The parent of Kansas City Power & Light on Wednesday reported a bounce in net income for the fourth quarter and the year, thanks to an improving economy and higher rates.
Great Plains Energy said earnings for the quarter that ended Dec. 31 were $17.5 million or 11 cents per share. That compares to $4.7 million or 3 cents per share for the same period in the previous year.
Earnings for all of 2013 were $250 million or $1.63 per share. In 2012, net income was $200 million or $1.36 per share.
The improved year-over-year financial results came despite a cooler summer in 2013 that reduced demand for air conditioning and higher purchased power and transmission costs. That was more than offset by increases in demand for electricity unaffected by weather and higher prices paid by customers for electricity.