Evergy, Elliott Management Agree On A Renewable-Increasing Strategic Plan, Avert A Sale

Evergy Inc. announced on Wednesday a new five-year strategic plan designed to speed its transition to cleaner energy. The plan results from a review by a special committee put together by the Kansas City-based utility and activist investor Elliott Management Corp.  As part of the plan, Evergy expects to invest roughly $4.8 billion to upgrade its electrical grid, improve customer service platforms and increase access to renewable energy. A big part of the plan is to ask Kansas and Missouri for assistance in speeding the retirement of Evergy’s coal-fired power plants. The company would ask the states to issue bonds to pay off all debt owed on the plants. Evergy would repay the bonds through a line on customer’s bills. Customers already pay the cost of the coal plants.

By Brian Kaberline. Kansas City Business Journal. August 5, 2020.

Read Full Article →