Aquila expects third-quarter EPS to be up more than 37%

KANSAS CITY, Mo., Oct. 24, 2001 – Aquila, Inc. announced today that it expects third-quarter earnings per share to be more than 37 percent greater than its results in last year’s third quarter.

The company expects to report net income of approximately $37 million or $.37 per share, compared to $23 million or $.27 per share earned in the 2000 period.

For the full year, Aquila expects net income in the range of $215 to $225 million, or $2.26 to $2.36 per share. “We may be in a tough commodity cycle, but combining our long track record as an energy merchant, our national scope and strong focus on client-originated business has again been a key competitive advantage,” said Robert K. Green, Aquila’s chairman.

Chief Executive Officer Keith G. Stamm said, “Earnings continue to be driven by the contribution from Aquila’s Capacity Services portfolio of generation assets and growth in Client Services’ structured products and services.”

Aquila will announce earnings before market on the morning of November 5, followed by a webcast at 2:00 p.m. EST. For more information go to Aquila’s website at www.aquila.com and click on “Investor Relations” at the bottom of the screen, then click on “Webcasts” for the link to the live webcast. Listeners should allow five minutes to register and access the presentation.

Based in Kansas City, Aquila, Inc. is a provider of risk management services and a wholesaler of electricity and natural gas in North America. It also provides wholesale energy services in the United Kingdom and has a presence in Germany and Scandinavia. Aquila is an 80 percent-owned subsidiary of UtiliCorp United, an international energy company with more than four million customers across the U.S. and in Canada, the U.K., New Zealand and Australia. Additional information is available at www.aquila.com.

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