KCP&L parent Great Plains Energy sees earnings drop 14 percent
Great Plains Energy, the parent company of the Kansas City Power & Light Co., reported a 14 percent decrease in third-quarter earnings compared to the same quarter last year.
The utility holding company’s profits dropped to $126.4 million from $147 million, and earnings per share declined 13 cents, to 82 cents per share.
The company, which reported earnings on Thursday, attributed its dip in profit to costs for transmission; operations and maintenance; and taxes and interest.
The company also lowered full-year earnings projections to between $1.35 and $1.45 per share, saying the change was due to mild weather and a weak wholesale market. Previously, annual earnings were projected to be between $1.35 and $1.60.
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