Evergy (EVRG) 10-K risk factor changes: FY2022 vs FY2021

In addition, Evergy Metro and Evergy Missouri West utilize a plant-in service accounting (PISA) legislative mechanism in Missouri, which [removed: requires each company to keep base rates constant for three years following Evergy Metro's and Evergy Missouri West's last general rate case and] limits the extent to which prices can increase [removed: thereafter] [added: after a general rate case] to approximately 3% on an annualized basis.

Furthermore, [removed: while inflation has been relatively muted in recent years,] during [removed: 2021,] [added: 2021 and 2022,] the United States' economy experienced a substantial rise in the inflation [removed: rate.][added: rate compared to recent historical inflation rates.]

While the Federal Reserve Bank has announced certain measures to combat rising inflation, there [removed: is increased] [added: remains] uncertainty in the near-term outlook as to whether inflation will [removed: continue.][added: continue and whether actions by the Federal Reserve Bank will result in a recession.]

[removed: A] [added: Furthermore, a] failure to recover increased capital costs could result in under-recovery of costs.

FERC, the North American Electric Reliability Corporation (NERC) and SPP have implemented and enforce an extensive set of transmission system reliability, cybersecurity and critical infrastructure protection standards that [added: apply to public utilities.]

[removed: The MPSC and KCC have the authority to implement utility operational standards and] requirements, such as vegetation management standards, facilities inspection requirements and quality of service standards.

Business - Environmental Matters and Note [removed: 14] [added: 15] to the consolidated financial statements for additional information.

For example, Evergy Kansas Central recently decommissioned the Tecumseh Energy Center and removed all coal combustion residuals (CCRs) from a surface impoundment in a manner it believed complied with federal law, but the EPA has [removed: recently commenced an evaluation of whether] [added: reviewed and determined] Evergy Kansas Central should have taken additional or alternative actions, even though the facility is closed.

The EPA has begun issuing CCR Part A [added: and Part B] rule extension application determinations for companies that applied for approval to operate unlined or clay-lined impoundments past April 2021.

In January 2022, the EPA announced changes following a tour by the EPA administrator conducted in the second half of 2021 to address [added: environmental justice] issues in communities that are marginalized, underserved and overburdened by pollution.

Financial market [removed: disruptions] [added: volatility] or declines in the Evergy Companies' credit ratings may increase financing costs and limit access to the credit markets, which may adversely affect liquidity and financial results.

[removed: Disruption] [added: Volatility] in capital or credit markets, increases in interest rates, deterioration in the financial condition of the financial institutions on which the Evergy Companies rely, credit rating downgrades, [added: delays in regulatory approvals for certain refinancings,] a decrease in the market price of Evergy's common stock or a decrease or disappearance in the demand for debt securities issued by the Evergy Companies or subsidiaries could have material adverse effects on the Evergy Companies.

These effects could include, among others: reduced access to capital and increased cost of borrowed funds and collateral requirements; dilution resulting from equity issuances at reduced prices; increased nuclear decommissioning trust and pension and other post-retirement benefit plan funding requirements; reduced ability to pay dividends; rate case disallowance of costs of capital; reductions in or delays of capital expenditures; [added: delayed access to the capital markets at opportune times;] and limitations in the ability of Evergy to provide credit support for its subsidiaries.

[removed: In addition,] [added: Finally,] market disruption and volatility could have an adverse impact on Evergy's lenders, suppliers and other counterparties or customers, causing them to fail to meet their obligations.

The primary source of funds for payment of dividends to its shareholders and its other financial obligations is dividends paid to it by its direct subsidiaries, [removed: particularly Evergy Kansas Central, Evergy Metro and Evergy Missouri West.]

The Evergy Companies engage in the wholesale and retail sale of electricity and the wholesale purchase of electricity as part of their regulated electric operations in addition to [removed: limited] energy marketing activities and the management of third-party generation facilities.

These activities expose the Evergy Companies to risks associated with the price of electricity and other energy-related products, as well [added: as] credit exposure to their counterparties.

Exposure to these risks is affected by a number of factors, including the availability and cost of fuel and power that the Evergy Companies purchase on the wholesale markets to serve customer load or to satisfy their regulatory or contractual obligations, the ability or effectiveness of strategies utilized by the Evergy Companies to hedge these risks, the extent to which the Evergy Companies may be required to post collateral for the benefit of third parties [removed: and the risk that counterparties fail to fulfill their obligations to the Evergy Companies.]

Market volatility can [added: increase or create unanticipated risks.]

The Evergy Companies regularly assess their ability to utilize tax benefits, including those in the form of net operating loss (NOL), tax credit and other tax carryforwards, that are recorded as deferred income tax assets on [removed: its] [added: their] balance sheets to determine whether a valuation allowance is necessary.

Furthermore, [removed: general] [added: domestic and international] market conditions and [removed: U.S.] economic factors and political events unrelated to the performance of Evergy (including the COVID-19 [removed: pandemic)] [added: pandemic and the Russia-Ukraine conflict)] may also affect Evergy's stock price.

Climate change [removed: may produce more frequent or severe weather events, such as storms, droughts or floods and] [added: events] could also impact the economic health of the Evergy Companies' service territories.

An increase in the frequency or severity of extreme weather events or a deterioration in the economic health of [removed: Evergy's] [added: the Evergy Companies'] service territories could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.

[removed: The] Evergy [removed: Companies have] [added: has] a goal to achieve net-zero CO2 emissions by 2045 with an interim goal of a 70% reduction of CO2 emissions from 2005 levels by 2030.

The trajectory and timing of reaching the [added: net-zero] goal [removed: could be impacted by] [added: are dependent on] many external factors, including enabling technology developments, the reliability of the power grid, availability of transmission capacity, [removed: and] supportive energy policies and regulations, and other factors.

[removed: Any] [added: In addition, any] of the foregoing could adversely affect the results of operations, financial position and cash flows of the Evergy Companies and the market prices of Evergy's common stock.

The operation of electric generation, transmission, distribution and information systems involves many risks, including breakdown or failure of equipment; aging infrastructure; employee error or contractor or subcontractor failure; problems that delay or increase the cost of returning facilities to service after outages; limitations that may be imposed by equipment conditions or environmental, safety or other regulatory requirements; fuel supply or fuel transportation reductions or interruptions; labor disputes; difficulties with the implementation or operation of information systems; transmission scheduling constraints; and catastrophic events such as fires, floods, droughts, [removed: explosions, terrorism or acts of war, severe weather, pandemics or other similar occurrences.]

Driven in part by the COVID-19 pandemic, the Evergy Companies have [removed: increased] [added: adopted] the use of technology to enable remote-working arrangements, which may increase or expose previously unknown vulnerabilities.

