22 million per year.  For each of the next five  years,  net
capacity  purchases represent about 8% of KCPL's 1997 total  available
capacity.

5. SECURITIES AVAILABLE FOR SALE

  KLT held a $5.0 million investment in convertible preferred stock of
CellNet  Data  Systems,  Inc. (CellNet).  In  September  1996  CellNet
completed  a  public offering triggering conversion of  the  preferred
stock  into common stock.  As a result of the conversion, the carrying
value  of  the  investment at December 31, 1996 was  adjusted  to  its
market  value of $15.2 million.  The $10.2 million increase in  market
value  over  original cost resulted in an unrealized gain at  December
31, 1996, of $6.5 million (net of deferred taxes of $3.7 million).  At
December 31, 1997, the market value of the investment was $8.0 million
resulting in a decrease in the unrealized gain to $1.9 million (net of
deferred taxes of $1.1 million).

6. COSTANERA INVESTMENT

     In 1997 KLT invested $46 million for a 12 percent ownership in the
largest fossil-fueled generator in Argentina.  The investment is not adjusted 
to fair value because the fair value of the acquired Class A stock is not
readily determinable.  Because of a legally binding consortium and

<PAGE>

stockholders contract requiring the Class A shareholders to authorize
the maximum dividend distribution, KLT accrued $3.4 million of estimated
dividends prior to actual declaration.

7. INTANGIBLE ASSETS

       The   application  of  purchase  accounting  for  certain   KLT
investments   during  1997  resulted  in  $12  million   of   goodwill
recognition.  These amounts are included in Other deferred charges  on
the balance sheet and are being amortized over 10 to 15 years.

8. SALE OF ACCOUNTS RECEIVABLE

      As  of  December  31,  1997 and 1996, an undivided  interest  in
$60  million of designated customer accounts receivable was sold  with
limited  recourse.  Related costs of $3.6, $3.5 and $3.8  million  for
1997,  1996 and 1995, respectively, were included in Other Income  and
(Deductions) - Miscellaneous deductions.

9. SHORT-TERM BANK LINES OF CREDIT

     As of December 31, 1997 and 1996, under minimal fee arrangements,
unused  short-term bank lines of credit totaled $300 million and  $280
million, respectively.

10.  COMMON STOCK EQUITY, PREFERRED STOCK, REDEEMABLE PREFERRED  STOCK
AND MANDATORILY REDEEMABLE PREFERRED SECURITIES

Common Stock Equity

      KCPL  has  shares of common stock registered with the Securities
and Exchange Commission for a Dividend Reinvestment and Stock Purchase
Plan  (the  Plan). The Plan allows common shareholders, directors  and
employees  to  purchase  shares of the  common  stock  by  reinvesting
dividends   or  making  optional  cash  payments.   We  are  currently
purchasing shares for the Plan on the open market.

      As  of   December 31, 1997 and 1996, KCPL held 35,811 and 12,907
shares  of  its  common  stock  to be used  for  future  distribution,
respectively.  The cost of these shares is included in Investments and
Nonutility Property.

      The  Restated  Articles of Consolidation contain  a  restriction
related  to the payment of dividends in the event common equity  falls
to  25% of total capitalization.  If preferred stock dividends are not
declared and paid when scheduled, KCPL could not declare or pay common
stock  dividends  or  purchase  any  common  shares.   If  the  unpaid
preferred stock dividends equal four or more full quarterly dividends,
the  preferred  shareholders, voting as a single  class,  could  elect
members to the Board of Directors.

Preferred Stock and Redeemable Preferred Stock

      Scheduled mandatory sinking fund requirements for the redeemable
4%  Cumulative  Preferred  Stock are 1,600 shares  per  year.   Shares
issued  as of December 31 totaled 11,157 in 1997 and 12,757  in  1996.
Shares  held  by  KCPL, at December 31, to meet  future  sinking  fund
requirements totaled 10,534 in 1997 and 12,134 in 1996.  The  cost  of
the shares held is reflected as a reduction of the capital account.

