TOPEKA, Kan., Feb. 25, 2015 - Westar Energy, Inc. (NYSE:WR) today announced earnings of $313 million, or $2.40 per share, for 2014 compared with earnings of $293 million, or $2.29 per share, for 2013. Fourth quarter 2014 earnings were $43 million, or $0.33 per share, compared with earnings of $41 million, or $0.32 per share, for the fourth quarter 2013.    

Higher net income for 2014 was driven primarily by higher prices resulting from investments in air quality controls and transmission infrastructure and an increase in retail sales led by industrial customers.  The increase in revenues was partially offset with higher operating costs primarily due to planned maintenance, selling, general and administrative and depreciation expense.

Higher net income for the fourth quarter 2014 was driven primarily by higher prices, offset by an increase in selling, general and administrative costs and higher depreciation.

Earnings Guidance

The company issued 2015 earnings guidance of $2.25 to $2.45 per share and posted to its website a summary of factors it considers to be principal drivers and assumptions 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.

Dividend Declaration

The Board of Directors today declared a quarterly dividend of 36 cents per share payable April 1, 2015 on the company's common stock payable to shareholders of record as of March 9, 2015. The new dividend reflects a 3 percent increase over the company's previous quarterly dividend of 35 cents per share, and results in an indicated annual dividend of $1.44 per share.

Conference Call and Additional Company Information

Westar Energy management will host a conference call Thursday, Feb. 26, 2015 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 866-515-2909, participant code 67205944. 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 fourth quarter and year-end 2014 financial information, the company's annual report on Form 10-K for the period ended Dec. 31, 2014 and other filings the company made with the Securities and Exchange Commission are available on the company's website at www.WestarEnergy.com.

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Westar Energy, Inc. (NYSE: WR) is Kansas' largest electric utility. For more than a century, we have provided Kansans the safe, reliable electricity needed to power their businesses and homes. Every day our team of professionals takes on projects to generate and deliver electricity, protect the environment and provide excellent service to our nearly 700,000 customers. Westar has 7,200 MW of electric generation capacity fueled by coal, uranium, natural gas, wind and landfill gas. We are also a leader in electric transmission in Kansas. Our innovative customer service programs include mobile-enabled customer care, a smart meter pilot project and paving the way for electric vehicle adoption. Our employees live, volunteer and work in the communities we serve.

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, 2014 (a) under the heading, "Forward-Looking Statements," (b) in ITEM 1. Business, (c) in ITEM 1A. Risk Factors, (d) in ITEM 7. 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; and (2) 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.

Media Contact:

Gina Penzig

Media Relations Manager

Phone: 785-575-8089

Gina.Penzig@westarenergy.com

Media line: 888-613-0003

Investor Contact:

Bruce Burns

Director, investor relations

Phone: 785-575-8227

Bruce.Burns@westarenergy.com

Westar Energy, Inc.

Consolidated Statements of Income

(Unaudited)

