Evergy, Inc. (EVRG)

Evergy, Inc., incorporated in 2017 and headquartered in Kansas City, Missouri, is a public utility holding company operating primarily through integrated, regulated electric utility subsidiaries: Evergy Kansas Central (serving Kansas, with subsidiary Evergy Kansas South), Evergy Metro (serving Missouri and Kansas), and Evergy Missouri West (serving Missouri). Evergy also holds a 13.5% stake in Transource Energy, LLC (a transmission joint venture with AEP) and a 50% interest in Prairie Wind Transmission, LLC, both accounted for under the equity method. The company operates as a single reportable segment and serves approximately 1.7 million customers (1.5 million residential, 0.2 million commercial, and 7,500 industrial/municipal/utility customers) across Kansas and Missouri, with roughly one-third of retail revenues generated in the third quarter due to seasonality.

Revenue by customer class in 2024 was 37% residential, 34% commercial, 12% industrial, 5% wholesale, 8% transmission, and 4% other. The company's strategy centers on affordability, reliability, and sustainability, targeting a 60%-70% dividend payout ratio and top-tier reliability performance. Evergy's Kansas operations are regulated by the KCC and Missouri operations by the MPSC, with transmission and wholesale activities subject to FERC oversight; Evergy also holds a 94% indirect ownership in the Wolf Creek nuclear facility, regulated by the NRC.

Approximately 60% of Kansas and 40% of Missouri retail revenues are expected in 2025. Evergy participates in the Southwest Power Pool (SPP) Integrated Marketplace for wholesale power transactions and maintains roughly 15,800 MW of owned generating capacity plus renewable power purchase agreements, with a 2025 fuel mix of 37% coal, 29% wind, 27% natural gas/oil, and 7% uranium. The company is transitioning its generation fleet toward lower emissions, having reduced CO2 emissions from owned generation by more than 50% since 2005, with a long-term goal of net-zero scope 1 and 2 CO2e emissions by 2045, while retiring or converting coal units and adding renewable and natural gas capacity.

Evergy manages fuel supply through coal contracts (Powder River Basin), nuclear fuel arrangements for Wolf Creek through 2045, and natural gas purchases, and offers energy efficiency programs under Missouri's MEEIA and Kansas's KEEIA frameworks. As of December 31, 2024, the company employed 4,731 people, including 2,494 represented by unions, with labor agreements expiring between 2025 and 2027. Executive leadership includes Chairman, President and CEO David A. Campbell, and other senior officers overseeing finance, customer affairs, human resources, legal, and technology functions.