Great Plains Energy profits climb ahead of Westar acquisition

Kansas City-based Great Plains Energy Inc. reported a 5.4 percent increase in third-quarter earnings as it moved closer to an $8.6 billion purchase of Topeka-based Westar Energy Inc.

Great Plains, which owns Kansas City Power & Light Co., said it earned $133.6 million in July, August and September, compared with $126.8 million in the same months of last year. The recent profit equaled 86 cents a share, up from 82 cents a year ago.

The company’s announcement said profits were $154.2 million, excluding costs tied to the merger with Westar and some other costs.

Revenues in the third quarter totaled $856.8 million, up 9.6 percent from a year ago.

“We achieved several important milestones during the quarter with respect to our acquisition with Westar, including receiving shareholder approval from both companies and reaching an agreement in Missouri that we believe allows us to move forward with greater certainty,” CEO Terry Bassham said in the announcement.

Great Plains agreed in its Missouri settlement not to seek an increase in capital costs or in retail rates as a result of its Westar purchase. Westar recently sought a rate increase in Kansas.

The merger is still subject to review by the Kansas Corporation Commission and three federal agencies. The companies expect to complete the merger in the spring.

Great Plains shares fell 10 cents Friday to close at $27.59.

This story was originally published November 4, 2016 at 3:36 PM with the headline "Great Plains Energy profits climb ahead of Westar acquisition."