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Kansas City, MO, Feb. 28, 2008 -- Great Plains Energy Inc. announced that it has reached an agreement to settle all issues related to its application before the Kansas Corporation Commission (KCC) requesting approval of its pending acquisition of Aquila Inc.
The company reached a settlement with all of the parties to the Kansas proceedings. The settlement was signed and filed by the parties and will be considered by the KCC in a hearing on March 7.
Highlights of the Kansas settlement include:
* The Kansas portion of all costs and savings for the transaction will be retained by the company until an expected rate case in 2010. Rates after 2010 will reflect all of the savings and a set amount of transition costs.
* An agreement to not contest savings and costs associated with the combination of the companies.
* Recovery of the Kansas portion of transition costs, over a five-year period, will start with the 2010 rate change.
* An agreement for quality of service performance metrics.
With this agreement and expected approval, only Missouri approval remains to finalize the acquisition.
The Aquila transaction will add approximately 300,000 electric utility customers to KCP&L's existing base of approximately 505,000 customers.
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