Rate Hikes Push Profits Higher for Great Plains
KANSAS CITY, Mo. - The company that owns Kansas City Power & Light saw higher profits in the fourth quarter and all of 2012, thanks to increases in electricity rates.
Great Plains Energy reported Thursday its fourth quarter net income was $4.3 million, up from $1.7 million in the same quarter in 2011. The Kansas City Star reports the company's overall 2012 earnings were $198.3 million, nearly $26 million higher than in 2011.
The Kansas City-based company says it benefited from a full year of rate increases. Missouri regulators approved an average 5.2 percent increase in electricity rates in 2011, while rates went up 4.5 percent in Kansas that year.
Great Plains says increased costs to operate the Wolf Creek nuclear power plant near Burlington, Kan., cut into its profits.