Core earnings, which exclude net mark-to-market gains and losses on energy contracts and other items, were $13 million or $0.15 per share for the first quarter of 2008, compared to a loss of $11 million or $0.13 per share in the first quarter of 2007.
Compared to 2007, first quarter 2008 core earnings were favorably impacted by new retail rates, favorable weather, increased wholesale revenues and litigation settlement proceeds at Kansas City Power & Light, as well as higher delivered volumes at Strategic Energy.
Mike Chesser, chairman and CEO of Great Plains Energy, said: In the first quarter of 2008, we followed through on our plans to increase our focus on regulated operations by reaching an agreement to sell Strategic Energy. Also, we are pleased that this quarter represented a marked improvement over last year.
