Evergy is a regulated electric utility holding company serving approximately 1.7 million customers across Kansas and Missouri. Evergy generates, transmits, distributes, and sells electricity to residential, commercial, and industrial customers through three regulated utility subsidiaries: Evergy Kansas Central, Evergy Metro, and Evergy Missouri West. Because neither Kansas nor Missouri has deregulated retail electricity, Evergy holds an exclusive franchise in its service territory — customers cannot switch providers — making its revenue base highly predictable. Evergy earns a regulated return on its infrastructure investments (rate base), approved by state regulators in Kansas and Missouri and by FERC for transmission. The key earnings drivers are rate base growth, load growth, and periodic rate cases to reset customer rates. Evergy's generation fleet is a mix of coal, wind, nuclear, and natural gas. Evergy's growth strategy centers on a large-load economic development opportunity, primarily data centers and advanced manufacturing. Evergy has signed agreements with four major customers — including Google and Meta — representing 1.9 gigawatts of new peak demand, nearly a 20% increase in total system demand. To support this growth, Evergy's $21.6B five-year capital plan targets roughly 11.5% annualized rate base growth through 2030, driven by new natural gas generation and transmission and distribution modernization. Evergy has secured large-load tariffs in both states with long-term contracts, minimum bill requirements, and exit fees to protect existing ratepayers.