For example, NERC has issued comprehensive regulations and standards surrounding the security of the bulk power system, including both [removed: physical and cybersecurity, and continually evaluates the necessity for updates and new requirements with which the Evergy Companies must comply.]

[added: Geopolitical matters,] including terrorist attacks and acts of war, may increase the likelihood of such attacks.

In this regard, the global COVID-19 pandemic has caused [removed: and continues to cause] disruptions to the global supply chain and the availability of qualified labor, which, in turn, has increased inflationary pressures.

[added: A] failure to successfully negotiate these collective bargaining agreements could result in [added: a] labor [removed: disruptions] [added: disruption] and have a significant adverse impact on the Evergy Companies' [added: operations and] results of [removed: operations, financial position and cash flows.][added: operations.]

An extended outage of Wolf Creek, whether resulting from NRC action, an incident at the plant or otherwise, could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies in the event replacement [removed: power] [added: power, damages,] and other costs [added: exceed or] are not recovered through [removed: rates] [added: rates, insurance] or [removed: insurance.][added: decommissioning trust assets.]

Wolf Creek commenced operations in 1985 and the age of Wolf Creek [removed: increases] [added: may increase] the risk of unplanned outages and [removed: results] [added: may result] in higher maintenance costs.

[removed: The Evergy Companies are also exposed to other risks associated with] the [removed: ownership and operation of a nuclear generating unit, including, but not limited to, (i) potential liability associated with the potential harmful effects on the] environment and human health resulting from the operation of a nuclear generating unit, (ii) the storage, handling, disposal and potential release (by accident, through third-party actions or otherwise) of radioactive materials and (iii) uncertainties with respect to contingencies and assessments if insurance coverage is inadequate.

Evergy Metro and Evergy Missouri West each filed rate cases in 2022 under the PISA constraints described above and new rates became effective in January 2023.

The MPSC and KCC have the authority to implement utility operational standards and

A resulting consent order with the EPA has been agreed to by Evergy Kansas Central and additional groundwater monitoring activities have been initiated at the site.

In September 2022, the EPA and the Missouri

Department of Natural Resources (MDNR) conducted a CAA environmental justice inspection of the Evergy Companies' Hawthorn Generating Station.

No CAA noncompliance issues were found.

Additionally, the appeal by the Office of the Public Counsel (OPC) of the financing order for Evergy Missouri West to recover costs incurred in connection with the February 2021 winter weather event through the issuance of securitized bonds will result in a delay of such issuance and may increase financing costs.

particularly Evergy Kansas Central, Evergy Metro and Evergy Missouri West.

Supply chain disruptions and inflation could negatively impact the Evergy Companies' operations and corporate strategy.

The operations and business plans of the Evergy Companies depend on the global supply chain to procure the equipment, materials and other resources necessary to build and provide services in a safe and reliable manner.

The delivery of components, materials, equipment and other resources that are critical to the Evergy Companies' business operations and corporate strategy has been restricted by domestic and global supply chain upheaval.

This has resulted in the shortage of critical items.

International tensions, including the ramifications of regional conflict, could further exacerbate the global supply chain upheaval.

These disruptions and shortages could adversely impact business operations and corporate strategy.

The constraints in the supply chain could restrict the availability and delay the construction, maintenance or repair of items that are needed to support normal operations or are required to execute on the Evergy Companies' corporate strategy for continued capital investment in utility equipment.

These disruptions and constraints could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.

Supply chain disruptions have contributed to higher prices of components, materials, equipment and other needed commodities and these higher prices may continue in the future.

The economy in the United States has encountered a material level of inflation and that has contributed to increased uncertainty in the outlook of near term economic activity, including whether inflation will continue and at what rate.

Increases in inflation raise costs for labor, materials and services.

The Evergy Companies typically recover increases in costs from customers through rates.

Failure to recover increased costs could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.

Public health crises, epidemics, or pandemics could adversely affect the Evergy Companies' business functions, financial condition, liquidity, and results of operations.

Public health crises, epidemics, or pandemics and any related government responses may adversely impact the economy and financial markets and could have a variety of adverse impacts on the Evergy Companies, including a decrease in revenues, increased credit loss expense; increases in past due accounts receivable balances; and access to the capital markets at unreasonable terms or rates.

Public health crises, epidemics, or pandemics and any related government responses could also impair the Evergy Companies' ability to develop, construct, and operate facilities.

Risks include extended disruptions to supply chains and inflation, resulting in increased costs for labor, materials, and services, which could adversely impact the Evergy Companies' ability to implement their corporate strategy.

The Evergy Companies may also be adversely impacted by labor disruptions and productivity as a result of infections, employee attrition, and a reduced ability to replace departing employees as a result of employees who leave or forego employment to avoid any required precautionary measures.

Despite the Evergy Companies' efforts to manage the impacts of public health crises, epidemics, or pandemics that may occur in the future, the extent to which they may affect them depends on factors beyond their knowledge or control.

As a result, the Evergy Companies are unable to determine the potential impact any such public health crises, epidemics, or pandemics may have on their business plans and operations, liquidity, financial condition, and results of operations.

and the risk that counterparties fail to fulfill their obligations to the Evergy Companies.

Climate change may produce more frequent or severe weather events, such as storms, droughts or floods.

These events could lead to unforeseen changes in water supply quality and create additional costs related to water treatment and complying with environmental discharge requirements.

These external factors are outside of Evergy's control, and without these enabling factors Evergy cannot be confident in achieving its net-zero carbon reduction goal.

New climate disclosure rules proposed by the SEC may increase the Evergy Companies' costs of compliance and adversely impact their business.

On March 21, 2022, the SEC proposed new rules relating to the disclosure of a range of climate-related risks.

The Evergy Companies are currently assessing the proposed rule, but at this time they cannot predict the costs of implementation or any potential adverse impacts resulting from the rule.

To the extent this rule is finalized as proposed, the Evergy Companies could incur increased costs relating to the assessment and disclosure of climate-related risks.

The Evergy Companies may also face increased litigation risks related to disclosures made pursuant to the rule if finalized as proposed.

In addition, enhanced climate disclosure requirements could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon-intensive sectors.

explosions, terrorism or acts of war, severe weather, pandemics or other similar occurrences.

physical and cybersecurity, and continually evaluates the necessity for updates and new requirements with which the Evergy Companies must comply.

Evergy Metro and Evergy Missouri West are currently operating under PISA constraints.

Each filed general rate cases in 2022 and will be subject to PISA constraints for three years following conclusion of the general rate cases.

The rate cases are expected to conclude by December 2022.

These and other factors may result in under-recovery of costs or failure to earn the authorized return on investment, or both.

apply to public utilities.

increase or create unanticipated risks.

Geopolitical matters,

In addition, COVID-19 vaccination and testing mandates could result in employee or contractor labor disruptions and complying with any mandates and managing any related labor disruptions could have a significant adverse impact on the Evergy Companies' results of operations, financial position and cash flows.