<PAGE>

      As  of  December  31,  1997,  0.4 million  shares  of  $100  par
Cumulative  Preferred Stock, 1.6 million shares of Cumulative  No  Par
Preferred Stock and 11 million shares of no par Preference Stock  were
authorized.   We have the option to redeem the $89 million  Cumulative
Preferred Stock at prices approximating par or stated value.

Mandatorily Redeemable Preferred Securities

     In April 1997 KCPL Financing I (Trust), a wholly-owned subsidiary
of  KCPL, issued $150,000,000 of 8.3% preferred securities.  The  sole
asset of the Trust is the $154,640,000 principal amount of 8.3% Junior
Subordinated Deferrable Interest Debentures, due 2037, issued by KCPL.
The  terms and interest payments on these debentures correspond to the
terms  and  dividend  payments  on the  preferred  securities.   These
payments  are  reflected  as Miscellaneous  Interest  Charges  in  the
Consolidated Statement of Income and are tax deductible by  KCPL.   We
may elect to defer interest payments on the debentures for a period up
to 20 consecutive quarters, causing dividend payments on the preferred
securities  to  be deferred as well.  In case of a deferral,  interest
and   dividends   will  continue  to  accrue,  along  with   quarterly
compounding interest on the deferred amounts.  We may redeem all or  a
portion  of  the debentures after March 31, 2002, requiring  an  equal
amount  of  preferred securities to be redeemed  at  face  value  plus
accrued  and  unpaid distributions.  The back-up undertakings  in  the
aggregate provide a full and unconditional guarantee of amounts due on
the preferred securities.

11. LONG-TERM DEBT

General Mortgage Bonds and Unsecured Notes

      KCPL  is  authorized to issue mortgage bonds under  the  General
Mortgage  Indenture  and  Deed of Trust dated  December  1,  1986,  as
supplemented.   The Indenture creates a mortgage lien on substantially
all utility plant.

     As of December 31, 1997, $627 million general mortgage bonds were
pledged  under  the  Indenture to secure the  outstanding  medium-term
notes and revenue refunding bonds.

      KCPL is also authorized to issue up to $300 million in unsecured
medium-term  notes under an indenture dated December  1,  1996.   This
indenture  prohibits  KCPL  from issuing additional  general  mortgage
bonds  while any unsecured notes are outstanding.  As of December  31,
1996 and 1997, no unsecured notes had been issued.

Interest Rate Swap and Cap Agreements

      As  of December 31, 1997, we had entered into four interest rate
swap  agreements and two cap agreements to limit the interest rate  on
$90 million of long-term debt.  The swap agreements mature in 1998 and
effectively  fix  the interest rates on $50 million  of  variable-rate
debt to a weighted-average rate of 3.63% as of December 31, 1997.  The
cap agreements limit the interest rate on $40 million of variable-rate
debt to 5.0% expiring in 1998.

      As  of December 31, 1996, we had entered into five interest rate
swap agreements and three cap agreements limiting the interest rate on
$120  million of long-term debt.  The swap agreements mature from 1997
to  1998  and effectively fixed the interest rates on $60  million  of
variable-rate debt to a weighted-average rate of 3.84% as of  December
31, 1996.  The cap agreements limited the interest rate on $60 million
of variable-rate debt to 5.0% expiring through 1998.

<PAGE>

      These  swap  and  cap agreements are with several  highly  rated
financial  institutions and simply limit KCPL's exposure to  increases
in interest rates.  They do not subject KCPL to any material credit or
market risks.  The fair value of these agreements is immaterial and is
not  reflected in the financial statements.  Although derivatives  are
an integral part of KCPL's interest rate management, their incremental
effect on interest expense for 1997 and 1996 was insignificant.

Subsidiary Obligations

       KLT has a long-term revolving line of credit agreement for $150
million   collateralized  by  the  capital  stock  of   KLT's   direct
subsidiaries.  The affordable housing notes are collateralized by  the
affordable  housing  investments.   At  December  31,  1997,  KLT  has
approximately $3.5 million of notes related to the 1997 acquisition of
Simmons  of which $950,000 are classified as current maturities.   The
Simmons notes are collateralized by the Simmons stock.

Scheduled Maturities

      Long-term  debt maturities for the years 1998 through  2002  are
$74, $192, $67, $92 and $37 million, respectively.

