Including this case, Evergy’s Kansas electric
rates have only increased 1% since 2017
Evergy, Inc. (NASDAQ: EVRG) today announced that a unanimous
agreement has been reached with parties to its Kansas rate case.
The agreement was filed Friday with the Kansas Corporation
Commission and must be approved by the state’s Commissioners, who
are scheduled to issue an order in December.
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the full release here:
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Map of Evergy's two Kansas service areas
(Graphic: Business Wire)
"This settlement is a very strong result for our customers,"
said David Campbell, Evergy president and chief executive. "As a
result of this settlement, average retail rates in Kansas will have
increased just one percent, cumulatively, since 2017. And Evergy
will recover investments made to improve the electric grid and
build a cleaner, more reliable energy future for our Kansas
customers, all while improving our record of regional rate
competitiveness."
If the agreement is approved, Evergy Kansas Central will
implement a net increase of $74.0 million and Evergy Kansas Metro
will have a net decrease of $32.9 million. Costs for residential
customers in Evergy Kansas Central, which includes Topeka,
Pittsburg, Wichita, Hutchinson and other communities in the eastern
third of the state, will increase about 4.05%, which
translates to an increase of approximately $4.64 per month
for the average residential customer. For Evergy Kansas Metro,
which includes Lenexa, Overland Park and other communities near the
Kansas City metro area, rates for residential customers will
decrease about 4.75%, and the average residential customer will
pay about $6.07 less per month.
Significant Improvement of Regional Electric Rate
Competitiveness
Five years ago, regional utilities Westar Energy and KCP&L
merged to form Evergy with the commitment to become a more
efficient energy company, sharing those benefits with customers and
continuing to provide reliable and affordable electrical service to
the communities we serve in Kansas and Missouri. By combining
companies, Evergy has saved more than $1 billion in operating
costs in the first five years since the merger. These
savings have allowed the company to offset steep inflationary
pressures in the broader economy while at the same time undertaking
significant investments to enhance electrical system
reliability.
Kansas customers have received significant benefits from the
merger, as more than $232 million in merger credits were
returned to customers. And despite record U.S. inflation of
more than 21.5% since 2017, Evergy’s Kansas rates have remained
well under inflation and steady over the same period. Including
today’s rate settlement, Evergy’s Kansas rates have increased
only 1% since 2017. That is in contrast with neighboring
states, where during the same period regional rates increased
12.7%.
Competitive Rates Bolster Economic Development in
Kansas
Economic development is vitally important to Evergy. Our
business is local. If Kansas does not thrive and grow, Evergy does
not thrive and grow. Evergy is focused on having competitive
electric rates to enable economic investment and development in
Kansas. This settlement advances regional rate competitiveness and
will bolster the already strong economic development efforts over
the last six years.
Since 2019, Evergy has played a role in attracting 73 major
economic development projects to our service territory in Kansas
and Missouri. Of those projects, 47 of them (or approximately 64%)
chose to invest in Kansas. This represents more than 12,000 jobs
created, $7.3 billion in investment and major successes in
attracting businesses in emerging market segments including new
energy technologies, re-shored and advanced manufacturing, as well
as major data centers. These projects are energy-intensive users
where electric rates, cost competitiveness and reliability are
primary considerations in choosing where to locate.
Related: Evergy Files Kansas First Rate Review in Five Years to
Recover Investments to Modernize the Power Grid, Increase
Reliability and Enhance Customer Service
About Evergy
Evergy, Inc. (NASDAQ: EVRG), serves 1.7 million customers in
Kansas and Missouri. Evergy’s mission is to empower a better
future. Our focus remains on producing, transmitting and delivering
reliable, affordable, and sustainable energy for the benefit of our
stakeholders. Today, about half of Evergy’s power comes from
carbon-free sources, creating more reliable energy with less impact
to the environment. We value innovation and adaptability to give
our customers better ways to manage their energy use, to create a
safe, diverse and inclusive workplace for our employees, and to add
value for our investors. Headquartered in Kansas City, our
employees are active members of the communities we serve.
For more information about Evergy, visit us at
www.evergy.com.
Forward Looking
Statements
Statements made in this document that are not based on
historical facts are forward-looking, may involve risks and
uncertainties, and are intended to be as of the date when made.
Forward-looking statements include, but are not limited to,
statements relating to Evergy's strategic plan, including, without
limitation, those related to earnings per share, dividend,
operating and maintenance expense and capital investment goals; the
outcome of legislative efforts and regulatory and legal
proceedings; future energy demand; future power prices; plans with
respect to existing and potential future generation resources; the
availability and cost of generation resources and energy storage;
target emissions reductions; and other matters relating to expected
financial performance or affecting future operations.