The Evergy Companies currently have three labor agreements that expire in 2024 and three labor agreements currently under negotiation that have expired and are operating under an extension.

COVID-19 Risks:

The spread of COVID-19 and resulting impact on business and economic conditions could continue to negatively affect the Evergy Companies' business and operations.

The COVID-19 pandemic has had, and may continue to have, a significant impact on the way that the Evergy Companies conduct their operations and could adversely impact their results of operations, financial condition and cash flows.

Further, the spread of COVID-19 has resulted in efforts to contain the virus, such as quarantines, restrictions on travel, closures and reduced operations of businesses, governmental agencies and other institutions.

The pandemic, along with the efforts to contain the virus, has caused and could continue to cause an economic slowdown or recession, result in significant disruptions or reductions in various public, commercial or industrial activities, cause employee absences and contractor or third party service provider disruptions, which could interfere with the Evergy Companies' operations or the operations of their customers.

The COVID-19 pandemic has altered electricity usage patterns, including an overall reduction in demand and shifting usage away from customers with relatively higher load requirements, such as industrial and commercial customers, toward customers with relatively lower load requirements, such as residential customers.

These changes in electricity usage patterns and the extent to which some of these shifts could become long-term or permanent could result in a significant decrease in the Evergy Companies' sales of electricity.

The Evergy Companies have also incurred, and will continue to incur, expenses related to monitoring the COVID-19 pandemic and modifying operations in response to the pandemic.

In July 2020, the KCC authorized Evergy Kansas Central and Evergy Metro to record to a regulatory asset all net incremental costs incurred with respect to their Kansas operations associated with the COVID-19 pandemic for consideration in their next Kansas rate cases, which are expected to be completed no later than the end of 2023.

Additionally, the KCC order stated

that the KCC will also consider granting the recovery of Evergy Kansas Central's and Evergy Metro's lost revenues associated with the COVID-19 pandemic as part of their next Kansas rate cases.

In January 2021, the MPSC authorized Evergy Metro and Evergy Missouri West to defer to a regulatory asset certain net incremental costs incurred between March 1, 2020 and March 31, 2021, associated with the COVID-19 pandemic for consideration in their next rate cases.

Evergy Metro and Evergy Missouri West can petition the MPSC to extend the period subject to the Accounting Authority Order (AAO).

Notwithstanding the foregoing, regulators might not allow for recovery of these amounts in a timely manner, or at all.

In addition, Evergy Metro and Evergy Missouri West utilize PISA in Missouri, which requires each company to keep base rates constant for three years following Evergy Metro's and Evergy Missouri West's last general rate case.

The Evergy Companies have also temporarily implemented policies, and in the future may implement additional policies, that are intended to ease the financial burden of the pandemic on customers, such as temporarily extending payment options and offering incentives for customer payments on overdue balances as well as the elimination of late payment fees and disconnections for non-payment.

There is also the possibility that legislation or regulations could be enacted at the federal or state level that would further restrict the Evergy Companies' ability to discontinue service to customers in the event of non-payment or to collect amounts owed from customers for service provided.

These measures could result in an overall increase in customer non-payment or delay in the timely receipt of customer payments, which could result in a significant increase in the Evergy Companies' credit loss expense or significant decrease in operating cash flows.

Evergy Kansas Central, Evergy Metro and Evergy Missouri West sell retail electric accounts receivable to independent outside investors as a source of liquidity.

These arrangements include covenants that limit the extent to which accounts receivable can be delinquent or unpaid.

A decrease in the amount of, or a delay in receiving, customer collections due to the COVID-19 pandemic or otherwise could, absent a waiver or amendment, result in a breach of these accounts receivable financing arrangements and require the Evergy Companies to repay any outstanding loans.

To the extent that the Evergy Companies experience lower electric sales, they may not have sufficient eligible receivables to maximize their borrowing capacity under their receivables sales facilities or could be required to repay additional portions of their borrowings under the facilities.

The Evergy Companies are planning to make significant capital expenditures and they regularly conduct maintenance on their facilities.

The pandemic could disrupt the supply chains that provide services and equipment to the Evergy Companies as part of their capital expenditures or maintenance efforts.

If the Evergy Companies' supply chains are disrupted, the Evergy Companies may be unable to perform necessary maintenance, which could result in increased costs as the Evergy Companies implement contingency plans to allow them to continue to operate.

Supply chain interruptions may also exacerbate inflationary pressures, increase the cost of maintenance and capital expenditures or result in the delay or cancellation of planned projects, any of which could have a material adverse impact on the Evergy Companies' results of operations.

The Evergy Companies also have a significant amount of NOLs, tax credits and other tax carryforwards that are recorded as deferred income tax assets on their balance sheets.

These tax benefits have various expiration dates and other limitations on the extent to which the benefits can be realized.

The Evergy Companies regularly assess their future ability to utilize tax benefits to determine whether a valuation allowance is necessary.

A significant reduction in the Evergy Companies' taxable income due to the impacts of the COVID-19 pandemic or otherwise could require the Evergy Companies to record a valuation allowance against a portion of those tax assets, which in turn reduces earnings, and the Evergy Companies may in general not be able to utilize these tax benefits.

In addition, the COVID-19 pandemic has changed the way the Evergy Companies operate and has increased the use of technology to enable remote-working arrangements, which may increase or expose previously unknown vulnerabilities.

The following MD&A generally discusses [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] items and year-to-year comparisons between [removed: 2021] [added: 2022] and [removed: 2020.][added: 2021.]

Discussions of [removed: 2019] [added: 2020] items and year-to-year comparisons between [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] can be found in MD&A in Part II, Item 7, of the Evergy Companies' combined annual report on Form 10-K for the fiscal year ended December 31, [removed: 2020.][added: 2021.]

Transource is focused on the development of [added: competitive electric transmission projects.]

Collectively, the Evergy Companies have approximately 15,400 MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately [removed: 1.6] [added: 1.7] million customers in the states of Kansas and Missouri.

- targeting approximately [removed: $10.7] [added: $11.6] billion of expected base capital investments through [removed: 2026] [added: 2027] including [added: new generation of] approximately [removed: $2.0] [added: $2.1] billion [removed: in] [added: which is expected to be primarily] renewable generation.

See "Liquidity and Capital Resources; Capital Expenditures", for further information regarding Evergy's projected capital expenditures through [removed: 2026;] [added: 2027;] and

See Note 4 to the consolidated financial statements for [removed: further] information regarding [removed: the Missouri rate cases in addition to information on other] regulatory proceedings.

See [removed: "Non-GAAP Measures"] [added: "Sibley Station"] within this Executive Summary for additional information.

