2023-04-25 18:35:46 ET
Evergy ( NASDAQ: EVRG ) said Tuesday it filed a request with the Kansas Corporation Commission - its first in five years - to recover investments made to modernize and increase the reliability of the power grid.
Evergy ( EVRG ) said approval would raise revenues by $218M, with more of the burden placed on customers in the Kansas Central service area compared to those in the Kansas City metro area.
An average residential customer in Evergy's ( EVRG ) Kansas Central service area would see their monthly bill rise by ~$14.24, or 9.7%, while Kansas Metro service area, the average residential customer in the Kansas Metro would pay ~$3.47/month, or 1.9%.
Evergy ( EVRG ) said the proposed rate increase could have been worse for customers ; without cost reductions achieved through the 2018 merger of Westar Energy and Kansas City Power and Light, the proposed rate hike would have needed to raise an additional $130M.
If approved, the rate increase would take effect in December.
More on Evergy:
- See financial and valuation comparisons to sector peers
- SA analysis: Evergy: Large Energy Infrastructure Program, EPS Growth, And Not Expensive
- Stock price return: 1% gain YTD, 9% loss in the past 12 months
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Evergy files for higher customer rates, first request in five years