12. JOINTLY-OWNED ELECTRIC UTILITY PLANTS

     Joint ownership agreements with other utilities provide undivided
interests  in utility plants as of December 31, 1997, as  follows  (in
millions of dollars):

                                        Wolf Creek  LaCygne    Iatan
                                           Unit      Units      Unit
KCPL's share                                47%       50%        70%

Utility plant in service                $ 1,344    $  296    $   244
Estimated accumulated depreciation
  (production plant only)               $   391    $  180    $   137
Nuclear  fuel, net                      $    42    $    -    $     -
KCPL's accredited capacity-megawatts        547       677        469

      Each  owner  must fund its own portion of the plant's  operating
expenses and capital expenditures. KCPL's share of direct expenses  is
included in the appropriate operating expense classifications  in  the
income  statement.  Western Resources, Inc. (Western  Resources)  also
owns a 47% share of the Wolf Creek unit and a 50% share of the LaCygne
units (see Note 13).

13. AGREEMENT AND PLAN OF MERGER WITH WESTERN RESOURCES

      On February 7, 1997, KCPL and Western Resources entered into  an
Agreement  and  Plan  of  Merger (the  Merger  Agreement)  to  form  a
strategic  business combination.     Western Resources first delivered
an  unsolicited exchange offer to KCPL's Board of Directors during the
second  quarter  of  1996.  This initial offer,  subject  to  numerous
conditions, proposed the exchange of $28 (later increased to  $31)  of
Western  Resources stock for each share of KCPL stock.  After  careful
consideration,  KCPL's Board of Directors rejected  both  offers.   In
July  1996  Western  Resources commenced an exchange  offer  for  KCPL
common  stock.   In late 1996 KCPL began discussing a possible  merger
with Western Resources leading to the Merger Agreement.

<PAGE>      

      In  December  1997 KCPL canceled a previously scheduled  special
meeting  of  shareholders to vote on the transaction  because  Western
Resources  advised  KCPL  that its investment bankers,  Salomon  Smith
Barney, had indicated that it was unlikely that Salomon would be in  a
position to issue a fairness opinion for the merger transaction on the
basis  of the previously announced terms.  The companies are currently
exploring  other alternatives on which a transaction could  be  based.
It  is  impossible  to  predict the outcome of these  efforts  at  the
present time.

      In  1997 KCPL incurred and deferred $7 million of merger-related
costs.   Because of the December 1997 announcement, generally accepted
accounting  principles  required these deferred  merger  costs  to  be
expensed  even though discussions and negotiations of the  transaction
continue.

      The current Merger Agreement does not allow KCPL to increase its
common   stock  dividend.   It  also  requires  KCPL  to  redeem   all
outstanding  shares of cumulative preferred stock prior to  completion
of any merger.  The current Merger Agreement can be terminated on June
30, 1998, under certain circumstances, if shareholder approval has not
been obtained.  However, if the current Merger Agreement is terminated
under  certain other circumstances, a payment of $50 million  will  be
due  Western  Resources  if, within two and one-half  years  following
termination, KCPL agrees to consummate a business combination  with  a
third party that made a proposal to combine prior to termination.

14. QUARTERLY OPERATING RESULTS (UNAUDITED)

                                               Quarter
                                 1st       2nd        3rd       4th
                                              (millions)
1997
Operating revenues              $  195    $  215    $  290     $ 196
Operating income                    28        37        73        25
Net income                         (15)       24        58        10
Basic and diluted earnings
  per common share              $(0.26)   $ 0.37    $ 0.92     $0.14


                                               Quarter
                                 1st       2nd        3rd       4th
                                              (millions)
1996
Operating revenues              $  207    $  226    $  270     $  201
Operating income                    35        42        68         33
Net income                          25        27        36         20
Basic and diluted earnings 
  per common share              $ 0.38    $ 0.43    $ 0.57     $ 0.31

      The quarterly data is subject to seasonal fluctuations with peak
periods occurring during the summer months.

