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Westar Energy Announces Third Quarter 2010 Results

Westar Energy, Inc. (NYSE: WR) today announced earnings of $115 million, or $1.02 per share, for the third quarter 2010 compared with earnings of $81 million, or $0.73 per share, for the third quarter 2009. Earnings for the nine months ended September 30, 2010 were $198 million, or $1.77 per share, compared with $163 million, or $1.48 per share for the same period in 2009. Earnings for 2009 included federal tax benefits related to prior period activity, which contributed $0.30 per share. The company noted the primary driver of higher earnings was much warmer summer weather this year compared with last year.

Following is a reconciliation of basic earnings per share:

                                   Three Months Ended    Nine Months Ended
                                 --------------------- ---------------------
                                  Sept. 30,  Sept. 30,  Sept. 30,  Sept. 30,
                                    2010       2009       2010       2009
                                 ---------- ---------- ---------- ----------
Earnings available from
 continuing operations           $     1.02 $     0.73 $     1.77 $     1.18
Discontinued operations, net of
 tax                                      -          -          -       0.30
                                 ---------- ---------- ---------- ----------
Earnings per share, basic        $     1.02 $     0.73 $     1.77 $     1.48
                                 ========== ========== ========== ==========

Per share results for both periods in 2010 reflect more shares outstanding as a result of the company having issued shares to fund capital investments.

Income from continuing operations for the third quarter 2010 and nine months ended September 30, 2010 increased $35 million and $71 million, respectively, compared with the same periods last year, due principally to higher retail revenues due primarily to increased kWh sales as a result of warmer weather and economic recovery in certain industrial sectors. Operating and maintenance expense was lower for both the quarter and nine months ended September 30, 2010, but was offset by higher depreciation and interest expense, primarily as a result of the adoption in 2010 of an accounting pronouncement requiring the consolidation of trusts from which the company leases assets. The operating and maintenance expense for the nine months ended September 30, 2010 also includes a reduction in a liability for environmental remediation costs associated with assets the company no longer owns.

Earnings Guidance

The company updated its 2010 earnings guidance to $1.80 to $1.95 per share. The company has posted to its website a summary of factors it considers to be principal drivers and adjustments used in arriving at earnings guidance. The summary is located under Supplemental Information within the Investors section of the company website at www.WestarEnergy.com.

Conference Call and Additional Company Information

Westar Energy management will host a conference call Friday, October 29 with the investment community at 10 a.m. ET (9 a.m. CT). Investors, media and the public may listen to the conference call by dialing 800-561-2693, participant code 45168963. A webcast of the live conference call will be available at www.WestarEnergy.com.

Members of media are invited to listen to the conference call and then contact Gina Penzig with any follow-up questions.

This earnings announcement, a package of detailed third quarter 2010 financial information, the company's quarterly report on Form 10-Q for the period ended September 30, 2010 and other filings the company has made with the Securities and Exchange Commission are available on the company's website at www.WestarEnergy.com.

Westar Energy, Inc. (NYSE: WR) is the largest electric utility in Kansas, providing electric service to about 686,000 customers in the state. Westar Energy has about 6,800 megawatts of electric generation capacity and operates and coordinates more than 35,000 miles of electric distribution and transmission lines.

For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com.

Forward-looking statements: Certain matters discussed in this news release are "forward-looking statements." The Private Securities Litigation Reform Act of 1995 has established that these statements qualify for safe harbors from liability. Forward-looking statements may include words like "believe," "anticipate," "target," "expect," "pro forma," "estimate," "intend," "guidance" or words of similar meaning. Forward-looking statements describe future plans, objectives, expectations or goals. Although Westar Energy believes that its expectations are based on reasonable assumptions, all forward-looking statements involve risk and uncertainty. The factors that could cause actual results to differ materially from these forward-looking statements include those discussed herein as well as (1) those discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2009 (a) under the heading, "Forward-Looking Statements," (b) in ITEM 1A. Risk Factors, (c) in ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (d) in ITEM 8. Financial Statements and Supplementary Data: Notes 13 and 15; (2) those discussed in the company's Quarterly Report on Form 10-Q filed on or about October 28, 2010 (a) in ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and (b) in Part I, Financial Information, ITEM 1. Financial Statements: Notes 7 and 8; and (3) other factors discussed in the company's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date such statement was made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement was made.

