Welcome to our dedicated page for Evergy news (Ticker: EVRG), a resource for investors and traders seeking the latest updates and insights on Evergy stock.
Evergy, Inc. (symbol: EVRG) is a prominent utility company headquartered in Kansas City, Missouri. Incorporated in 2017, Evergy, Inc. specializes in the generation, transmission, distribution, and sale of electricity across Kansas and Missouri. Serving approximately 1,604,300 customers, including residential, commercial, industrial, and municipal clients, Evergy stands as a key player in the U.S. energy market.
The company employs a diverse mix of energy sources to generate electricity. These include coal, nuclear, natural gas and oil, uranium, wind, hydroelectric, landfill gas, and solar energy as well as other renewable sources, underlining its commitment to sustainability and innovation. Evergy operates about 10,100 circuit miles of transmission lines, 39,700 circuit miles of overhead distribution lines, and 12,700 circuit miles of underground distribution lines, ensuring a reliable energy supply to its vast customer base.
Evergy’s major operating subsidiaries include Evergy Metro, Evergy Kansas Central, Evergy Missouri West, and Evergy Transmission Co. The company boasts a combined rate base of approximately $19 billion, with assets evenly distributed between Kansas, Missouri, and federal jurisdictions. Notably, Evergy is one of the largest suppliers of wind energy in the United States, reflecting its leadership in the renewable energy sector.
Recent achievements include significant investments in modernizing the power grid, enhancing energy efficiency programs, and expanding renewable energy projects. Current projects focus on sustainable energy solutions and technological advancements to meet the evolving energy demands of the future. Financially, Evergy maintains a strong and stable position, supported by strategic partnerships and a dedicated focus on innovation and customer service.
Through its comprehensive energy solutions and commitment to sustainability, Evergy continues to play a vital role in the region's development, offering reliable and efficient energy to millions while driving forward the transition to a greener and more resilient energy infrastructure.
Evergy has submitted a rate review to the Missouri Public Service Commission, requesting a 5.2% increase for Missouri Metro customers and 3.85% for Missouri West customers. This marks the first base rate increase in over five years. The request follows savings from the 2018 merger, which exceeded projections, allowing the company to reduce the rate increase request by more than half. The proposed adjustments aim to improve reliability, customer service, and the transition to cleaner energy sources, while maintaining rates below the inflation rate over the past decade.
Evergy has proposed a suite of energy efficiency programs to the Kansas Corporation Commission, aimed at delivering $42 million in net bill savings for customers. The plan includes $13 million in assistance for low-income and rural households and aims to create jobs through community partnerships.
The company is also preparing to request an extension of its energy efficiency programs in Missouri, where it has previously helped over 370,000 residents save energy. Proposed Kansas programs are expected to begin in January 2023 and will require regulatory approval.
On November 8, Evergy participated in a ribbon-cutting ceremony for a new 1.92 MW solar array in Paragould, Arkansas. This system, operational since November 2021, utilizes bifacial solar panels and Schletter single-axis trackers to enhance efficiency, producing about 3.4 million kWh annually—enough to power over 200 homes for a year. Evergy has collaborated with Paragould Light Water & Cable for over a decade, securing a competitive bid to establish this solar project aimed at providing affordable, clean energy to the community.
Evergy, Inc. (NYSE: EVRG) reported third quarter 2021 earnings of $449 million, or $1.95 per share, surpassing $365 million, or $1.60 per share in Q3 2020. Adjusted EPS rose to $1.98 from $1.73 year-over-year. The company announced a 7% increase in its quarterly dividend to $0.5725 per share, reflecting confidence in its performance. Evergy has raised its 2021 GAAP EPS guidance to between $3.71 and $3.81 and adjusted EPS guidance to $3.50 to $3.60. The earnings growth was driven by warmer weather and increased retail sales, although weather-normalized demand decreased.
Evergy (NYSE: EVRG) has launched a Request for Proposals (RFP) seeking up to 1,000 megawatts (MW) of wind energy projects by 2026. Projects achieving commercial operation by mid-2024 or year-end 2025 will be prioritized. The RFP is open until November 23, 2021, with a focus on projects of at least 50 MW that interconnect to the Southwest Power Pool. This initiative supports Evergy's strategy to expand renewable energy and move towards net zero carbon emissions by 2045, leveraging production tax credits.
Evergy, Inc. (NYSE: EVRG) will release its third quarter 2021 earnings on November 3, 2021, before market open. The company will hold a quarterly conference call and audio webcast on the same day at 9:00 a.m. Eastern. Investors can join via phone at (888) 353-7071 or log onto investors.evergy.com. Supplemental financial information will be available on their website. A replay of the call can be accessed from 1:00 p.m. Eastern on November 3 through November 10, 2021.
Evergy, Inc. (NYSE: EVRG) is set to host a Virtual Investor Day on September 21, 2021, at 9:00 AM Eastern Time. The event will feature updates on the company's business strategy, operational highlights, sustainability profile, and financial outlook. Interested investors can access the webcast on investors.evergy.com. A Q&A session will follow the presentations. Evergy serves 1.6 million customers in Kansas and Missouri, with half of their energy sourced from emission-free resources, aiming for a reliable and environmentally friendly future.
Anterix (NASDAQ: ATEX) has signed a 20-year agreement with Evergy (NYSE: EVRG) for the use of its 900 MHz broadband spectrum across Evergy's service area in Kansas and Missouri. This lease, with two 10-year renewal options, aims to enhance Evergy's grid modernization by deploying a private wireless broadband communications network utilizing LTE technology. The partnership follows similar agreements with other utilities, facilitating a collaborative approach to smart grid applications and efficient energy delivery.
Evergy, Inc. (NYSE: EVRG) has appointed Lesley Elwell as Senior Vice President and Chief Human Resources Officer, effective immediately. Elwell brings over 25 years of HR leadership experience from major companies including Walmart and DIRECTV, focusing on talent strategy and employee engagement. She succeeds Jerl Banning, who left in May 2021. Additionally, Greg Greenwood has been promoted to Executive Vice President and Chief Strategy Officer, where he will continue guiding the Sustainability Transformation Plan, initiated in August 2020, aimed at enhancing renewable energy investment and improving system resilience.
Evergy, Inc. (NYSE: EVRG) reported second quarter 2021 earnings of $185 million ($0.81 per share), significantly up from $133 million ($0.59 per share) in Q2 2020. Adjusted earnings were $195 million ($0.85 per share), compared to $154 million ($0.68 per share) year-over-year. The increase was attributed to higher weather-normalized demand, improved transmission margins, and decreased operating expenses, despite some unfavorable weather impacts. The company reaffirmed its adjusted EPS guidance for 2021 between $3.20 and $3.40 and declared a dividend of $0.535 per share, payable on September 20, 2021.
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