      In February 1997 KCPL paid UtiliCorp United Inc. (UtiliCorp) $53
million for agreeing to combine with Western Resources within two  and
one-half years from the termination of KCPL's agreement to merge  with
UtiliCorp.   This  agreement was terminated due  to  failure  of  KCPL
shareholders to approve the transaction with UtiliCorp.  Additionally,
$7 million of merger-related costs were expensed in December 1997 (see
Note 13).

<PAGE>

      As  a result of terminating the merger agreement with UtiliCorp,
$13  million  in  previously deferred merger costs and  a  $5  million
termination  fee  were expensed lowering 1996 third quarter  earnings.
During  1996  about  $13  million in costs to defend  against  Western
Resources' unsolicited exchange offer were expensed ($5 million during
the second quarter and $8 million during the third quarter).

15. SUBSEQUENT EVENT

      On  January  6,  1998  the KCC approved a  settlement  agreement
authorizing  a  $14.2 million revenue reduction  and  an  increase  in
depreciation expense of $2.8 million effective January 1, 1998.

<PAGE>

                  REPORT OF INDEPENDENT ACCOUNTANTS

To the Shareholders and Board of Directors
Kansas City Power & Light Company:

      We  have audited the consolidated financial statements of Kansas
City  Power & Light Company and Subsidiary listed in the index on page
48   of   this  Form  10-K.   These  financial  statements   are   the
responsibility of the Company's management.  Our responsibility is  to
express an opinion on these financial statements based on our audits.

      We  conducted  our audits in accordance with generally  accepted
auditing standards.  Those standards require that we plan and  perform
the  audit  to obtain reasonable assurance about whether the financial
statements  are  free  of material misstatement.   An  audit  includes
examining,  on  a  test  basis, evidence supporting  the  amounts  and
disclosures  in  the  financial statements.  An  audit  also  includes
assessing  the  accounting principles used and  significant  estimates
made  by  management,  as  well as evaluating  the  overall  financial
statement  presentation.   We  believe  that  our  audits  provide   a
reasonable basis for our opinion.

      In  our  opinion,  the financial statements  referred  to  above
present  fairly, in all material respects, the consolidated  financial
position  of  Kansas City Power & Light Company and Subsidiary  as  of
December  31,  1997 and 1996, and the consolidated  results  of  their
operations  and their cash flows for each of the three  years  in  the
period  ended December 31, 1997, in conformity with generally accepted
accounting principles.

                                        /s/Coopers & Lybrand L.L.P.
                                          COOPERS & LYBRAND L.L.P.

Kansas City, Missouri
January 30, 1998

<PAGE>

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

    None.



                          PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

    DIRECTORS

    See General Note to Part III.

    EXECUTIVE OFFICERS

      See  Part  I,  page  7,  entitled  "Officers  of   the
Registrant."


ITEM 11.  EXECUTIVE COMPENSATION

    See General Note to Part III.


ITEM  12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL  OWNERS
AND MANAGEMENT

    See General Note to Part III.


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

    None.

General Note To Part III

     Pursuant  to  General Instruction G to Form  10-K,  the
other  information required by Part III (Items 10,  11,  and
12)  of  Form  10-K  not  disclosed  above  will  be  either
(i)  incorporated  by  reference  to  the  Definitive  Proxy
Statement  for  KCPL's 1998 Annual Meeting of  Shareholders,
filed  with the Securities and Exchange Commission not later
than  April  30, 1998, or (ii) included in an  amendment  to
this report filed with the Commission on Form 10-K/A.

<PAGE>

                        PART IV
      
ITEM  14.  EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES,   AND
REPORTS ON FORM 8-K

                                                                  Page
                                                                   No.
                                                                  ____
FINANCIAL STATEMENTS

a.  Consolidated Statements of Income and Consolidated             25
    Statements of Retained Earnings for the years ended
    December 31, 1997, 1996, and 1995

b.  Consolidated Balance Sheets - December 31, 1997, and 1996      26

c.  Consolidated Statements of Cash Flows for the years ended      27
    December 31, 1997, 1996, and 1995

d.  Consolidated Statements of Capitalization - December 31, 1997  28
    and 1996

e.  Notes to Consolidated Financial Statements                     29

f.  Report of Independent Accountants                              46

EXHIBITS

Exhibit
Number                   Description of Document
_______                  _______________________

