Kansas City Power & Light unveils new holding company

KANSAS CITY, Mo., Sept. 24, 2001 — Kansas City Power & Light today unveiled the new holding company named Great Plains Energy Incorporated.

Beginning Oct. 1, 2001, common and preferred shares currently trading under the Kansas City Power & Light ticker symbol “KLT” will be traded on the New York Stock Exchange under the new name Great Plains Energy and the new ticker symbol “GXP.”

Reporting to the holding company will be three wholly owned subsidiaries: Great Plains Power Inc., the generation company that develops competitive generation for the wholesale market; Kansas City Power & Light Company, the original delivery company with regulated generation; and KLT Inc., an investment company focusing on energy- related ventures nationwide that are unregulated with high growth potential.

Bernie Beaudoin, Chairman, said, “This new corporate alignment gives the Company the flexibility to implement its aggressive business plan for the generation strategy and for high-growth ventures.”

He further stated: “The establishment of Great Plains Energy will be transparent to our KCP&L customers. The affordable and reliable service that our customers are accustomed to will continue. Such items as the monthly bills, the company trucks and the advertising will remain with the well-known brand name and subsidiary Kansas City Power & Light.”

Kansas City Power & Light Company is a provider of electricity in the Midwest. Great Plains Power Inc., a wholly owned subsidiary, develops competitive generation for the wholesale market. Through KLT Inc., a wholly owned subsidiary, unregulated ventures are pursued on a national basis to capture growth opportunities in markets related to the utility industry. Headquartered in Kansas City, Missouri, the Company’s web site is www.kcpl.com.

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