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Great Plains Energy Reports Second Quarter 2012 Results

Stocks in this article: GXP

Great Plains Energy (NYSE: GXP) today announced second quarter 2012 earnings of $57.7 million or $0.41 per share of common stock outstanding, compared with second quarter 2011 earnings of $43.0 million or $0.31 per share. The Company also announced it is reaffirming its 2012 earnings guidance range of $1.20 to $1.40 per share.

The increase in the second quarter 2012 earnings compared to 2011 reflected much warmer weather than a year ago. During the quarter, cooling degree days were 30 percent above the same period last year and 56 percent above normal. Solid operational performance also contributed to favorable results for the quarter.

For the first six months of 2012, earnings were $48.2 million or $0.34 per share, compared to $45.0 million or $0.32 per share for the same period last year. Unfavorable weather reflected by a 34 percent decrease in heating degree days during the first quarter more than offset the impact of the increase in cooling degree days during the second quarter.

“Despite the challenging conditions caused by the record-setting temperatures that have impacted our service territory, our employees have done an exceptional job maintaining our system and serving our customers with outstanding reliability,” stated Terry Bassham, President and CEO of Great Plains Energy.

As a result of the extreme heat, Kansas City Power & Light Company (KCP&L) recently announced it has expanded its Connections programs to assist customers with their electric bills. The programs target low-income customers and senior citizens and include a new Family Relief Fund that will provide bill credits for qualifying customers with children living at home to help reduce the impact of the extreme heat on family budgets. In addition, KCP&L has extended its Economic Relief Pilot program that provides year-round financial assistance to low income customers.

“We are mindful of those most in need across our service territory and our expanded Connections programs will provide assistance to customers during this challenging period,” continued Bassham.

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