2      *Amendment and Plan of Merger (Exhibit (2)-1 to Form 8-K dated 
        February 11,  1997).
3-a    *Restated  Articles of Consolidation  of  KCPL dated  as  of 
        May 5, 1992 (Exhibit 4 to Registration Statement, Registration 
        No. 33-54196).
3-b    *By-laws of KCPL, as amended and in effect  on August  6,  1996 
        (Exhibit 3(ii) to  Form 10-Q  dated September 30, 1996).
4-a    *General Mortgage and Deed of Trust  dated  as of  December  1, 
        1986, between KCPL  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-b    *Third  Supplemental  Indenture  dated  as  of April 1, 1991, to
        Indenture dated as of December  1, 1986   (Exhibit  4-aq  to  
        Registration   Statement, Registration No. 33-42187).
4-c    *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  year ended December 31, 1991).
4-d    *Fifth  Supplemental  Indenture  dated  as  of
        September  15,  1992,  to  Indenture  dated  as   of
        December  1,  1986 (Exhibit 4-a to Form  10-Q  dated
        September 30, 1992).
4-e    *Sixth  Supplemental  Indenture  dated  as  of
        November   1,  1992,  to  Indenture  dated   as   of
        December   1,  1986  (Exhibit  4-z  to  Registration
        Statement, Registration No. 33-54196).

<PAGE>


4-f    *Seventh  Supplemental Indenture dated  as  of
        October  1, 1993, to Indenture dated as of  December 1,   
        1986   (Exhibit   4-a  to   Form   10-Q   dated
        September 30, 1993).
4-g    *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-h    *Ninth  Supplemental  Indenture  dated  as  of
        February  1, 1994, to Indenture dated as of December 1,  
        1986  (Exhibit 4-h to Form 10-K for  year  ended
        December 31, 1993).
4-i    *Tenth  Supplemental  Indenture  dated  as  of
        November  1, 1994, to Indenture dated as of December 1,  
        1986  (Exhibit 4-I to Form 10-K for  year  ended
        December 31, 1994).
4-j    *Resolution of Board of Directors Establishing
        3.80%  Cumulative Preferred Stock  (Exhibit  2-R  to
        Registration Statement, Registration No. 2-40239).
4-k    *Resolution of Board of Directors Establishing
        4%   Cumulative  Preferred  Stock  (Exhibit  2-S  to
        Registration Statement, Registration No. 2-40239).
4-l    *Resolution of Board of Directors Establishing
        4.50%  Cumulative Preferred Stock  (Exhibit  2-T  to
        Registration Statement, Registration No. 2-40239).
4-m    *Resolution   of  Board  of  Directors  Establishing
        4.20%  Cumulative Preferred Stock  (Exhibit  2-U  to
        Registration Statement, Registration No. 2-40239).
4-n    *Resolution of Board of Directors Establishing
        4.35%  Cumulative Preferred Stock  (Exhibit  2-V  to
        Registration Statement, Registration No. 2-40239).
4-o    *Certificate  of  Designation  of  Board   of
        Directors  Establishing  the $50,000,000  Cumulative
        No Par Preferred Stock, Auction Series A (Exhibit 4-
        a to Form 10-Q dated March 31, 1992).
4-p    *Indenture for Medium-Term Note Program  dated
        as  of  April 1, 1991, between KCPL and The Bank  of
        New  York  (Exhibit 4-bb to Registration  Statement,
        Registration No. 33-42187).
4-q     *Indenture for Medium-Term Note Program  dated
        as  of February 15, 1992, between KCPL and The  Bank
        of   New   York   (Exhibit  4-bb   to   Registration
        Statement, Registration No. 33-45736).
4-r    *Indenture for Medium-Term Note Program  dated
        as  of November 15, 1992, between KCPL and The  Bank
        of   New   York   (Exhibit  4-aa   to   Registration
        Statement, Registration No. 33-54196).
4-s    *Indenture for Medium-Term Note Program  dated
        as  of  November 17, 1994, between KCPL and  Merrill
        Lynch  & Co., Merrill Lynch, Pierce, Fenner &  Smith
        Incorporated and Smith Barney Inc. (Exhibit  4-s  to
        Form 10-K for year ended December 31, 1994).
4-t    *Indenture for Medium-Term Note Program  dated
        as  of  December 1, 1996, between KCPL and The  Bank
        of  New  York (Exhibit 4 to Registration  Statement,
        Registration No. 333-17285).
4-u    *Amended and Restated Declaration of Trust  of
        KCPL  Financing I dated April 15, 1997 (Exhibit  4-a
        to Form 10-Q for quarter ended March 31, 1997).
4-v    *Indenture  dated as of April 1, 1997  between
        the  Company and The First National Bank of Chicago,
        Trustee (Exhibit 4-b to Form 10-Q for quarter  ended
        March 31, 1997).
4-w    *First  Supplemental  Indenture  dated  as  of
        April 1, 1997 to the Indenture dated as of April  1,
        1997  between  the  Company and The  First  National
        Bank  of Chicago, Trustee (Exhibit 4-c to Form  10-Q
        for quarter ended March 31, 1997).
4-x    *Preferred  Securities  Guarantee   Agreement
        dated  April 15, 1997 (Exhibit 4-d to Form 10-Q  for
        quarter ended March 31, 1997).
10-a   *Copy  of  Wolf  Creek Generating Station  Ownership
        Agreement   between  Kansas  City  Power   &   Light
        Company, Kansas Gas and Electric Company 