[removed: February] [added: Evergy Missouri West February] 2021 Winter Weather [removed: Event][added: Event Securitization]

[removed: As part] [added: - $365.5 million] of [added: cash payments for net fuel and purchased power costs during] the February 2021 winter weather [removed: event, Evergy incurred natural gas and purchased power costs, net of wholesale revenues, of $365.5 million.][added: event; partially offset by]

See Notes 1 and 4 [removed: to] [added: of] the consolidated financial statements for additional [removed: information regarding the February 2021 winter weather event and related AAOs.][added: information.]

See Note [removed: 17] [added: 18] to the consolidated financial statements for information regarding Evergy's securities purchase agreement with [removed: an affiliate of] Bluescape to purchase Evergy's common stock [removed: and a warrant that was completed] in [removed: April] 2021.

| | | | [added: 2022] | | | | | | [added: Change] | | | | | | [added: 2021] | | | | | | [removed: 2021] [added: Change] | | | | | | [removed: Change] [added: 2020] | | | | | | [removed: 2020] | | |

| | | | | | | | | | | | | | | | | | | [removed: | | |] (millions, except per share amounts) | | | | | | | | | | | | | | | [added: | | |]

| Net income attributable to Evergy, Inc. | | | | | | | | | | | | | | | | | | | | | $ | [removed: 879.7] [added: 752.7] | | | | | $ | [removed: 261.4] [added: (127.0)] | | | | | $ | [removed: 618.3] [added: 879.7] | |

| Earnings per common share, diluted | | | | | | | | | | | | | | | | | | | | | [removed: 3.83] [added: 3.27] | | | | | | [removed: 1.11] [added: (0.56)] | | | | | | [removed: 2.72] [added: 3.83] | | |

Net income attributable to Evergy, Inc. [removed: increased] [added: decreased] in [removed: 2021,] [added: 2022,] compared to [removed: 2020,] [added: 2021,] primarily due to non-regulated energy marketing margins related to the February 2021 winter weather event, [removed: higher retail sales driven by favorable weather] [added: an impairment loss] and [removed: demand,] [added: other regulatory disallowances related to Evergy Missouri West's and Evergy Metro's final rate order received from the MPSC in December 2022,] lower [removed: operating] [added: realized] and [removed: maintenance expenses, higher] [added: unrealized gains from various] equity [removed: allowance for funds used during construction (AFUDC),] [added: investments,] higher [removed: investment earnings and lower] [added: depreciation expense, higher] interest [removed: expense;] [added: expense, the ordered refund to customers of certain transmission revenues and the recording of an estimated refund obligation to customers related to Evergy Metro's Earnings Review and Sharing Plan (ERSP);] partially offset by higher [removed: property taxes, higher depreciation expense] [added: retail sales in 2022 driven by favorable weather] and higher [added: weather-normalized demand, lower] income tax [removed: expense.][added: expense, higher transmission revenue and higher interest income.]

Diluted EPS [removed: increased] [added: decreased] in [removed: 2021,] [added: 2022,] compared to [removed: 2020,] [added: 2021,] primarily due to the [removed: increase] [added: decrease] in net income attributable to Evergy, Inc. discussed above.

[added: For 2021,] Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) [removed: for 2021] were [removed: $812.6] [added: $795.2] million or [removed: $3.54] [added: $3.46] per [removed: share, respectively.][added: share.]

[removed: For 2020,] Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) [added: for 2022] were [removed: $705.5] [added: $853.8] million or [removed: $3.10] [added: $3.71] per [removed: share, respectively.][added: share.]

In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without [added: i.)] the income or costs resulting from non-regulated energy marketing margins from the February 2021 winter weather [removed: event and] [added: event; ii.)] gains or losses related to equity investments [removed: which are] subject to a restriction on [removed: sale that can create] [added: sale; iii.) the revenues collected from customers for the return on investment of the retired Sibley Station in the current] period [added: and the 2022 deferral of the cumulative amount of revenues collected since December 2018 for future refunds] to [removed: period volatility, as well as] [added: customers; iv.) the estimated impairment loss on Sibley Unit 3 and other regulatory disallowances; v.) the mark-to-market impacts of economic hedges related to Evergy Kansas Central's non-regulated 8% ownership share of Jeffrey Energy Center (JEC); vi.) the transmission revenues collected from customers through Evergy Kansas Central's FERC TFR to be refunded to customers in accordance with a December 2022 FERC order; and vii.)] costs resulting from executive transition, severance, advisor [removed: expenses,] [added: expenses and] COVID-19 vaccine [removed: incentives and the revaluation of deferred tax assets and liabilities from the Kansas corporate income tax rate change.][added: incentives.]

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to [removed: enhance] [added: aid] an investor's overall understanding of results.

Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing [removed: performance.][added: performance or that can create period to period earnings volatility.]

| Net income attributable to Evergy, Inc. | | | $ | [removed: 879.7] [added: 752.7] | | | | | $ | [removed: 3.83] [added: 3.27] | | | | | $ | [removed: 618.3] [added: 879.7] | | | | | $ | [removed: 2.72] [added: 3.83] | |

| Non-regulated energy marketing margin related to February 2021 winter weather event, pre-tax(a) | | | [removed: (94.5)] [added: 2.1] | | | | | | [removed: (0.41)] [added: 0.01] | | | | | | [removed: —] [added: (94.5)] | | | | | | [removed: —] [added: (0.41)] | | |

| Non-regulated energy marketing costs related to February 2021 winter weather event, [removed: pre-tax(b)] [added: pre-tax(d)] | | | [removed: 7.9] [added: 1.3] | | | | | | [removed: 0.03] [added: 0.01] | | | | | | [removed: —] [added: 7.9] | | | | | | [removed: —] [added: 0.03] | | |

| Executive transition costs, [removed: pre-tax(c)] [added: pre-tax(e)] | | | [removed: 10.8] [added: 2.2] | | | | | | [removed: 0.05] [added: 0.01] | | | | | | [removed: —] [added: 10.8] | | | | | | [removed: —] [added: 0.05] | | |

| Severance costs, [removed: pre-tax(d)] [added: pre-tax(f)] | | | [removed: 2.8] [added: 2.3] | | | | | | 0.01 | | | | | | [removed: 66.3] [added: 2.8] | | | | | | [removed: 0.29] [added: 0.01] | | |

| Advisor expenses, [removed: pre-tax(e)] [added: pre-tax(g)] | | | [removed: 11.6] [added: 5.4] | | | | | | [removed: 0.05] [added: 0.02] | | | | | | [removed: 32.3] [added: 11.6] | | | | | | [removed: 0.14] [added: 0.05] | | |

| COVID-19 vaccine incentive, [removed: pre-tax(f)] [added: pre-tax(h)] | | | [removed: 1.2] [added: —] | | | | | | [removed: 0.01] [added: —] | | | | | | [removed: —] [added: 1.2] | | | | | | [removed: —] [added: 0.01] | | |

| Restricted equity investment [removed: gains, pre-tax(g)] [added: losses (gains), pre-tax(j)] | | | [removed: (27.7)] [added: 16.3] | | | | | | [removed: (0.12)] [added: 0.07] | | | | | | [removed: —] [added: (27.7)] | | | | | | [removed: —] [added: (0.12)] | | |

| Income tax [added: (benefit)] expense [removed: (benefit)(h)] [added: (l)] | | | [removed: 20.8] [added: (28.6)] | | | | | | [removed: 0.09] [added: (0.12)] | | | | | | [removed: (25.2)] [added: 25.7] | | | | | | [removed: (0.11)] [added: 0.11] | | |

(a)Reflects non-regulated energy marketing margins related to the February 2021 winter weather event [removed: and] [added: that] are included in operating revenues on the consolidated statements of comprehensive income.

