FOR IMMEDIATE RELEASE -- August 13, 2020
Contact: Kevin Kelly (573) 751-9300
PSC Opens Investigatory Docket into Agreement Between
Evergy Missouri, Inc. and Elliott Management
JEFFERSON CITY---The Missouri Public Service Commission has granted a motion filed by the Public Service Commission Staff (Staff) and opened an investigatory docket into the agreement between Evergy, Inc. (Evergy) and Elliott Management Corporation and related activities, including the Sustainability Transformation Plan announced on August 5, 2020.
In its motion, the PSC Staff explained that Evergy and Elliott Management, which manages funds owning a significant share of Evergy’s stock, announced a plan that purports to drive increased value and benefits for all of Evergy’s shareholders.
“Staff wants to investigate Evergy’s plan to assure that it will not lead to unnecessarily higher rates or diminished quality of service for Missouri rate payers,” said the Commission. “Further, Staff seeks to assure that Evergy continues to comply with the various agreements and assurances made during the KCP&L-Aquila and Great Plains Energy-Westar mergers, as well as the conditions imposed on the Commission’s approval of those mergers.”
This is a fact-finding investigation. It is not a contested case and the Commission will not take any action regarding Evergy or its agreement with Elliott Management within the confines of this investigation. “If the investigation reveals that any such action is appropriate,” said the Commission, “Staff may file a formal complaint or other appropriate pleading within a new file to institute contested case procedures.”
Staff is to file a report regarding its investigation no later than November 13, 2020.
Evergy Missouri Metro serves approximately 293,000 electric customers in the Missouri counties of Carroll, Cass, Chariton, Clay, Howard, Jackson, Johnson, Lafayette, Livingston, Pettis, Platte, Randolph and Saline.
Evergy Missouri West provides electric service to approximately 334,100 customers in the Missouri counties of Andrew, Atchison, Barton, Bates, Benton, Buchanan, Carroll, Cass, Cedar, Clay, Clinton, Dade, Daviess, DeKalb, Gentry, Grundy, Harrison, Henry, Holt, Jackson, Johnson, Lafayette, Livingston, Mercer, Nodaway, Pettis, Platte, Ray, St. Clair, Vernon and Worth.