Great Plains Energy and KCP&L Announce Executive Leadership Changes

Bill Downey, president and chief operating officer, to retire in August, Terry Bassham appointed as his successor

KANSAS CITY, Mo.--(BUSINESS WIRE)-- Great Plains Energy (NYSE: GXP) and KCP&L announced today that Bill Downey will step down as president and chief operating officer of Great Plains Energy and KCP&L, effective May 2011. He will become executive vice chairman during his transition to his retirement from the company in August of this year. The company has appointed Terry Bassham, currently executive vice president of Utility Operations, to succeed Downey at its Board meeting earlier this week.

Over his eleven year career at the company, Downey was an instrumental part of transitioning KCP&L from a diversified energy services company to a fully regulated electric power business, operating under one brand name throughout multiple service territories. Under his leadership, KCP&L achieved top-tier customer satisfaction from JD Power and Associates, was recognized as the most reliable electric utility in the Midwest four times and successfully executed KCP&L’s Comprehensive Energy Plan, culminating in the completion of the 850 megawatt Iatan 2 coal-fired power plant. In 2002, Downey led KCP&L’s highly successful response to an ice storm which was the worst natural disaster in the company’s history.

“Bill has served KCP&L, our employees and our customers with great distinction for more than a decade,” said Mike Chesser, chairman and chief executive officer. “His leadership and strategic direction was critical in formulating and executing our Comprehensive Energy Plan. Most recently, his strategic vision and personal commitment was critical to the successful completion of our Iatan 2 power plant. Bill’s dedication and principled approach have positioned our company for future success.”

Downey noted that his time at KCP&L had been the most fulfilling of his more than thirty five year career in the energy industry. "I believe this is a great company serving a great community. The Kansas City region is caring and involved, and I am very proud to have had the opportunity to work with so many dedicated and wonderful people," he said. "For KCP&L it is not just about delivering reliable and affordable electricity. We want to improve life in the communities we serve. And for eleven years it has been my privilege to be a part of that tradition.”

During his tenure at KCP&L, Downey held numerous leadership roles in many civic and charitable organizations, including the chairman of the Kansas City Area Development Council and the annual campaign chairman and board chairman of the Greater Kansas City United Way. He is currently serving as treasurer and a member of the Executive Committee for the Greater Kansas City Chamber of Commerce.

Replacing Downey as president and chief operating officer of Great Plains Energy and KCP&L will be Terry Bassham, who is currently executive vice president of Utility Operations with management responsibility for all utility operations, including the Generation and Delivery divisions, Procurement, Safety, Human Resources and Facilities. Prior to being named to his current position in May 2010, Bassham served as KCP&L's executive vice president of finance and strategic development and chief financial officer.

As KCP&L’s chief financial officer, Bassham was responsible for the financing strategy behind the Comprehensive Energy Plan, maintaining KCP&L’s credit rating during the largest capital investment strategy in company history. In his role as CFO, Bassham also helped lead the transformation of KCP&L's business through the sale of Strategic Energy and the acquisition of Aquila. The acquisition doubled the company's workforce, significantly increased its service territory and has delivered more than $419 million in synergies.

"Terry brings twenty five years of leadership experience in the electric utility industry to his new position,” said Chesser. “Since he joined KCP&L, Terry has been instrumental in the execution of every key strategic initiative we have undertaken. Terry’s deep knowledge of the energy industry and well-rounded leadership credentials make him the perfect fit for this important role.”

About The Companies:

Headquartered in Kansas City, Mo., Great Plains Energy Incorporated (NYSE: GXP) is the holding company of Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company, two of the leading regulated providers of electricity in the Midwest. Kansas City Power & Light Company and KCP&L Greater Missouri Operations Company use KCP&L as a brand name. More information about the companies is available on the Internet at: www.greatplainsenergy.com or www.kcpl.com.

Forward-Looking Statements:

Statements made in this release that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, the outcome of regulatory proceedings, cost estimates of capital projects and other matters affecting future operations. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Great Plains Energy and KCP&L are providing a number of important factors that could cause actual results to differ materially from the provided forward-looking information. These important factors include: future economic conditions in regional, national and international markets and their effects on sales, prices and costs, including but not limited to possible further deterioration in economic conditions and the timing and extent of any economic recovery; prices and availability of electricity in regional and national wholesale markets; market perception of the energy industry, Great Plains Energy and KCP&L changes in business strategy, operations or development plans; effects of current or proposed state and federal legislative and regulatory actions or developments, including, but not limited to, deregulation, re-regulation and restructuring of the electric utility industry; decisions of regulators regarding rates the Companies can charge for electricity; adverse changes in applicable laws, regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to, air and water quality; financial market conditions and performance including, but not limited to, changes in interest rates and credit spreads and in availability and cost of capital and the effects on nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of terrorist acts; ability to carry out marketing and sales plans; weather conditions including, but not limited to, weather-related damage and their effects on sales, prices and costs; cost, availability, quality and deliverability of fuel; the inherent uncertainties in estimating the effects of weather, economic conditions and other factors on customer consumption and financial results; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays in the anticipated in-service dates and cost increases of generation, transmission, distribution or other projects; the inherent risks associated with the ownership and operation of a nuclear facility including, but not limited to, environmental, health, safety, regulatory and financial risks; workforce risks, including, but not limited to, increased costs of retirement, health care and other benefits; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. Other risk factors are detailed from time to time in Great Plains Energy’s and KCP&L’s quarterly reports on Form 10-Q and annual report on Form 10-K filed with the Securities and Exchange Commission. Each forward-looking statement speaks only as of the date of the particular statement. Great Plains Energy and KCP&L undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Great Plains Energy
Media:Katie McDonald, 816-556-2365
Director, Corporate & Customer Communications
[email protected]
or
Investors:
Tony Carreño, 816-654-1763
Director, Investor Relations
[email protected]

Source: Great Plains Energy