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Business Description
Westar Energy, Inc is an electric utility providing electric generation, transmission and distribution services in Kansas. Westar Energy provides these services in northeastern Kansas, including the Topeka, Lawrence, Manhattan, Salina and Hutchinson metropolitan areas. Kansas Gas and Electric Company (KGE), Westar Energy's wholly owned subsidiary, provides these services in south-central and southeastern Kansas, including the Wichita metropolitan area. Westar Energy has two reportable segments, Electric Utility and Other. Electric Utility consists of the Company's integrated electric utility operations, as well as the Company's energy marketing activities. Other includes Westar Energy's former ownership interests in ONEOK Inc., a diversified energy company; Protection One and Protection One Europe, and other investments. In 2003, Westar Energy classified its interests in monitored security businesses as discontinued operations.

Financial Information
For the nine months ended 9/30/04, revenues fell 1% to $1.12 billion. Net income applicable to Common and from continuing operations fell 32% to $82.4 million. Revenues reflect cooler weather leading to less energy use by retail customers. Net income also reflects higher costs for natural gas and oil and the absence of a $53.8 million gain on the sale of ONEOK, Inc. stock.