Forward-looking statements are often accompanied by forward-looking
words such as "anticipates," "believes," "expects," "estimates,"
"forecasts," "should," "could," "may," "seeks," "intends,"
"proposed," "projects," "planned," "target," "outlook," "remain
confident," "goal," "will" or other words of similar meaning.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
the forward-looking information.
In connection with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the Evergy, Inc., Evergy
Kansas Central, Inc. and Evergy Metro, Inc. (collectively the
Evergy Companies) are providing a number of risks, uncertainties
and other factors that could cause actual results to differ from
the forward-looking information. These risks, uncertainties and
other factors include, but are not limited to: economic and weather
conditions and any impact on sales, prices and costs; changes in
business strategy or operations; the impact of federal, state and
local political, legislative, judicial and regulatory actions or
developments, including deregulation, re-regulation, securitization
and restructuring of the electric utility industry; decisions of
regulators regarding, among other things, customer rates and the
prudency of operational decisions such as capital expenditures and
asset retirements; changes in applicable laws, regulations, rules,
principles or practices, or the interpretations thereof, governing
tax, accounting and environmental matters, including air and water
quality and waste management and disposal; the impact of climate
change, including increased frequency and severity of significant
weather events and the extent to which counterparties are willing
to do business with, finance the operations of or purchase energy
from the Evergy Companies due to the fact that the Evergy Companies
operate coal-fired generation; prices and availability of
electricity and natural gas in wholesale markets; market perception
of the energy industry and the Evergy Companies; the impact of
future Coronavirus (COVID-19) variants on, among other things,
sales, results of operations, financial condition, liquidity and
cash flows, and also on operational issues, such as supply chain
issues and the availability and ability of the Evergy Companies'
employees and suppliers to perform the functions that are necessary
to operate the Evergy Companies; changes in the energy trading
markets in which the Evergy Companies participate, including
retroactive repricing of transactions by regional transmission
organizations (RTO) and independent system operators; financial
market conditions and performance, current disruptions in the
banking industry, including changes in interest rates and credit
spreads and in availability and cost of capital and the effects on
derivatives and hedges, nuclear decommissioning trust and pension
plan assets and costs; impairments of long-lived assets or
goodwill; credit ratings; inflation rates; effectiveness of risk
management policies and procedures and the ability of
counterparties to satisfy their contractual commitments; impact of
physical and cybersecurity breaches, criminal activity, terrorist
attacks, acts of war and other disruptions to the Evergy Companies'
facilities or information technology infrastructure or the
facilities and infrastructure of third-party service providers on
which the Evergy Companies rely; impact of the Russian, Ukrainian
conflict on the global energy market, ability to carry out
marketing and sales plans; cost, availability, quality and timely
provision of equipment, supplies, labor and fuel; ability to
achieve generation goals and the occurrence and duration of planned
and unplanned generation outages; delays and cost increases of
generation, transmission, distribution or other projects; the
Evergy Companies' ability to manage their transmission and
distribution development plans and transmission joint ventures; the
inherent risks associated with the ownership and operation of a
nuclear facility, including environmental, health, safety,
regulatory and financial risks; workforce risks, including those
related to the Evergy Companies' ability to attract and retain
qualified personnel, maintain satisfactory relationships with their
labor unions and manage costs of, or changes in, wages, retirement,
health care and other benefits; disruption, costs and uncertainties
caused by or related to the actions of individuals or entities,
such as activist shareholders or special interest groups, that seek
to influence Evergy's strategic plan, financial results or
operations; the impact of changing expectations and demands of the
Evergy Companies' customers, regulators, investors and
stakeholders, including heightened emphasis on environmental,
social and governance concerns; the possibility that strategic
initiatives, including mergers, acquisitions and divestitures, and
long-term financial plans, may not create the value that they are
expected to achieve in a timely manner or at all; difficulties in
maintaining relationships with customers, employees, regulators or
suppliers; and other risks and uncertainties.
This list of factors is not all-inclusive because it is not
possible to predict all factors. You should also carefully consider
the information contained in the Evergy Companies' other filings
with the Securities and Exchange Commission (SEC). Additional risks
and uncertainties are discussed from time to time in current,
quarterly and annual reports filed by the Evergy Companies with the
SEC. Each forward-looking statement speaks only as of the date of
the particular statement. The Evergy Companies undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230929801839/en/
Investor Contact: Pete Flynn Director, Investor Relations
Phone: 816-652-1060 Peter.Flynn@evergy.com
Media Contact: Gina Penzig Director, Corporate
Communications Phone: 785-508-2410 Gina.Penzig@evergy.com Media
line: 888-613-0003
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