Evergy, Inc.
Evergy, Inc. is a Kansas City-based public utility holding company that operates regulated electric utilities serving customers in Kansas and Missouri. Through its subsidiaries, it generates, transmits, distributes, and sells electricity, while also participating in wholesale power and transmission activities tied to the regional grid.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueElectricity sold to residential, commercial, industrial and municipal customers in Kansas and Missouri under regulated tariffs.
Revenue from owning and operating transmission assets and related regulated transmission services.
Sales of excess generation into the Southwest Power Pool and other wholesale market activity.
Miscellaneous utility revenues including service-related and non-core electric items.
Earnings contribution from joint ventures such as Transource and Prairie Wind Transmission.
Customers
Evergy serves about 1.7 million customers across Kansas and Missouri, with demand anchored by households, businesses, and industrial users in its franchised service territories. Its customer base is largely captive because retail service is regulated, while wholesale counterparties and transmission partners represent a smaller but important market-facing exposure.
Households in Kansas and Missouri buying regulated electricity for everyday usage and reliability.
Businesses, retail sites and service providers purchasing electricity under regulated tariffs.
Large-load users and public entities that buy power for operations and infrastructure needs.
Regional market counterparties that buy excess generation when it is not needed for retail load.
Grid users and joint-venture partners tied to transmission assets and development projects.
Strategy
Evergy is focused on affordability, reliability and sustainability while expanding and modernizing its generation, transmission and distribution systems. Management is also prioritizing economic development in Kansas and Missouri, including support for large-load growth and a multi-year capital program funded through access to debt and equity markets.
Maintaining acceptable rates helps preserve regulatory support and customer growth while funding needed capital projects.
Top-tier reliability reduces outage risk, supports customer satisfaction and helps meet regulatory expectations.
A diversified portfolio supports long-term resource adequacy and regulatory alignment.
Attracting new businesses and large-load customers supports revenue growth and spreads fixed utility costs.
Geography
Evergy's business is concentrated in Kansas and Missouri, where it operates regulated utilities and serves franchised local territories. The company expects roughly 60% of 2026 jurisdictional retail revenues from Kansas and 40% from Missouri, and its results are also tied to the Southwest Power Pool wholesale market.
Risks
Evergy faces regulated-utility risks tied to rate recovery, regulatory decisions, fuel and power costs, and the need to keep aging infrastructure reliable. Its earnings are also exposed to weather, seasonality, wholesale market volatility, cyber and operational outages, and the possibility that regulatory or legislative changes could weaken the current utility model.
- Regulatory recovery riskImpact: HighLikelihood: Medium
Fuel, purchased power and capital costs depend on state and federal approval for timely recovery through rates.
Exposure: Kansas and Missouri regulated jurisdictions
- Aging infrastructure and outage riskImpact: HighLikelihood: Medium
Older generation, transmission and distribution assets increase the chance of unplanned outages and higher maintenance expense.
Exposure - Weather and wildfire riskImpact: HighLikelihood: Medium
Severe weather and wildfire can damage assets, interrupt service and increase restoration costs.
Exposure: Kansas and Missouri service territories
- Regulatory model changeImpact: HighLikelihood: Low
Retail choice or deregulation could force write-offs of regulatory assets and alter accounting treatment.
Exposure: State legislative and regulatory environment
- Wholesale power price and counterparty riskImpact: MediumLikelihood: Low
Excess generation is sold into the SPP market, exposing Evergy to price swings, collateral needs and counterparty defaults.
Exposure: SPP Integrated Marketplace
Accounting
Judgemental itemsElectric service is recognized over time and management estimates unbilled kWh at period-end, affecting quarterly revenue timing.
Impact: Can shift revenue between periods based on weather and billing cycles
Recovery depends on regulator approval; if recovery is no longer probable, balances may be written off.
Impact: Can materially affect earnings and balance-sheet values
About one-third of retail revenues are recorded in the third quarter, making quarterly comparisons uneven.
Impact: Creates significant quarter-to-quarter earnings and cash flow variability
Evergy carries merger-related goodwill and tests it annually for impairment.
Impact: Potential non-cash charge if fair value falls below carrying value
Defined benefit costs depend on actuarial assumptions and plan experience.
Impact: Can affect operating expense and pension liability measurements
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Last updated: 24/09/2026