EVRG

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How EVRG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

42%

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584

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Length

+25

words, now 63,302

New in FY2025

Evergy Metro's 2026 Rate Case Proceeding In February 2026, Evergy Metro filed an application with the MPSC to request an increase to its retail revenues of approximately $140 million.
Evergy Metro's request reflected a return on equity of 10.5 % (with a capital structure composed of 52 % equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend.
New rates are expected to be effective in January 2027.
In July 2025, Evergy Kansas Central, the KCC staff and other intervenors in the case reached a unanimous settlement agreement to settle all outstanding issues in the case.
The unanimous settlement provides for an increase to retail revenues of $128.0 million after rebasing property tax expense and not including costs recoverable through KCC-approved riders for Evergy Kansas Central.
In September 2025, the KCC approved the unanimous settlement agreement and new rates took effect in October 2025.
Large Load Power Service Rate Plans and Executed Large Customer Agreements In February 2025, Evergy Kansas Central and Evergy Metro filed an application with the KCC and Evergy Metro and Evergy Missouri West filed an application with the MPSC seeking expedited approval of new comprehensive LLPS rate plans.
In August 2025, Evergy Kansas Central, Evergy Metro, the KCC staff and other intervenors reached a unanimous settlement agreement for the LLPS rate plan which the KCC approved in November 2025.
In September 2025, Evergy Metro, Evergy Missouri West and other intervenors agreed to a non-unanimous global stipulation and agreement for the LLPS rate plan which the MPSC approved in November 2025.
The LLPS rate plans are designed to establish a tariff framework for large load customers while including safeguards for existing customers to ensure that new large customers pay their cost of service and help defray costs that might be experienced by other customers.
The provisions in the LLPS rate plans in both Kansas and Missouri apply to new or existing customers adding load in excess of 75 MWs.
These plans have a term length of 12 years after a period of up to 5-years of transitional load.
The minimum monthly bill requirement is set based on 80% of the customers' expected capacity demand and is applied to all demand-related bill elements and riders.
Termination fees will be calculated as the minimum monthly bill requirement multiplied by the remaining months in the contract.
New large load customers will also be required to post collateral equal to two years of minimum monthly bills at the time of signing the agreement, subject to established discounts based on creditworthiness.
The Evergy Companies, at their discretion, may require additional collateral based on assessment of the overall creditworthiness of the counterparty.
In February 2026, the Evergy Companies signed electric service agreements (ESAs) with multiple large load customers to serve data centers with a projected peak steady state load of approximately 1,900 MWs.
The ESAs relate to two new projects and the expansion of two separate projects previously announced.
The ESAs' terms reflect the applicable provisions of the Evergy Companies’ LLPS rate plans and the service of these large load customers, inclusive of a 5-year transitional load period, is expected to begin at dates ranging from 2026 to 2028.
Federal Tax Reform In July 2025, the OBBBA was signed into law by President Trump.
The OBBBA contains a wide variety of tax reforms affecting businesses, including changes to clean energy production tax credits, which could impact the Evergy Companies' long-term generation resource planning.
The Evergy Companies do not expect a material impact to their operations and consolidated financial results.
Missouri Legislation In April 2025, Missouri Senate Bill (SB) 4 was signed into law by the Governor of Missouri.
Most notably, SB 4 establishes new mechanisms for Missouri electric utilities to recover the costs associated with the construction of new natural gas-fired generating units.
The utilities will be able to include certain costs of construction work in progress (CWIP) in rate base.
The inclusion of CWIP will be in lieu of allowance for funds used during construction (AFUDC) applicable to the construction of the new natural gas-fired generating units.
The MPSC will determine the amount of CWIP that may be included in rate base.
Additionally, amounts collected arising from the inclusion of CWIP in rate base are subject to refund under certain circumstances.
These provisions are scheduled to expire at the end of 2035.
Additionally, the law extends Missouri's existing PISA provisions to include certain natural gas-fired generating units as qualifying electric plant and extends the sunset date of these provisions through the end of 2035.
These provisions allow electric utilities to defer to a regulatory asset for recovery in a subsequent general rate case 85 % of depreciation expense and the associated return on investment for qualifying electric plant rate base additions for assets placed in-service between general rate cases.
Kansas Legislation In April 2025, Kansas House Bill (HB) 2107 was signed into law by the Governor of Kansas.
Most notably, HB 2107 establishes a two-year statute of limitations for wildfire-related claims against a Kansas electric public utility and a $5.0 million limit for punitive damages awarded under a fire claim.
The law also requires the plaintiff to establish the burden of proof for fire claims by a preponderance of evidence.
Natural Gas Plant Investments The Evergy Companies use IRPs, detailed analyses that estimate factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity.
Based on these and other factors, the IRPs indicated the addition of new supply side resources, including combined and simple cycle natural gas plants, would be needed.
Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MWs.
The first plant, a combined cycle gas turbine (CCGT) facility located in Sumner County, is expected to begin operations by spring of 2029 and the second plant, a CCGT facility located in Reno County, is expected to begin operations by spring of 2030.
In 2024, Evergy Kansas Central and Evergy Missouri West requested predetermination from the KCC and a Certificate of Convenience and Necessity (CCN) from the MPSC, respectively, for their planned natural gas investments.
In July 2025, the KCC approved a non-unanimous partial settlement agreement regarding Evergy Kansas Central's investments in its planned natural gas plants.

