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Evergy Inc EVRG

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Morningstar’s Analysis

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Evergy Reports No Coronavirus-Related Supply Chain Disruptions and Expects Additional O&M Savings

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We have increased our fair value estimate to $56 per share from $55 after Evergy reported 2020 first-quarter earnings and discussed the impact of the coronavirus.

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Company Profile

Business Description

Evergy is a regulated electric utility serving eastern Kansas and western Missouri. Major operating subsidiaries include Kansas City Power & Light, KCP&L Greater Missouri Operations, and Kansas Gas & Electric. The company has a combined rate base of approximately $14 billion, about half in Kansas and half split between Missouri and federal jurisdiction. Evergy operates and owns 94% of the 1,200 MW Wolf Creek nuclear plant that supplies about 17% of the company's net generation or purchased power. Coal and natural gas generation supply about 60% of total sales but is declining with planned coal plant retirements. Including purchased power contracts, Evergy gets about 27% of its power from renewables, mostly wind, making it one of the largest wind energy suppliers in the U.S.

1200 Main Street
Kansas, MO, 64105
T +1 816 556-2200
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 4,617