<PAGE>
        and Kansas Electric Power Cooperative, Inc. (Exhibit
        10-d to Form 10-K for the year ended December 31, 1981).
10-b   *Copy of Receivables Purchase Agreement dated as  of
        September   27,   1989,  between  KCPL,   Commercial
        Industrial Trade-Receivables Investment Company  and
        Citicorp North America, Inc. (Exhibit 10-p  to  Form
        10-K for year ended December 31, 1989).
10-c   *Copy   of   Amendment   to   Receivables   Purchase
        Agreement dated as of August 8, 1991, between  KCPL,
        Commercial  Industrial Trade-Receivables  Investment
        Company  and  Citicorp North America, Inc.  (Exhibit
        10-m  to  Form  10-K  for year  ended  December  31,
        1991).
10-d   *Long-Term   Incentive   Plan   (Exhibit    28    to
        Registration Statement, Registration 33-42187).
10-e   *Long-  and Short-Term Incentive Compensation  Plan,
        dated  January 1, 1997 (Exhibit 10-e  to  Form  10-K
        for year ended December 31, 1996).
10-f   *Copy  of Indemnification Agreement entered into  by
        KCPL   with  each  of  its  officers  and  directors
        (Exhibit   10-f   to  Form  10-K  for   year   ended
        December 31, 1995).
10-g   *Copy  of Severance Agreement entered into  by  KCPL
        with  certain of its executive officers (Exhibit  10
        to Form 10-Q dated June 30, 1993).
10-h   *Copy  of  Amendment  to Severance  Agreement  dated
        January  15, 1996, entered into by KCPL with certain
        of its executive officers (Exhibit  10-h to Form 10-
        K dated December 31, 1995).
10-i   *Copy  of  Amendment  to Severance  Agreement  dated
        January,  1997 entered into by KCPL with certain  of
        its  executive officers (Exhibit 10-I to  Form  10-K
        for year ended December 31, 1996).
10-j   *Copy  of  Supplemental  Executive  Retirement   and
        Deferred  Compensation Plan (Exhibit  10-h  to  Form
        10-K for year ended December 31, 1993).
10-k   *Copy   of   $50  million  Letter  of   Credit   and
        reimbursement  agreement  dated  as  of  August  19,
        1993,  with The Toronto-Dominion Bank (Exhibit  10-i
        to Form 10-K for year ended December 31, 1993).
10-l   *Copy   of   $56  million  Letter  of   Credit   and
        Reimbursement  Agreement  dated  as  of  August  19,
        1993,   with   Societe  Generale,   Chicago   Branch
        (Exhibit   10-j   to  Form  10-K  for   year   ended
        December 31, 1993).
10-m   *Copy   of   $50  million  Letter  of   Credit   and
        Reimbursement  Agreement  dated  as  of  August  19,
        1993,  with The Toronto-Dominion Bank (Exhibit  10-k
        to Form 10-K for year ended December 31, 1993).
10-n   *Copy   of   $40  million  Letter  of   Credit   and
        Reimbursement  Agreement  dated  as  of  August  19,
        1993, with Deutsche Bank AG, acting through its  New
        York  and Cayman Islands Branches (Exhibit  10-l  to
        Form 10-K for year ended December 31, 1993).
10-o   *Copy  of Railcar Lease dated as of April 15,  1994,
        between    Shawmut   Bank   Connecticut,    National
        Association, and KCPL (Exhibit 10 to Form  10-Q  for
        period ended June 30, 1994).
10-p   *Copy  of  Amendment  No. 2 to Receivables  Purchase
        Agreement between KCPL and Ciesco L.P. and  Citicorp
        North  America, Inc. (Exhibit 10 to  Form  10-Q  for
        period ended September 30, 1994).
10-q   *Copy  of  Railcar  Lease dated as  of  January  31,
        1995,  between First Security Bank of Utah, National
        Association,  and KCPL (Exhibit 10-o  to  Form  10-K
        for year ended December 31, 1994).
10-r   *Copy  of  Lease Agreement dated as of  October  18,
        1995,  between  First Security Bank of  Utah,  N.A.,
        and  KCPL (Exhibit 10 to Form 10-Q for period  ended
        September 30, 1995).
12      Computation  of  Ratios  of  Earnings  to  Fixed
        Charges.
23-a    Consent of Counsel.
23-b    Consent of Independent Accountants--Coopers  &
        Lybrand L.L.P.

