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The KCC approved a $128 million rate increase for Evergy on Thursday, Sept. 25, less than the $196.4 million request the company had filed back in January. Evergy argues the increase is to recover costs from replacing aging equipment and to improve grid reliability.
The new rate will take effect in October this year. Residential customers who use 900 kWh/month can expect to see a monthly increase of about $8.47.
The KCC said Commissioner Dwight D. Keen objected to the 9.7% Return on Equity (ROE) for Transmission Delivery Charges. He said the ROE is excessive and may present ongoing affordability issues for ratepayers.
On Jan. 31, Evergy filed a 441-page joint application with the KCC requesting an annual base rate change of $192 million. According to a document provided by Evergy in the filing, from 2017 to 2024 Evergy has increased its rates 5.6% compared to other states in the region that saw rate increases closer to 17%.
Last year 27 News reported on an Evergy earnings call where the company said its biggest driver of earnings was its last rate hike. As a result of those rate hikes, the company said it would increase its dividends to shareholders and projected higher stock prices in 2025.
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