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Great Plains Energy Reports Full-Year And Fourth Quarter Results For 2012

Great Plains Energy Fourth Quarter:

GREAT PLAINS ENERGY INCORPORATED
Consolidated Earnings and Earnings Per Share
Three Months Ended December 31
(Unaudited)
                     
        Earnings per Great
Earnings Plains Energy Share
        2012       2011         2012       2011  
(millions)    
Electric Utility $ 6.4 $ 10.0 $ 0.04 $ 0.07
Other   (1.7 )     (8.1 )       (0.01 )     (0.06 )
Net income 4.7 1.9 0.03 0.01
Less: Net loss attributable to noncontrolling interest   -       0.2         -       -  
Net income attributable to Great Plains Energy 4.7 2.1 0.03 0.01
Preferred dividends       (0.4 )     (0.4 )       -       -  
Earnings available for common shareholders     $ 4.3     $ 1.7       $ 0.03     $ 0.01  
 

On a per-share basis, the primary driver contributing to the $0.02 increase during the fourth quarter of 2012 versus 2011 was an approximate $0.05 decrease in interest expense primarily due to the maturity of $500 million of 11.875 percent senior notes in early July 2012 and a lower interest rate on the refinanced debt that was underlying the Equity Units. This was partially offset by an estimated $0.03 decrease in margin primarily driven by increased fuel and purchased power expense at KCP&L Missouri where there is no fuel recovery mechanism.

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