Here are 1-3 brief analogies for Evergy (EVRG):

• Evergy is an electric utility company, much like the **Duke Energy** for Kansas and Missouri, delivering essential power to homes and businesses.
• Consider Evergy as the **Southern Company** of the Midwest, operating a regulated monopoly to generate and distribute electricity.

• Electricity Generation and Supply: The production and sale of electricity to residential, commercial, and industrial customers within its service territory.
• Electricity Transmission: The high-voltage delivery of electricity across vast distances from power plants to substations.
• Electricity Distribution: The low-voltage delivery of electricity from substations directly to homes, businesses, and other end-users.
• Energy Management Programs: Services offering advice and solutions for customers to optimize their energy consumption and efficiency.

Evergy (EVRG) is an electric utility company that primarily sells electricity directly to end-users within its regulated service territory, rather than primarily to other companies. Its major customer categories include:

• Residential Customers: This category encompasses individual households and consumers who use electricity for their homes.
• Commercial Customers: This category includes a wide range of businesses, such as retail stores, offices, restaurants, schools, hospitals, and other non-industrial enterprises.
• Industrial Customers: This category comprises large manufacturing facilities, factories, and other industrial operations that require significant amounts of electricity for their processes.

• BWX Technologies, Inc. (BWXT)
• Westinghouse Electric Company LLC

David Campbell, Chairman, President and CEO

David Campbell joined Evergy in January 2021 as President and CEO and was appointed Chairman in May 2024. He has over 25 years of experience in the energy industry, with 15 years in senior leadership roles within the electric power and utility sector. Prior to Evergy, he served as Executive Vice President and Chief Financial Officer of Vistra Corp. from June 2019 to December 2020. From 2014 to 2019, Campbell was Chief Executive Officer of InfraREIT, Inc., and expanded his responsibilities in late 2016 to become Chief Executive Officer of Sharyland Utilities. As CEO, he spearheaded InfraREIT's Initial Public Offering in January 2015 and later led its sale to Oncor. He also served as President and Chief Operating Officer of Bluescape Resources from 2013-2014. Campbell worked at TXU Corp. and its successor, Energy Future Holdings, from 2004 to early 2013, holding various positions including Chief Executive Officer of Luminant and Chief Financial Officer of TXU. Before joining TXU in 2004, he was a partner at McKinsey & Company, where he led the corporate finance and strategy practice in Texas.

W. Bryan Buckler, Executive Vice President, Chief Financial Officer

W. Bryan Buckler became Evergy's Executive Vice President and Chief Financial Officer effective October 1, 2024. In this role, he oversees corporate finance functions including treasury, accounting, planning, tax, internal audit, capital allocation, and investor relations. Before joining Evergy, Mr. Buckler served as Chief Financial Officer for OGE Energy Corp. starting in January 2021. Prior to his time at OGE Energy Corp., he spent over 14 years at Duke Energy Corporation, where he held various finance leadership positions, most recently as Vice President of Investor Relations. He began his career at Ernst & Young LLP, where he worked for 11 years.

Chuck Caisley, Executive Vice President Utility Operations & Chief Customer Officer

Chuck Caisley is Evergy's Executive Vice President of Utility Operations and Chief Customer Officer. He leads the company's transmission and distribution operations, customer service, and public affairs, with responsibility for community and customer strategy, communications, marketing, economic development, government and regulatory affairs, and public relations functions. Mr. Caisley joined Evergy's predecessor company, KCP&L, in 2007 as director of government affairs. Before that, he was president and chief executive officer of the Missouri Energy Development Association. He also served as chief of staff and top political advisor to Missouri House Speaker Catherine Hanaway in 2004. Caisley holds a bachelor's degree in political science from the University of Illinois in Urbana-Champaign, a Juris Doctorate from St. Louis University School of Law, and a Master of Business Administration from Washington University in St. Louis.

Lesley Elwell, Senior Vice President, Chief People Officer

Lesley Elwell serves as Evergy's Senior Vice President and Chief People Officer.

Heather Humphrey, Senior Vice President, General Counsel and Corporate Secretary

Heather Humphrey holds the position of Senior Vice President, General Counsel and Corporate Secretary at Evergy.

1. Regulatory Risks: As a regulated electric utility, Evergy's operations, profitability, and ability to recover investments are heavily dependent on regulatory approvals and policies. Changes in energy regulations, less favorable regulatory outcomes regarding rate increases, and regulatory lag (delays in recovering capital expenditures through approved rates) can significantly impact earnings, cash flow, and dividend growth.