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Gone since FY2024

New rates are expected to be effective in September 2025.
Evergy Missouri West 2024 Rate Case Proceeding In February 2024, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of approximately $104 million.
Evergy Missouri West's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the inclusion of certain costs related to Dogwood Energy Center (Dogwood) and Crossroads Energy Center (Crossroads), two natural gas plants.
In October 2024, Evergy Missouri West, the MPSC staff and other intervenors in the case reached a unanimous partial stipulation and agreement to settle certain issues in the case.
The partial stipulation and agreement provided for an increase to Evergy Missouri West's retail revenues of approximately $ 55 million after lowering base rates for fuel and purchased power expense of approximately $ 49 million and rebasing property tax expense.
In December 2024, the MPSC issued a final rate order approving the unanimous partial stipulation and agreement.
The new rates established by this order took effect in January 2025.
Kansas Legislation In April 2024, Kansas H.B. 2527 was signed into law by the Governor of Kansas.
Most notably, H.B. 2527 includes a PISA provision that can be elected by Kansas electric public utilities to defer and recover as regulatory assets 90% of depreciation expense and associated return on investment linked to qualifying electric plants in service.
Qualifying electric plant includes all rate base additions by an electric public utility, but does not include transmission facilities or new electric generating units.
The deferred depreciation and return on the associated regulatory asset are required to be included in determining the utility's rate base during subsequent general rate proceedings.
The return on the deferred regulatory asset balances will be calculated using the weighted average cost of capital.
Utilities that elect the PISA provision can make qualifying deferrals of depreciation and return from July 2024 through December 2030.
Evergy Kansas Central and Evergy Metro elected the PISA provision in their Kansas jurisdictions effective in July 2024.
Additionally, the law establishes new mechanisms for the recovery of costs associated with new gas-fired generating units.
If the KCC decides investment in a new gas-fired generating unit is reasonable, the utility would be able to recover the return on 100 % of the associated construction costs at its weighted average cost of capital.
The cost recovery from customers could begin a year after construction begins.
Rates could be adjusted every six months until new base rates reflecting the plant's costs are established.
In April 2024, Kansas S.B. 410 was signed into law by the Governor of Kansas.
Most notably, S.B. 410 includes an exemption from all property and ad valorem taxes on certain electric generation facilities for which construction or installation begins on or after January 1, 2025.
Natural Gas Plant Investments The Evergy Companies use a triennial IRP, a detailed analysis that estimates factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity.
In April 2024, Evergy Missouri West purchased a 22% ownership interest representing approximately 145 MW in Dogwood, an operational combined-cycle natural gas facility located in Missouri, for approximately $60 million.
The purchase was recorded as an asset acquisition to property, plant and equipment, net, on Evergy's consolidated balance sheet.
The purchase was subject to terms and conditions listed in a stipulation and agreement approved by the MPSC allowing Evergy Missouri West to recover in rates a return of and return on the original cost, net of accumulated depreciation, of Dogwood.
Evergy Missouri West shall also be allowed to recover in rates over two years a return of, but not a return on, the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood.
In addition, net revenues generated from Evergy Missouri West's ownership of Dogwood from the date of closing to the date new rates become effective in Evergy Missouri West's current rate case shall not impact rates and shall be retained by Evergy Missouri West and reduce the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood to be recovered from customers.
Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MW.
The first plant is expected to begin operations by summer of 2029 and the second plant is expected to begin operations by summer of 2030.
See Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and Certificate of Convenience and Necessity (CCN) for their investments in these natural gas plants.
Renewable Plant Investments Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky.
The solar generation facility is expected to begin operations by summer of 2027.
The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions.
In the third quarter of 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development.
The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW.
The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW.
The agreements are subject to regulatory approvals and closing conditions, including the granting by the MPSC of a CCN with reasonably acceptable terms.
See Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and CCN, respectively, for their investments in these renewable generating plants.
Wolf Creek Refueling Outage and Fuel Supply Wolf Creek's most recent refueling outage began in March 2024 and the unit returned to service in May 2024.
Wolf Creek's next refueling outage is planned to begin in the fourth quarter of 2025.
In May 2024, President Biden signed into law the Prohibiting Russian Uranium Imports Act, which limits the importation of uranium from the Russian Federation.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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