Attachment 1
                            WESTAR ENERGY, INC.
                     CONSOLIDATED STATEMENTS OF INCOME
                                (UNAUDITED)
                  (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

                      Three Months Ended            Nine Months Ended
                        September 30,                 September 30,
                   2010      2009    Change     2010       2009     Change
                 --------  -------- -------- ---------- ---------- --------

Retail           $502,325  $417,399 $ 84,926 $1,206,261 $1,063,101 $143,160
Wholesale          94,117    70,383   23,734    255,865    221,779   34,086
Transmission       35,554    32,833    2,721    108,497    100,902    7,595
Other              12,441     7,919    4,522     28,825     32,331   (3,506)
                 --------  -------- -------- ---------- ---------- --------
  Total Revenues  644,437  $528,534  115,903  1,599,448  1,418,113  181,335

Fuel and
 purchased power  187,877   141,470   46,407    458,793    402,622   56,171
Operating and
 maintenance      126,602   130,295   (3,693)   369,584    392,272  (22,688)
Depreciation and
 amortization      67,918    64,516    3,402    201,955    186,544   15,411
Selling, general
 and
 administrative    50,418    41,920    8,498    144,499    143,540      959
                 --------  -------- -------- ---------- ---------- --------
  Total
   Operating
   Expenses       432,815   378,201   54,614  1,174,831  1,124,978   49,853
                 --------  -------- -------- ---------- ---------- --------

  Income from
   Operations     211,622   150,333   61,289    424,617    293,135  131,482

Other (expense)
 income                (1)      664     (665)    (3,901)     2,702   (6,603)
Interest expense   43,956    41,599    2,357    131,862    116,769   15,093
Income tax
 expense           51,802    28,256   23,546     86,780     48,354   38,426
                 --------  -------- -------- ---------- ---------- --------

  Income from
   Continuing
   Operations     115,863    81,142   34,721    202,074    130,714   71,360

Results of
 discontinued
 operations, net
 of tax                --        --       --         --     32,978  (32,978)
                 --------  -------- -------- ---------- ---------- --------

  Net Income      115,863    81,142   34,721    202,274    163,692   38,382
Less: Net income
 attributable to
 noncontrolling
 interests          1,119        --    1,119      3,338         --    3,338
                 --------  -------- -------- ---------- ---------- --------
Net income
 attributable to
 Westar Energy    114,744    81,142   33,602    198,736    163,692   35,044
Preferred
 dividends            242       242       --        727        727       --
                 --------  -------- -------- ---------- ---------- --------

  Net Income
   Attributable
   to Common
   Stock         $114,502  $ 80,900 $ 33,602 $  198,009 $  162,965 $ 35,044
                 ========  ======== ======== ========== ========== ========

Basic Earnings
 Per Share:
  Earnings
   available
   from
   continuing
   operations    $   1.02  $   0.73 $   0.29 $     1.77 $     1.18 $   0.59
  Discontinued
   operations,
   net of tax          --        --       --         --       0.30    (0.30)
                 --------  -------- -------- ---------- ---------- --------
  Earnings per
   common share,
   basic         $   1.02  $   0.73 $   0.29 $     1.77 $     1.48 $   0.29
                 ========  ======== ======== ========== ========== ========

Average
 equivalent
 common shares
 outstanding      111,707   109,753             111,387    109,543

  Dividends
   declared per
   share         $   0.31  $   0.30 $   0.01 $     0.93 $     0.90 $   0.03