Great Plains Energy Incorporated (NYSE:GXP) Q1 2018 Earnings Conference Call - Final Transcript

May 03, 2018 • 09:00 am ET


Great Plains Energy Incorporated (NYSE:GXP) Q1 2018 Earnings Conference Call - Final Transcript


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Good morning ladies and gentlemen and welcome to the Q1 2018 Great Plains Energy Incorporated Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Ms. Lori Wright, Vice President, Corporate Planning, Investor Relations and Treasurer.

Lori Wright

Thank you, Luke. Good morning everyone and welcome to Great Plains Energy's First Quarter 2018 Earnings Conference Call. We appreciate that you're joining us this morning. On the call today, we have Terry Bassham, Chairman, President and Chief Executive Officer, and Kevin Bryant, Senior Vice President, Finance and Strategy and Chief Financial Officer. Other members of the management team are also with us and will be available during the question-and-answer portion of today's call. Today's discussion will include forward-looking information and the use of non-GAAP financial measures. Slide 2. And the disclosure in our SEC filings contain a list of some of the factors that would cause future results to differ materially from our expectations. A reconciliation of the non-GAAP financial measures can be found in the appendix.

We issued our first quarter 2018 earnings release and 10-K after market close yesterday. These items are available along with today's webcast slides and supplemental financial information for the quarter on the main page of our website at As summarized on Slide 4. Terry will provide an update on our anticipated merger with Westar, our regulatory and legislative priorities and a review of our strategic plan. Kevin will then provide an update on our financial results for the quarter. With that, I'll now hand the call to Terry.

Terry Bassham

Thanks Lori. Good morning everybody. I'll start on page six or deck. We made a great deal of progress on remaining milestones and are on track to secure all the necessary approvals for anticipated merger with Westar Energy. On the regulatory front, we've obtained all required Federal approvals including FERC, NRC, and FCC and are now awaiting decisions on the merger by the Kansas Corporation Commission and the Missouri Public Service Commission. We've spent the last several months working collaboratively with parties in Kansas, Missouri toward constructive conclusion and approval of merger. As many of you are aware, we have entered into stipulation and agreements with parties in both states. Approval of these stipulations will offer the best opportunity to provide our retail customers substantial benefits, including tens of millions of dollars in bills credits and reach stability over the next several years. This stipulation balance, diverse interests which taken together advance the public interest and preserve our ability to deliver on the plan we outlined to our shareholders.

Given the extensive conditions and commitments agreed to we have asked the KCC and the MPSC to approve the merger and stipulations with an effective date, no later than May 29. So the merger can be closed on June