2. Operational and Environmental Risks: Evergy is vulnerable to severe weather events, such as storms, heatwaves, tornados, and ice storms, which can disrupt energy delivery, increase operational costs, and damage infrastructure. Furthermore, the company faces risks associated with climate change, which can affect energy demand and commodity prices. Evergy's historic reliance on coal, while transitioning to renewables, also presents execution risks and significant capital expenditures for its generation fleet transformation.

3. Capital Expenditure and Financial Risks: The company has substantial capital expenditure plans, particularly for its energy transition initiatives, including closing coal-fired generation and investing in new renewable resources and grid modernization. These elevated capital investments, if not adequately recovered through rates due to regulatory challenges or customer resistance, can pressure Evergy's financial measures, such as Funds From Operations (FFO) to debt, and increase its reliance on debt financing.

• Distributed Generation and Energy Storage: The increasing affordability and efficiency of rooftop solar photovoltaic (PV) systems combined with battery storage solutions pose a clear emerging threat. As customers adopt these technologies, they generate their own electricity, reducing their reliance on Evergy's grid and consequently, their electricity purchases. This trend is driven by declining technology costs, government incentives, and a desire for energy independence and resilience. If a significant number of customers, particularly high-usage industrial or commercial clients, or even residential clusters, reduce their grid consumption or move towards greater energy self-sufficiency, it directly impacts Evergy's sales volumes and potentially its ability to recover fixed costs through traditional rate structures. This parallels how Netflix provided an alternative viewing model that incrementally eroded Blockbuster's core rental business.

1. Growth in Weather-Normalized Demand: Evergy anticipates continued growth in electricity demand, driven by increases across all customer classes. This weather-normalized demand growth was a key contributor to increased earnings in both the third quarter of 2024 and 2025. The company expects a base demand growth forecast of 2% to 3% through 2029.
2. New Retail Rates and Constructive Regulatory Outcomes: New retail rates, such as those implemented in Kansas, have already contributed to increased earnings per share. Evergy plans to have more frequent rate cases to ensure the financial stability of its utilities and manage customer rate increases. Recent unanimous settlement agreements in rate cases in Missouri West and Kansas Central are viewed as constructive outcomes that will support revenue. Furthermore, constructive legislative outcomes in Kansas and Missouri are expected to mitigate regulatory lag and support infrastructure investment.
3. Recovery of Regulated Investments and Capital Investment Plan: The recovery of FERC-regulated investments has been a consistent driver of increased earnings for Evergy. The company has introduced a significant capital investment plan of $16.2 billion for 2025-2029, which includes new generation projects such as combined-cycle natural gas plants and solar farms. These investments are crucial for meeting growing energy needs, enhancing infrastructure, and generating revenue through their inclusion in the rate base.
4. Economic Development and Large Customer Growth: Evergy's service region in Kansas and Missouri is experiencing robust economic development, attracting advanced manufacturing and data center customers. The company has a substantial pipeline of potential large customers, with the possibility of achieving 4% to 5% load growth through 2029 if additional agreements with these customers are finalized, surpassing the base forecast. These new large customers are expected to contribute to revenue by paying a reasonable premium for the cost to serve them.

Share Repurchases

• Evergy's share repurchase program, authorized in July 2018 for up to 60 million shares, was expected to conclude by mid-2020.
• No significant share repurchases have been reported for the period from 2020 to 2025.

Share Issuance

• In May 2025, Evergy filed to potentially issue up to $1.2 billion of common stock through an equity distribution agreement and forward sale agreements, which may have a dilutive effect on earnings per share.

Outbound Investments

• Evergy holds a 13.5% interest in Transource Energy, a joint venture with American Electric Power, which focuses on developing competitive electric transmission projects across the United States.

Capital Expenditures

• Evergy's five-year capital expenditure plan reached $7.6 billion as of July 2023, reflecting a nearly 64% increase over four years.
• The company targets approximately $17.5 billion in capital investments for the 2025-2029 period, with about $6.17 billion dedicated to new renewable generation.
• Key areas of capital expenditure include transmission and distribution infrastructure upgrades, grid modernization, and new generation, such as planned combined-cycle natural gas plants to begin operations by 2029 and 2030.