[removed: (b)Reflects] [added: (d)Reflects] non-regulated energy marketing incentive compensation costs related to the February 2021 winter weather event [removed: and] [added: that] are included in operating and maintenance expense on the consolidated statements of comprehensive income.

[removed: (c)Reflects] [added: (e)Reflects] costs associated with executive transition including inducement bonuses, severance agreements and other transition expenses [removed: of which $10.5 million is] [added: that are] included in operating and maintenance expense [removed: and $0.3 million is included in other expense in 2021] on the consolidated statements of comprehensive income.

[removed: (d)Reflects] [added: (f)Reflects] severance costs incurred associated with certain [removed: voluntary] severance programs at the Evergy Companies [removed: and] [added: that] are included in operating and maintenance expense on the consolidated statements of comprehensive income.

[removed: (e)Reflects] [added: (g)Reflects] advisor expenses incurred associated with strategic planning [removed: and] [added: that] are included in operating and maintenance expense on the consolidated statements of comprehensive income.

[removed: (f)Reflects] [added: (h)Reflects] incentive compensation costs incurred associated with employees becoming fully vaccinated against COVID-19 [removed: and] [added: that] are included in operating and maintenance expense on the consolidated statements of comprehensive income.

[removed: (g)Reflects gains] [added: (j)Reflects (gains) losses] related to equity investments which [removed: are] [added: were] subject to a restriction on sale [removed: and] [added: that] are included in investment earnings on the consolidated statements of comprehensive income.

[removed: (h)Reflects] [added: (l)Reflects] an income tax effect calculated at a statutory rate of approximately [removed: 22% in 2021 and 26% in 2020,] [added: 22%,] with the exception of certain non-deductible items.

Year-to-year comparisons of Evergy's gross margin (GAAP) and Evergy's utility gross margin (non-GAAP) between 2021 and 2020 can be found in the Evergy Results of Operations section within this MD&A.

- Affordability - operating the business cost-effectively and investing in technology and infrastructure to keep rates affordable and improve regional rate competitiveness; mitigating fuel and purchased power volatility by investing in a diverse generation fleet;

- Reliability - targeting transmission and distribution infrastructure investment to support reliability, flexibility, public safety, and resiliency; deploying new technology to improve preventive maintenance and customer restoration times; and

- Sustainability - investing at sustainable capital expenditure levels to maintain reliability and customer affordability for the long-term and balancing clean energy investment to continue fuel diversification and enable a responsible generation portfolio transition.

- targeting ongoing reductions of operating and maintenance expense consistent with savings already achieved since the 2018 merger of Evergy Kansas Central and Great Plains Energy;

Sibley Station

Evergy Missouri West retired its Sibley Station in 2018 and the retirement of Sibley Unit 3 met the criteria to be considered an abandonment.

Evergy has classified the remaining net book value of Sibley Unit 3 as retired generation facilities within regulatory assets on its consolidated balance sheet.

In October 2019, the MPSC issued an AAO requiring Evergy Missouri West to defer to a regulatory liability all revenues collected from customers for return on investment, non-fuel operations and maintenance costs, taxes including accumulated deferred income taxes and all other costs associated with Sibley Station following its retirement in November 2018 to be considered in Evergy Missouri West's 2022 rate case.

In January 2022, Evergy Missouri West filed an application with the MPSC requesting an increase to its retail revenues including the full return of and return on its unrecovered investment related to the 2018 retirement of Sibley Station.

In December 2022, the MPSC issued an amended final rate order which addressed the treatment of Evergy Missouri West's unrecovered investment in Sibley Station.

The order determined that Evergy Missouri West will be allowed to collect $182.3 million ($173.6 million attributable to Sibley Unit 3) from customers over a period of eight years as a recovery of its existing investment in Sibley Station but will not be allowed to collect the return on its unrecovered investment in Sibley Station.

The order also required Evergy Missouri West to refund to customers all revenues collected from customers for return on investment, non-fuel operations and maintenance costs and other costs associated with Sibley Station following its retirement in November 2018 over a period of four years.

As a result of the amended final order, Evergy recorded a $68.0 million reduction to operating revenues on its consolidated statements of comprehensive income in 2022 and a corresponding increase to its Sibley AAO regulatory liability for revenues collected from customers for return on investment in Sibley Station since December 2018, which had not previously been recorded as they were not determined to be probable of refund, and a $26.7 million impairment loss on Sibley Unit 3.

As of December 31, 2022, the remaining net book value of Sibley Unit 3 was $146.3 million, which is representative of the $173.6 million unrecovered investment in Sibley Unit 3 determined by the MPSC in its December 2022 order less the 2022 impairment loss recorded and other amortization expense.

As of December 31, 2022, Evergy's Sibley AAO regulatory liability was $108.0 million.

See "Abandoned Plant" in Note 1 and "Evergy Missouri West Other Proceedings" in Note 4 to the consolidated financial statements for additional information.

Evergy Kansas Central FERC Transmission Formula Rate (TFR) Refund

In December 2022, FERC issued an order upholding in part, and denying in part, a formal challenge of Evergy Kansas Central's TFR by certain customers.

As a result of this order, Evergy and Evergy Kansas Central recorded a $32.8 million decrease to operating revenues on their consolidated statements of income and comprehensive income for 2022 for the deferral to a regulatory liability of the estimated refund of TFR revenue over-collections related to the calculation of Evergy Kansas Central's capital structure for rate years 2018 - 2022.

Evergy Kansas Central currently expects that the refund of the 2020, 2021 and 2022 over-collections will occur as part of its 2023 TFR, subject to an approval by FERC.

In March 2022, Evergy Missouri West filed a petition for a financing order with the MPSC requesting authorization to finance its extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event, including carrying costs, through the issuance of securitized bonds.

Evergy Missouri West requested to repay the securitized bonds and collect the related amounts from customers over a period of approximately 15 years from the date of issuance of the securitized bonds.

