Topeka ? State regulators restricted Westar Energy Inc.’s financial activities but the company still could split off its electric utilities, a consumer advocate said Wednesday.

An order issued by the Kansas Corporation Commission late Tuesday deals with Westar’s proposal to sell its ONEOK Inc. stock, then use the cash to pay off part of its $3.25 billion in debt. The KCC approved the sale but placed conditions on it.

One condition prevents Westar from accounting for the sale on its books as it had planned. Its plan would have given Westar’s non electric side a larger ownership interest in its electric operations.

Westar provides electricity to 636,000 Kansas customers, but it also has other interests, notably monitored security services. A Westar subsidiary has these nonelectric interests.

The accounting issue becomes important if Westar splits up the company, separating its nonelectric interests from its electric operations.

David Wittig, Westar’s chairman, president and chief executive officer, has said the company might pursue the idea.

With a large interest in the electric operations, the new company created from Westar’s nonelectric side could be more attractive to investors.