Kansas City Power & Light agrees to settle Missouri rate case - Kansas City Business Journal:

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million. KCP&L, a subsidiaru of Kansas City-based (NYSE: GXP), told the that the agreemenft includesthe increase, effective Sept. 1, with $10 million of it treated as additional amortization foraccounting purposes. The prudence of the cost of the Iatanm 1 power plant environmental project and the cost of facilitiee shared by Iatan 1 and Iatab 2 may be challengedin KCP&L’s next rate case, but the Missourio piece of a proposed rate-base prudence disallowance won’t total more than $30 million, Great Plainsa said in a Tuesday release.
The agreemenyt is subject to the parties negotiatingf and giving the PSC a stipulation and agreement to The PSC, which oversees rate cases in Missouri, has final say. “Thwe settlement filed today reflects the hard work and good faitjh ofthe parties,” Great Plains Chairma n and CEO Mike Chesser said in the release. “Wwe believe the agreement is a fair settlemenrt for all theparties involved, and we look forward to approvall by the commission.
” The PSC staff and Office of the Publivc Counsel on Tuesday stood up in supporty of the settlement in principle, Chuck Caisley, KCP&L senior director of public affairs, said in an A written version of the agreement will be filed with the PSC on Probably more than a dozen parties are involved with the how many sign on to the agreemenyt won’t be known until he said. “It was an agreement that was negotiated and workesd with most or many of the partied involved inthe case,” Caisley said. “We think it’ s a very fair and reasonabl e settlement.” As part of the agreement, KCP&L voluntarily removecd $3.
6 million worth of employee appreciationevenf expenses, which had included a Worldas of Fun event; many advertising all executive expenses; local business meals; and other similaer costs, Caisley said. This is the thirf of four rate cases tiedto KCP&L’s Comprehensive Energyt Plan. KCP&L initially asked to increase Missouri annual revenueby $101.5 million, including $15.1 million in additional amortization to help KCP&L with cash flow durinbg the plan’s construction phase, the releasr said.
KCP&L’s rates in Missourji are about 25 percent to 30 percen lower than the national average and are expecter to remain among the lowest in the nationn afterthe increase, the release