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Westar Energy Announces Second Quarter Results

Westar Energy, Inc. (NYSE: WR) today announced earnings of $44 million, or $0.38 per share, for the second quarter 2011 compared with earnings of $53 million, or $0.47 per share, for the second quarter 2010. Earnings for the six months ended June 30, 2011 were $75 million, or $0.66 per share, compared with $83 million, or $0.75 per share, for the same period in 2010.

Per share results for both periods in 2011 reflect additional shares outstanding as a result of the company having issued shares to fund capital investments.

Net income for the second quarter and six months ended June 30, 2011 decreased by $9 million and $8 million, respectively, compared with the same periods for 2010. The decrease for both periods reflects various increases in operating expenses that more than offset higher retail revenues due primarily to higher prices. The increase in operating expenses include higher transmission network costs, higher expenses for regulatory compliance at the Wolf Creek generating station, increased maintenance for tree trimming on the electrical distribution system, increased depreciation expense and higher legal fees.

Earnings Guidance
The company affirmed its earnings guidance for 2011 of $1.65 to $1.80 per share. The affirmation of 2011 earnings guidance excludes an estimated $0.11 per share benefit from the reversal to be recorded in the third quarter of accrued liabilities related to the settlement of claims involving a former executive. 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 Materials 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, Aug. 5 with the investment community at 10:00 a.m. ET (9:00 a.m. CT). Investors, media and the public may listen to the conference call by dialing 800-920-8624, participant code 66988949. A webcast of the live conference call will be available at www.WestarEnergy.com.

Members of the 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 second quarter 2011 financial information, the company's quarterly report on Form 10-Q for the period ended June 30, 2011 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 687,000 customers in the state. Westar Energy has about 6,800 megawatts of electric generation capacity and operates and coordinates more than 34,000 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, 2010 (a) under the heading, "Forward-Looking Statements," (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (e) 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 Aug. 4, 2011 (a) in ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and (b) in Part 1, Financial Information, ITEM 1. Financial Statements: Notes 8 and 9; 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             Six Months Ended
                          June 30,                      June 30,
                  2011      2010     Change     2011       2010     Change
               --------- --------- --------- ---------- --------- ---------

Retail         $ 399,479 $ 370,692 $  28,787 $  757,396 $ 703,936 $  53,460
Wholesale         77,515    78,999    (1,484)   156,109   161,747    (5,638)
Transmission      39,160    36,314     2,846     76,336    72,943     3,393
Other              8,738     9,176      (438)    16,770    16,385       385
               --------- --------- --------- ---------- --------- ---------
  Total
   Revenues      524,892 $ 495,181    29,711  1,006,611   955,011    51,600

Fuel and
 purchased
 power           152,973   137,116    15,857    287,157   270,916    16,241
Operating and
 maintenance     137,254   121,810    15,444    274,606   242,983    31,623
Depreciation
 and
 amortization     71,089    67,107     3,982    141,348   134,037     7,311
Selling,
 general and
 administrative   55,970    48,154     7,816    104,734    94,080    10,654
               --------- --------- --------- ---------- --------- ---------
  Total
   Operating
   Expenses      417,286   374,187    43,099    807,845   742,016    65,829
               --------- --------- --------- ---------- --------- ---------

  Income from
   Operations    107,606   120,994   (13,388)   198,766   212,995   (14,229)

Other income
 (expense)           818    (2,017)    2,835       (334)   (3,900)    3,566
Interest
 expense          43,300    43,289        11     86,838    87,905    (1,067)
Income tax
 expense          19,599    21,158    (1,559)    33,112    34,979    (1,867)
               --------- --------- --------- ---------- --------- ---------

  Net Income      45,525    54,530    (9,005)    78,482    86,211    (7,729)
Less: Net
 income
 attributable
 to
 noncontrolling
 interests         1,396     1,219       177      2,770     2,220       550
               --------- --------- --------- ---------- --------- ---------
Net income
 attributable
 to Westar
 Energy           44,129    53,311    (9,182)    75,712    83,991    (8,279)
Preferred
 dividends           242       242        --        485       485        --
               --------- --------- --------- ---------- --------- ---------

  Net Income
   Attributable
   to Common
   Stock       $  43,887 $  53,069 $  (9,182)$   75,227 $  83,506 $  (8,279)
               ========= ========= ========= ========== ========= =========

Earnings per
 common share,
 basic         $    0.38 $    0.47 $   (0.09)$     0.66 $    0.75 $   (0.09)
               ========= ========= ========= ========== ========= =========

Average
 equivalent
 common shares
 outstanding     114,908   111,523     3,385    114,397   111,225     3,172

Dividend
 declared per
 share         $    0.32 $    0.31 $    0.01 $     0.64 $    0.62 $    0.02