Evergy, Inc.

Evergy, Inc. is a regulated electric utility holding company that generates, transmits, and distributes electricity to approximately 1.7 million customers across Kansas and Missouri, reporting $5.9 billion in revenue and $856 million in net income in fiscal 2025. Formed from the 2018 merger of Westar Energy and Great Plains Energy, the company spent its first five years delivering exactly what the merger promised: cost synergies, steadily improving reliability, and customer rates that rose at barely 0.5% annually — a fraction of inflation. It was a quiet, competent utility in a quiet part of the country.

That story changed decisively in 2025. Evergy now holds signed electric service agreements for five large-scale data center projects representing roughly 2.5 gigawatts of steady-state peak demand — equivalent to a quarter of its existing system peak — plus the 450-megawatt Panasonic EV battery plant already ramping in Kansas. A $21.6 billion five-year capital plan, 12% rate base growth, and 7-8% annual retail load growth through 2030 have replaced the old narrative of a low-growth regulated yield name. The file turns on a single question: whether the regulatory compact, construction execution, and customer pipeline can all hold together well enough to convert extraordinary load growth into equally extraordinary per-share earnings growth — or whether the infrastructure bill comes due faster than the revenues arrive.