In November 2022, the MPSC issued a revised financing order authorizing Evergy Missouri West to issue securitized bonds to recover its extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event.

As part of the order, the MPSC found that Evergy Missouri West's costs were prudently incurred, that it should only be allowed to recover 95% of its extraordinary fuel and purchased power costs consistent with the 5% sharing provision of its fuel recovery mechanism, that it should be allowed to recover carrying costs incurred since February 2021 at Evergy Missouri West's long-term debt rate of 5.06% and approved a 15 year repayment period for the bonds with a 17 year legal maturity.

In the third quarter of 2022, Evergy Missouri West recorded an increase of $15.0 million to its February 2021 winter weather event regulatory asset for the recovery of carrying charges granted in the MPSC's financing order.

As of December 31, 2022 and 2021, the value of Evergy Missouri West's February 2021 winter weather event regulatory asset was $309.0 million and $281.6 million, respectively.

Evergy Missouri West will continue to record carrying charges on its February 2021 winter weather event regulatory asset until it issues the securitized bonds.

In January 2023, the OPC filed an appeal with the Missouri Court of Appeals, Western District, challenging the financing order regarding the treatment of income tax deductions, carrying costs and discount rates related to the financing of the extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event.

A final nonappealable financing order is required prior to the issuance of securitized bonds.

A decision by the Missouri Court of Appeals, Western District, is currently expected in the second half of 2023, though the timeline for the decision is uncertain.

Inflation Reduction Act

In August 2022, the Inflation Reduction Act of 2022 (IRA) was signed into law by President Biden.

The IRA extends tax credits for renewable energy technologies intended to reduce the impacts of climate change.

The Production Tax Credit (PTC) and Investment Tax Credit (ITC) have been extended or reinstated for certain renewable energy projects beginning before January 1, 2025.

The definition of property eligible for the ITC has been expanded to include standalone energy storage with a capacity of at least 5kWh.

Both tax credits make a bonus credit available if certain prevailing wage, apprenticeship and domestic content requirements are met.

The IRA modified and extended the Alternative Fuel Refueling Property Credit to include property placed in service before December 31, 2032 and it also removes the limitation per location.

The IRA created a Nuclear Power Production Tax Credit for taxable years beginning on or after January 1, 2024 through December 31, 2032.

For taxable years beginning after December 31, 2022, certain renewable energy tax credits may be transferred to third parties.

competitive electric transmission projects.

- Affordability - working to keep rates affordable and improve regional rate competitiveness;

- Reliability - targeting top-tier performance in reliability, customer service and generation; and

- Sustainability - advancing ongoing CO2 emissions reductions and generation fleet transition.

- targeting an annual reduction of approximately $345 million of operating and maintenance expense by 2025 from 2018 adjusted operating and maintenance expense (non-GAAP) (see "Non-GAAP Measures" within this Executive Summary for a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure);

In January 2022, Evergy Metro and Evergy Missouri West filed applications with the MPSC to request increases to their retail electric revenues of $43.9 million and $27.7 million, respectively, before rebasing fuel and purchased power expense, with a return on equity of 10%.

The requests reflect increases related to higher property taxes and the recovery of infrastructure investments made to improve reliability and enhance customer service and were also partially offset by significant customer savings and cost reductions created since the Great Plains Energy and Evergy Kansas Central merger in 2018.

Evergy Metro and Evergy Missouri West are also requesting the implementation of tracking mechanisms for both property tax expense and credit loss expense and the creation of a storm reserve as part of their requests with the MPSC.

Evergy Equity Investment

From time to time, Evergy makes limited equity investments in early-stage energy solution companies.

These investments have historically not had a significant impact on Evergy's results of operations.

In October 2021, an equity investment in which Evergy held a minority stake through an initial investment of $3.7 million was acquired through a transaction involving a special purpose acquisition company (SPAC).

As a result of its equity investment in the company that was acquired in the SPAC transaction, Evergy received shares of the resulting public company upon the closing of the transaction, which are subject to a restriction on sale for 150 days.

Evergy recorded a $27.7 million unrealized gain in the fourth quarter of 2021 for the conversion of its shares into the newly formed public company and based on the closing share price as of December 31, 2021 adjusted to reflect the restriction on the sale of the shares.

The fair value of Evergy's investment is largely dependent on the performance of the new public company's stock, which is subject to significant market volatility and also affected by the restriction on sale of the shares until March 2022, when the restriction expires.

Evergy uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without the gains or losses related to equity investments which are subject to a restriction on sale that can create period to period volatility.

LEC Unit 4 Securitization

In April 2021, the state of Kansas passed the Utility Financing and Securitization Act (UFSA) which allows certain public utilities, including Evergy Kansas Central and Evergy Metro, to securitize utility assets in order to recover energy transition costs relating to the early retirement of certain generating assets.

To recover the energy transition costs through securitization as allowed in the UFSA, a public utility must obtain a predetermination order from the KCC finding that the retirement of the subject generation facility is reasonable.

Upon the receipt of a successful predetermination order, the public utility must then file an application with the KCC for a financing order to issue securitized bonds to recover the energy transition costs.

The UFSA also allows the pursuit of securitization to help finance qualified extraordinary expenses, such as fuel costs incurred during extreme weather events.

In September 2021, Evergy Kansas Central filed a predetermination request with the KCC for the ratemaking principles and treatment related to its planned investment in approximately 190 MW of solar generation and the planned retirement of coal-fired LEC Unit 4 and related coal-handling facilities for LEC Units 4 and 5, both of which are expected to occur between December 2023 and the first half of 2024.

In February 2022, Evergy Kansas Central withdrew its predetermination request with the KCC in order to finalize definitive documentation associated with the solar investment and to develop additional information to enable the KCC to evaluate its predetermination request.

Evergy Kansas Central anticipates refiling its predetermination request, including this additional information, later in 2022.

If the KCC finds that Evergy Kansas Central's planned retirement of LEC Unit 4 and investment in 190 MW of solar generation is prudent as part of a predetermination request, Evergy Kansas Central then plans to file an application with the KCC for a financing order authorizing the issuance of securitized bonds to recover energy transition costs associated with the retirement of LEC Unit 4 and the related coal-handling facilities for LEC Units 4 and 5.

The February 2021 winter weather event resulted in an increase in the demand for natural gas used by the Evergy Companies for generating electricity and also contributed to the limited availability of other generation resources, including coal and renewables, within the SPP Integrated Marketplace.

This $365.5 million of net fuel and purchased power costs was primarily driven by $296.4 million of costs at Evergy Missouri West and $133.9 million of costs at Evergy Kansas Central, partially offset by $64.8 million of net wholesale revenues at Evergy Metro.

The amount of purchased power costs incurred by the Evergy Companies during the February 2021 winter weather event is subject to resettlement activity and further review by the SPP.

