Evergy, Inc. (EVRG)

Evergy, Inc. is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Through its wholly-owned utility subsidiaries, it generates, transmits and distributes electricity under the Evergy name in Kansas and Missouri. Evergy's stated strategy rests on affordability, reliability and sustainability, with a goal of supporting economic development and growing customer demand, and it targets a 50%-60% dividend payout ratio.

Evergy operates in one segment, since its financial performance is assessed and resources are allocated on a consolidated basis. Its main subsidiaries are Evergy Kansas Central (an integrated, regulated electric utility serving Kansas, with subsidiary Evergy Kansas South), Evergy Metro (serving Missouri and Kansas) and Evergy Missouri West (serving Missouri). Evergy Transmission Company owns 13.5% of Transource Energy, which develops competitive transmission projects, and Evergy Kansas Central owns 50% of Prairie Wind Transmission, which owns a 108-mile, 345 kV line in the Southwest Power Pool. Evergy has about 15,800 MW of owned generating capacity and renewable power purchase agreements: coal 37%, wind 29%, natural gas and oil 27%, uranium 7%, and a small amount of solar and landfill gas. It indirectly owns 94% of the Wolf Creek nuclear station. It also offers customer energy efficiency programs under Missouri and Kansas legislation.

Evergy serves about 1.7 million customers in Kansas and Missouri: roughly 1.5 million residences, 0.2 million commercial firms and 7,400 industrials, municipalities and other electric utilities. In 2025, revenues were 37% residential, 33% commercial, 11% industrial, 5% wholesale, 9% transmission and 5% other. About one-third of retail revenues are recorded in the third quarter because of seasonality. Kansas and Missouri are expected to account for roughly 60% and 40% of 2026 retail revenues, respectively. The utilities operate in franchised territories under the integrated regulated model and do not compete for retail customers, though they compete in the wholesale market through the SPP Integrated Marketplace.

Retail rates and service standards are regulated by the Kansas Corporation Commission and the Missouri Public Service Commission, while the Federal Energy Regulatory Commission regulates transmission and wholesale activity and the Nuclear Regulatory Commission oversees Wolf Creek. About 60% of energy comes from owned generation and 40% from purchased power, much of it under long-term renewable contracts. Coal is bought from Powder River Basin and local suppliers and moved by rail under contract, with roughly 16 million tons expected in 2026. Natural gas is bought mainly on the spot market, and Wolf Creek's uranium, enrichment and conversion needs are covered through 2030. Evergy uses integrated resource plans to guide its generation modernization, which includes adding natural gas and renewables, exploring battery storage and nuclear, and retiring or converting older coal units, with a long-term net-zero emissions goal for 2050. As of December 31, 2025, the Evergy Companies had 4,691 employees, 2,479 of them represented by unions.