Regulatory recovery risk
Fuel, purchased power and capital costs depend on state and federal approval for timely recovery through rates.
- Scope
- Kansas and Missouri regulated jurisdictions
- Materiality
- high
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.
45,2 %
14,4 %
+2,0 %
0.49
0.49
| % | |
|---|---|
| Regulated retail electric service | 72% Electricity sold to residential, commercial, industrial and municipal customers in Kansas and Missouri under regulated tariffs. |
| Transmission revenue | 9% Revenue from owning and operating transmission assets and related regulated transmission services. |
| Wholesale power sales | 5% Sales of excess generation into the Southwest Power Pool and other wholesale market activity. |
| Other electric revenues | 5% Miscellaneous utility revenues including service-related and non-core electric items. |
| Equity-method transmission investments | 9% Earnings contribution from joint ventures such as Transource and Prairie Wind Transmission. |
Evergy serves about 1.7 million customers across Kansas and Missouri, with demand anchored by households, businesses,...
- Residential customersprimary
Households in Kansas and Missouri buying regulated electricity for everyday usage and reliability.
- Commercial customersprimary
Businesses, retail sites and service providers purchasing electricity under regulated tariffs.
- Industrial and municipal customerssecondary
Large-load users and public entities that buy power for operations and infrastructure needs.
- Wholesale power marketsecondary
Regional market counterparties that buy excess generation when it is not needed for retail load.
- Transmission counterpartiessecondary
Grid users and joint-venture partners tied to transmission assets and development projects.
Evergy's business is concentrated in Kansas and Missouri, where it operates regulated utilities and serves franchised...
- •Kansas is the largest jurisdictional revenue base at about 60% of retail revenues
- •Missouri contributes about 40% of jurisdictional retail revenues
- •Operations are centered in Kansas City, Topeka and regional service territories
- •Wholesale power exposure is tied to the Southwest Power Pool market
- •Geography matters because state regulation drives rates, recovery and investment timing
Evergy is focused on affordability, reliability and sustainability while expanding and modernizing its generation,...
01
Affordabilitymedium-term
Maintaining acceptable rates helps preserve regulatory support and customer growth while funding needed capital projects.
02
Reliabilitymedium-term
Top-tier reliability reduces outage risk, supports customer satisfaction and helps meet regulatory expectations.
03
Sustainability and generation mixlong-term
A diversified portfolio supports long-term resource adequacy and regulatory alignment.
04
Load growth and economic developmentmedium-term
Attracting new businesses and large-load customers supports revenue growth and spreads fixed utility costs.
Evergy faces regulated-utility risks tied to rate recovery, regulatory decisions, fuel and power costs, and the need to...
Aging infrastructure and outage risk
Older generation, transmission and distribution assets increase the chance of unplanned outages and higher maintenance expense.
- Scope
- Generation, transmission and distribution network
- Materiality
- high
Weather and wildfire risk
Severe weather and wildfire can damage assets, interrupt service and increase restoration costs.
- Scope
- Kansas and Missouri service territories
- Materiality
- high
Regulatory model change
Retail choice or deregulation could force write-offs of regulatory assets and alter accounting treatment.
- Scope
- State legislative and regulatory environment
- Materiality
- high
Wholesale power price and counterparty risk
Excess generation is sold into the SPP market, exposing Evergy to price swings, collateral needs and counterparty defaults.
- Scope
- SPP Integrated Marketplace
- Materiality
- medium
Revenue recognition and unbilled revenue
Can shift revenue between periods based on weather and billing cycles
Regulatory assets and liabilities
Can materially affect earnings and balance-sheet values
Seasonality
Creates significant quarter-to-quarter earnings and cash flow variability
Goodwill impairment
Potential non-cash charge if fair value falls below carrying value
Pension assumptions
Can affect operating expense and pension liability measurements
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: 11/08/2026