This review and any subsequent resettlement activity could

result in increases or decreases to the final amount of purchased power costs incurred by the Evergy Companies during the February 2021 winter weather event and these changes could be material.

As of December 31, 2021, the Evergy Companies have deferred substantially all of the fuel and purchased power costs, net of wholesale revenues, related to the February 2021 winter weather event to a regulatory asset or liability pursuant to their fuel recovery mechanisms and an emergency AAO issued by the KCC in February 2021.

Further, in June 2021, Evergy Metro and Evergy Missouri West filed a joint request for an AAO with the MPSC regarding the deferral and subsequent recovery or refund of the February 2021 winter weather event amounts.

While the Evergy Companies expect to recover substantially all of any increased fuel and purchased power costs related to the February 2021 winter weather event from customers, the timing of the cost recovery could be delayed or spread over a longer than typical recovery timeframe by the KCC or the MPSC to help moderate monthly customer bill impacts given the extraordinary nature of the February 2021 winter weather event.

The Evergy Companies also engage in limited non-regulated energy marketing activities in various regional power markets that have historically not had a significant impact on the Evergy Companies' results of operations.

These energy marketing margins are recorded net in operating revenues on the Evergy Companies' statements of income and comprehensive income.

As a result of the elevated market prices experienced in regional power markets across the central and southern United States driven by the February 2021 winter weather event discussed above, Evergy and Evergy Kansas Central recorded $94.5 million of energy marketing margins in 2021 related to the February 2021 winter weather event, primarily driven by activities in the Electric Reliability Council of Texas (ERCOT).

Bluescape Energy Partners, LLC (Bluescape) Securities Purchase Agreement

Impact of COVID-19

See Part I, Item 1A, Risk Factors for information regarding the impact of COVID-19 on the Evergy Companies.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Commodity price risk is the potential adverse price impact related to the purchase or sale of electricity and energy-related [removed: products.][added: products, including natural gas and coal.]

In addition, Evergy's investments in trusts to fund nuclear plant decommissioning and non-qualified retirement [removed: benefits, as well as limited equity investments in early-stage energy solution companies,] [added: benefits] give rise to security price risk.

[removed: Evergy could experience losses, which could have a material adverse effect on its results of operations or financial position, due to many factors, including unexpectedly large or] rapid movements or disruptions in the energy markets, regulatory-driven market rule changes and/or bankruptcy or non-performance of customers or counterparties, and/or failure of underlying transactions that have been hedged to materialize.

The Evergy Companies engage in the wholesale and retail sale of electricity as part of their regulated electric operations in addition to [removed: limited] non-regulated energy marketing activities.

Evergy manages interest rate risk and short- and long-term liquidity by limiting its exposure to variable interest rate debt [added: and debt-like financial instruments] to a percentage of total debt, diversifying maturity dates and, from time to time, entering into interest rate hedging transactions.

At December 31, [removed: 2021, 2.8%] [added: 2022, Evergy had $1,903.1 million] of [removed: Evergy's long-term debt was] [added: short-term borrowings,] variable rate [removed: debt, short-term borrowings] [added: debt] and current maturities of fixed rate debt [removed: that were] exposed to [added: variable] interest rate [removed: risk.][added: sensitivity.]

A 100-basis-point change in interest rates applicable to this debt would impact Evergy's income before income taxes on an annualized basis by approximately [removed: $16.1 million.][added: $17.1 million, net of AFUDC borrowed funds which represents the allowed cost of capital used to finance utility construction activity and is a reduction of interest expense.]

As of December 31, [removed: 2021,] [added: 2022,] these funds were primarily invested in a diversified mix of equity and debt securities and reflected at fair value on Evergy's balance sheet.

Evergy could experience losses, which could have a material adverse effect on its results of operations or financial position, due to many factors, including unexpectedly large or

The majority of derivative instruments used to manage Evergy's commodity price exposure are either not designated as hedges or do not qualify for hedge accounting.

Mark-to-market changes for these instruments entered into by regulated businesses are reflected as regulatory assets or regulatory liabilities on Evergy's consolidated balance sheets.

Derivative instruments entered into for non-regulated energy marketing activities are marked-to-market each period, with changes in the fair value of the derivative instruments reflected in earnings.

See Note 13 to the consolidated financial statements for more information.

Value at Risk (VaR) Associated with Energy Marketing Activities

Management uses a risk measurement model, which calculates VaR to measure Evergy's commodity price risk associated with its trading portfolio related to non-regulated energy marketing activities.

The VaR is calculated using historical 30 day exponentially weighted volatilities and correlations and assumes a 95% confidence level and a one-day holding period.

Based on this VaR analysis, as of December 31, 2022, a near term typical change in commodity prices is not expected to materially impact net income, cash flows or financial condition.

The following table shows the end, high, average and low market risk associated with its trading portfolio related to non-regulated energy marketing activities as measured by VaR for the periods indicated.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| VaR Model Trading Portfolio | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Year Ended | | | | | | | | | | | | | | | | | | | | | | | | Year Ended | | | | | | | | | | | | | | | | | | | | |

| December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | | | | | | | | | | | | | | | | | | |

| End | | | | | | High | | | | | | Average | | | | | | Low | | | | | | End | | | | | | High | | | | | | Average | | | | | | Low | | |

| (millions) | | | | | | | | | | | | | | | | | | | | | | | | (millions) | | | | | | | | | | | | | | | | | | | | |

| $ | 0.3 | | | | | $ | 1.9 | | | | | $ | 0.6 | | | | | $ | — | | | | | $ | 0.3 | | | | | $ | 1.3 | | | | | $ | 0.4 | | | | | $ | 0.1 | |

Management back-tests VaR results against performance due to actual price movements.

Based on the assumed 95% confidence interval, the performance due to actual price movements would be expected to exceed the VaR at least once every 20 trading days.

At December 31, 2022, 17.1% of Evergy's total debt (including short-term borrowings consisting of short-term debt in excess of utility construction work in progress balances that is not eligible for capitalization as AFUDC and borrowings under Evergy's receivable sale facilities) were exposed to interest rate risk.

Credit risk of the Evergy Companies' derivative instruments relates to the potential adverse financial impact resulting from non-performance by a counterparty of its contractual obligations.

See Note 13 to the consolidated financial statements for more information on potential loss on counterparty exposure for derivative instruments as of December 31, 2022.

At December 31, 2021, Evergy had $1,815.3 million of variable rate debt, short-term borrowings and current maturities of fixed rate debt.

At December 31, 2021, Evergy had a $31.4 million investment, including a $27.7 million unrealized gain, in an early-stage energy solution company that was acquired and became a publicly traded company through a transaction involving a SPAC in the fourth quarter of 2021.

This investment is currently subject to a lock-up provision on its sale until March 2022 and is exposed to significant equity price risk.

