Evergy

Evergy
Public
Traded as
Industry Electric utility
Founded 1909
Headquarters Kansas City, Missouri, US
Area served
 Western 1/2 of Missouri &Eastern 1/2 of Kansas
1.6 Million customers
Key people
 Terry Bassham (CEO)
Products Electricity generation, transmission and distribution,
Number of employees
 5,000
Website evergyinc.com
Westar headquarters in Downtown Topeka

Evergy is an investor owned electric utility headquartered in Kansas City, Missouri, United States. Evergy is the largest electric company in Kansas, serving 690,000 residential, commercial and industrial customers[1] in the eastern third of the state. Evergy generates more than 27,000,000 megawatt-hours of electricity per year at its 12 power plants. Evergy service territory covers 10,130 square miles (26,200 km2) in east and east-central Kansas. Evergy owns more than 6,300 miles (10,100 km) of transmission lines and about 28,100 miles of distribution lines.

History


Westar was the product of a 1992 merger between the two major electric companies in eastern Kansas, Kansas Gas and Electric (KG&E) of Wichita and Kansas Power and Light (KPL) of Topeka.

KG&E was founded in 1909 when the American Power and Light Company took over electric companies in Wichita, Pittsburg and Frontenac. Within a decade, it served over 48,000 people in 50 cities and towns. It also provided natural gas to several of the larger cities in its service territory.[2]

KPL was founded in 1924, and quickly expanded across northeastern Kansas. In 1983, it merged with The Gas Service Company, a natural gas utility serving customers in Kansas, Missouri, Nebraska and Oklahoma.[2]

In 1992, KPL merged with KG&E to become Western Resources, with KPL and KG&E as operating companies. The merger created one of the largest utilities in the Midwest, serving 560,000 electric customers and 1.06 million natural gas customers in three states. In 1996, Western Resources sold its natural gas business to ONEOK as Kansas Gas Service; this company is now part of ONE Gas. In return, Western Resources acquired a 45 percent stake in ONEOK; it sold this stake in 2003.[2]

In 2002, Western Resources officially changed its name to Westar Energy, and all of its subsidiaries began doing business under that name.[2]

In 2016, Great Plains Energy and Westar announced merger plans,[3] but this proposed merger was rejected by Kansas Corporation Commission utility regulators as unfavorable to Kansas consumers.[4] A new merger plan with Great Plains was announced in 2017.[5] As of May 24, 2018, this merger has been approved by both the Missouri Public Service Commission and the Kansas Corporation Commission, with the combined company to be named Evergy.[6]

Generation portfolio

Controversies

In 1999, Western Resources restated its consolidated financial statements for 1999, 1998 and 1997 and for each of the periods of 2000, related to the Westinghouse Security Systems (WSS)acquisition.[7]

On January 14, 2003, Westar Energy Inc was charged for transactions involved power sales from one Cleco Corporation affiliate to Westar and then back to another or the same Cleco affiliate,[8] and paid $30,000,000 USD for settlement.

On Nov 1, 2002, Westar Energy announced to restate results for its first and second quarter, to account for additional impairment at its Protection One Inc.(POI) unit.[9]

On March 25, 2004, Westar Energy said to restate its 2003 annual financial results, after realizing that it might have understated its cash flow from operations for the year.[10]

References

  1. ↑ Evergy summary, Reuters, October 8, 2013
  2. 1 2 3 4 http://www.westarenergy.com/wcm.nsf/content/company%20history
  3. ↑ Davis, Mark (2016-05-31). "KCP&L parent agrees to buy Topeka-based Westar Energy". The Kansas City Star. Retrieved 2018-05-24.
  4. ↑ Vockrodt, Steve (2017-04-19). "Regulators deny proposed $12.2 billion merger of KCP&L and Westar". The Kansas City Star. Retrieved 2018-05-24.
  5. ↑ Davis, Mark (2018-11-17). "Shareholders vote on KCP&L parent's merger; regulators set timetable for review". The Kansas City Star. Retrieved 2018-05-24.
  6. ↑ Lefler, Dion (2018-05-24). "Goodbye Westar Energy and KCP&L, hello Evergy; most Kansans to get new power company". The Wichita Eagle. Retrieved 2018-05-24.
  7. ↑ "WESTERN RESOURCES INC, Form 10-Q/A, Filing Date Feb 2, 2001". secdatabase.com. Retrieved May 15, 2018.
  8. ↑ "Westar Energy, Inc. : Common Stock and Western Resources Capital I Cumulative Quarterly Income".
  9. ↑ "WESTAR ENERGY TO RESTATE 2002 FINANCIAL RESULTS".
  10. ↑ "Westar might have to restate 2003 results".
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