Evergy reaches unanimous settlement with parties to Kansas rate case

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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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.