<PAGE>

24      Powers of Attorney.
27      Financial Data Schedules (filed electronically).

  *  Filed  with  the Securities and Exchange Commission  as
exhibits   to  prior  registration  statements  (except   as
otherwise  noted) and are incorporated herein  by  reference
and  made a part hereof.  The exhibit number and file number
of  the  documents  so  filed, and  incorporated  herein  by
reference,  are stated in parenthesis in the description  of
such exhibit.

   Copies  of  any of the exhibits filed with the Securities
and Exchange Commission in connection with this document may
be obtained from KCPL upon written request.

REPORTS ON FORM 8-K

   A  report on Form 8-K was filed on January 6, 1998,  with
attached  press  release  dated December  19,  1997,  issued
jointly by KCPL and Western Resources, Inc.

<PAGE>
                           SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) of  the
Securities  Exchange Act of 1934, the registrant has duly  caused
this  report  to  be  signed on its behalf  by  the  undersigned,
thereunto duly authorized, in the City of Kansas City, and  State
of Missouri on the 13th day of March, 1998.

                           KANSAS CITY POWER & LIGHT COMPANY

                           By /s/Drue Jennings
                              Chairman of the Board, President and
                              Chief Executive Officer

      Pursuant to the requirements of the Securities Act of 1934,
this  report  has been signed below by the following  persons  on
behalf  of the registrant and in the capacities and on the  dates
indicated.

      Signature                     Title                    Date
      _________                     _____                    ____
                          Chairman of the Board and      )
/s/Drue Jennings          President (Principal           )
  (Drue Jennings)         Executive Officer)             )
                                                         )
                          Executive Vice President-Chief )
/s/Bernard J. Beaudoin    Financial Officer (Principal   )
  (Bernard J. Beaudoin)   Financial Officer)             )
                                                         )
/s/Neil A. Roadman        Controller (Principal          )
  (Neil A. Roadman)       Accounting Officer)            )
                                                         )
David L. Bodde*           Director                       )
                                                         )
William H. Clark*         Director                       ) March 13, 1998
                                                         )
Robert J. Dineen*         Director                       )
                                                         )
Arthur J. Doyle*          Director                       )
                                                         )
W. Thomas Grant II*       Director                       )
                                                         )
George E. Nettels, Jr.*   Director                       )
                                                         )
Linda Hood Talbott*       Director                       )
                                                         )
Robert H. West*           Director                       )
                                                         )

*By  /s/ Drue Jennings
        (Drue Jennings)
        Attorney-in-Fact