Approval given for Utility merger by Missouri PSC

| May 24, 2018
Print Friendly, PDF & Email

JEFFERSON CITY, MO – (AP) – Utility regulators have approved the merger of the two largest electric companies operating in Missouri.

Facing a consolidation trend energy industries are seeking large scale economies. Separately, Great Plains and Westar were two out of fewer than a dozen utilities remaining in the U.S. with market capitalizations of less than $10 billion. The Missouri Public Service Commission, and Kansas Corporation Commission’s decisions Thursday mean Topeka-based Westar Energy and Great Plains Energy of Kansas City, Missouri, will become subsidiaries of a new company called Evergy. Great Plains is the parent of Kansas City Power & Light. Both companies’ shareholders gave approval in November.

Westar said in a statement that the new company will have an equity value of about $15 billion and 1.6 million customers in Kansas and Missouri. Westar will give customers $23 million in credits on their bills, while KCP&L will issue $7.5 million in credits.

Evergy intends to meet nearly half of energy needs with zero-emission sources, with nearly one-third coming from renewable energy. That would make Evergy one of the largest wind energy providers in the nation. In addition, the company is developing more renewable energy programs.

Please follow and like us:

Tags: , , , , , , , , , , , , , , , , ,

Category: Local News, News

About the Author ()