Regulators approve merger of Great Plains Energy, Westar Energy
The Kansas Corporation Commission (KCC) and the Missouri Public Service Commission (MPSC) recently approved a stock-for-stock merger proposed by Great Plains Energy, Inc. and Westar Energy, Inc., combining $15 billion of equity value into a new entity called Evergy, Inc.
Evergy will serve approximately 1.6 million customers, nearly 1 million in Kansas and about 600,000 in Missouri. Additionally, the new company will operate more than 51,000 miles of distribution lines and 13,000 megawatts of generation.
Terry Bassham, chairman and CEO of Great Plains Energy and the new president and CEO of Evergy, said Westar Energy, a subsidiary of Kansas City Power and Light Co. (KCP&L), have been neighbors for more than 100 years, and the merger will allow the companies to “continue providing excellent customer service while maintaining competitive prices.”
“We appreciate that regulators and shareholders recognize the value in combining the companies,” Bassham added.
Corporate headquarters will be located in Kansas City, and operational headquarters will be located in both Kansas City and Topeka, Kan. The company plans to employ about 5,000 employees.
“Customers will benefit from bringing together two innovative teams of employees who are active in the communities we serve and take pride in providing excellent customer service,” Bassham said. “The increased scale and efficiency will deliver savings not possible without the merger.”
Evergy has committed to meet nearly half of energy demands from homes and businesses in its service area with energy from zero-emission sources, with nearly one-third coming from renewable sources.