Three Months Ended Dec. 31, Twelve Months Ended Dec. 31,
2014 2013 Change % Change 2014 2013 Change % Change
(In Thousands, Except Per Share Amounts)
REVENUES:
Residential  $ 164,522 $ 160,190 $ 4,332 2.7 $ 793,586 $ 728,852 $ 64,734 8.9
Commercial  165,082 154,057 11,025 7.2 727,964 667,106 60,858 9.1
Industrial  100,478 92,670 7,808 8.4 414,997 374,825 40,172 10.7
Other retail  (6,592 ) 6,034 (12,626 ) (209.2) (24,180 ) 8,939 (33,119 ) (370.5)
Total Retail Revenues  423,490 412,951 10,539 2.6 1,912,367 1,779,722 132,645 7.5
Wholesale  102,003 85,491 16,512 19.3 392,730 348,239 44,491 12.8
Transmission  64,527 53,556 10,971 20.5 256,838 210,281 46,557 22.1
Other  6,419 7,880 (1,461 ) (18.5) 39,768 32,412 7,356 22.7
Total Revenues  596,439 559,878 36,561 6.5 2,601,703 2,370,654 231,049 9.7
OPERATING EXPENSES:
Fuel and purchased power  166,077 151,783 14,294 9.4 705,450 634,797 70,653 11.1
SPP network transmission costs  55,713 44,894 10,819 24.1 218,924 178,604 40,320 22.6
Operating and maintenance  89,347 93,528 (4,181 ) (4.5) 367,188 359,060 8,128 2.3
Depreciation and amortization  73,172 69,289 3,883 5.6 286,442 272,593 13,849 5.1
Selling, general and administrative  70,807 66,464 4,343 6.5 250,439 224,133 26,306 11.7
Taxes other than income tax  36,054 30,392 5,662 18.6 140,302 122,282 18,020 14.7
Total Operating Expenses  491,170 456,350 34,820 7.6 1,968,745 1,791,469 177,276 9.9
INCOME FROM OPERATIONS  105,269 103,528 1,741 1.7 632,958 579,185 53,773 9.3
OTHER INCOME (EXPENSE):
Investment earnings  3,414 1,444 1,970 136.4 10,622 10,056 566 5.6
Other income  4,956 5,861 (905 ) (15.4) 31,522 35,609 (4,087 ) (11.5)
Other expense  (4,196 ) (4,188 ) (8 ) (0.2) (18,389 ) (18,099 ) (290 ) (1.6)
Total Other Income (Expense)  4,174 3,117 1,057 33.9 23,755 27,566 (3,811 ) (13.8)
Interest expense  45,043 46,377 (1,334 ) (2.9) 183,118 182,167 951 0.5
INCOME BEFORE INCOME TAXES  64,400 60,268 4,132 6.9 473,595 424,584 49,011 11.5
Income tax expense  18,627 17,207 1,420 8.3 151,270 123,721 27,549 22.3
NET INCOME  45,773 43,061 2,712 6.3 322,325 300,863 21,462 7.1
Less: Net income attributable to noncontrolling interests  2,324 1,999 325 16.3 9,066 8,343 723 8.7
NET INCOME  ATTRIBUTABLE TO WESTAR ENERGY, INC.  43,449 41,062 2,387 5.8 313,259 292,520 20,739 7.1
Earnings per common share, basic  $ 0.33 $ 0.32 $ 0.01 3.1 $ 2.40 $ 2.29 $ 0.11 4.8
Average equivalent common shares outstanding  131,467 127,892 3,575 2.8 130,015 127,463 2,552 2.0
DIVIDENDS DECLARED PER COMMON SHARE  $ 0.35 $ 0.34 $ 0.01 2.9 $ 1.40 $ 1.36 $ 0.04 2.9
Effective income tax rate  28.92 % 28.55 % 31.94 % 29.14 %


HUG#1897437

Topeka, Kan., Feb. 5, 2015 - On Feb. 25, 2015, Westar Energy, Inc. (NYSE: WR) plans to release 4th quarter and year end 2014 earnings after market close. On Thursday, Feb. 26, 2015, the company plans to host its quarterly conference call and audio webcast to discuss the operating results.

Event:       Westar Energy Year End 2014 Conference Call and Webcast
Date:         Feb. 26, 2015
Time:        10:00 a.m. Eastern (9:00 a.m. Central)
Location:  1) Phone conference call at 866-515-2909, participant code 67205944, or
                  2) Log on to the webcast at http://WestarEnergy.com

In conjunction with the earnings release and conference call, the company plans to post on its website supplemental financial information related to 4th quarter and year end 2014 performance. The materials will be available under Supplemental Materials in the Investors section of the company website at http://WestarEnergy.com.

A replay of the conference call will be available from about 12 p.m. Eastern Feb. 26 through March 6, 2015, at 888-286-8010, conference ID 29067392. The replay will be available on the Westar Energy website at http://WestarEnergy.com.

Westar Energy, Inc. (NYSE: WR) is Kansas' largest electric utility. For more than a century, we have provided Kansans the safe, reliable electricity needed to power their businesses and homes. Every day our team of professionals takes on projects to generate and deliver electricity, protect the environment and provide excellent service to our nearly 700,000 customers. Westar has 7,200 MW of electric generation capacity fueled by coal, uranium, natural gas, wind and landfill gas. We are also a leader in electric transmission in Kansas. Our innovative customer service programs include mobile-enabled customer care, digital meters and paving the way for electric vehicle adoption. Our employees live, volunteer and work in the communities we serve.

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

Media Contact:
Gina Penzig
Manager, media relations
Phone: 785-575-8089
Gina.Penzig@westarenergy.com
Media line: 888-613-0003

Investor Contact:
Bruce Burns
Director, investor relations
Phone: 785-575-8227
Bruce.Burns@westarenergy.com


HUG#1892307

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