A 50% decline in the stock price of this investment would impact Evergy's income before income taxes by approximately $14 million.

Evergy uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without the gains or losses related to equity investments which are subject to a restriction on sale that can create period to period volatility.

See "Non-GAAP Measures" within Part II, Item 7, MD&A - Executive Summary for additional information.

Evergy serves approximately [removed: 1,640,800] [added: 1,652,200] customers located in Kansas and Missouri.

Customers include approximately [removed: 1,433,500] [added: 1,444,900] residences, [removed: 199,400] [added: 199,500] commercial firms and [removed: 7,900] [added: 7,800] industrials, municipalities and other electric utilities.

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Residential | | | [removed: 34%] [added: 37%] | | | | | | [removed: 39%] [added: 34%] | | | | | | [removed: 37%] [added: 39%] | | |

| Commercial | | | [removed: 30%] [added: 32%] | | | | | | [removed: 33%] [added: 30%] | | | | | | [removed: 35%] [added: 33%] | | |

| Industrial | | | [removed: 11%] [added: 12%] | | | | | | [removed: 12%] [added: 11%] | | | | | | 12% | | |

| Wholesale | | | [removed: 13%] [added: 9%] | | | | | | [removed: 5%] [added: 13%] | | | | | | [removed: 7%] [added: 5%] | | |

| Other | | | [removed: 6%] [added: 4%] | | | | | | [removed: 5%] [added: 6%] | | | | | | [removed: 3%] [added: 5%] | | |

| Residential | | | [removed: 37%] [added: 38%] | | | | | | [removed: 38%] [added: 37%] | | | | | | [removed: 36%] [added: 38%] | | |

| Commercial | | | 42% | | | | | | 42% | | | | | | [removed: 43%] [added: 42%] | | |

| Industrial | | | [removed: 21%] [added: 20%] | | | | | | [removed: 20%] [added: 21%] | | | | | | [removed: 21%] [added: 20%] | | |

| Evergy Metro - Missouri | | | MPSC | | | (b) | | | (b) | | | | | | [removed: December 2018] [added: January 2023] | | |

| Evergy Missouri West | | | MPSC | | | (b) | | | (b) | | | | | | [removed: December 2018] [added: January 2023] | | |

Evergy expects its [removed: 2022] [added: 2023] Kansas and Missouri jurisdictional retail revenues to be approximately 60% and 40%, respectively, based on historical averages of Evergy Kansas Central's, Evergy Metro's and Evergy Missouri West's total retail revenues.

See Item [removed: 7] [added: 7,] MD&A, Critical Accounting Policies section, and Note 4 to the consolidated financial statements for additional information concerning regulatory matters.

The SPP Integrated Marketplace is similar to other [removed: Regional Transmission Organization (RTO)] [added: RTO] or Independent System Operator (ISO) markets currently operating in other regions of the United States.

| Fuel Type | | | Estimated [removed: 2022] [added: 2023] MW Capacity | | | Percent of Total Capacity | | | | | |

| Natural gas and oil | | | [removed: 3,971] [added: 3,998] | | | 26 | | | | | |

| Total capacity | | | [removed: 15,396] [added: 15,424] | | | 100 | | | % | | |

Evergy's projected peak summer demand for [removed: 2022] [added: 2023] is approximately 10,200 MWs.

Evergy expects to meet its projected capacity requirements for [removed: 2022] [added: 2023] with its existing generation assets and power purchases.

[added: See] "Transitioning Evergy's Generation Fleet" below for further information regarding Evergy's long-term strategy with regards to its generating assets and power purchases.

As SPP members, Evergy Kansas Central, Evergy Metro and Evergy Missouri West are required to maintain a minimum reserve margin of [removed: 12%.][added: 15%.]

The Environmental Protection Agency (EPA), the Kansas Department of Health and Environment (KDHE) and the Missouri Department of Natural Resources (MDNR) regulate emissions under the Clean Air Act [removed: Amendments of 1990] (CAA), water under the Clean Water Act (CWA) and waste management under the Resource Conservation and Recovery Act (RCRA), among other laws and regulations.

See Note [removed: 14] [added: 15] to the consolidated financial statements for additional information.

Much of the Evergy Companies' infrastructure is aged, and grid resiliency efforts include building additional transmission and distribution lines, replacing aged infrastructure and proactively managing the vegetation that can damage systems [removed: during severe weather.]

In [removed: 2021,] [added: 2022,] Evergy achieved a reduction of CO2 emissions by [removed: about] [added: nearly] half from 2005 levels.

Evergy has a goal to achieve net-zero CO2 emissions by [removed: 2045, which includes] [added: 2045 with] an interim goal of a 70% reduction of CO2 emissions from 2005 levels by 2030.

The trajectory and timing of reaching [removed: Evergy's] [added: the] net-zero [removed: CO2 emissions] goal are dependent on [added: many external factors, including] enabling technology developments, the reliability of the power grid, [removed: and] [added: availability of transmission capacity,] supportive energy policies and [removed: regulations and could also be impacted by political, legal] [added: regulations,] and [removed: regulatory actions.][added: other factors.]

The integrated resource plan considers forecasts of future electricity demand, fuel prices, transmission improvements, [added: new generating capacity, cost of environmental compliance, integration of renewables, energy storage, energy efficiency and demand response initiatives.]

See Note [removed: 14] [added: 15] to the consolidated financial statements for information regarding environmental matters.

The actual [removed: 2021] [added: 2022] fuel mix and fuel cost in cents per net kilowatt hour (kWh) delivered are outlined in the following table.

| | | | Fuel Mix(a) | | | | | | | | | net kWh delivered [removed: (b)] | | | | | | | | | | | |

| Wind, hydroelectric, landfill gas and solar [added: (b)] | | | [removed: 30] [added: 31] | | | | | | | | | [removed: 2.06] [added: 2.20] | | | | | | | | | | | |

| Natural gas and oil | | | [removed: 4] [added: 5] | | | | | | | | | [removed: 11.72] [added: 9.26] | | | | | | | | | | | |

| Total | | | 100 | | | % | | | | | | [removed: 2.12] [added: 2.36] | | | | | | | | | | | |

During [removed: 2022,] [added: 2023,] Evergy's generating units, including jointly-owned units, are projected to use approximately [removed: 19] [added: 17] million tons of coal.

The coal to be provided under these contracts is expected to satisfy approximately [removed: 85%] [added: 65%, 15% and 5%] of the projected coal requirements for [removed: 2022 and approximately 10% for each of 2023] [added: 2023, 2024] and [removed: 2024.][added: 2025, respectively.]

The transportation services to be provided under these contracts are expected to satisfy almost all of the projected transportation requirements for [removed: 2022, 2023] [added: 2023, 2024] and [removed: 2024.][added: 2025.]

Evergy Kansas [removed: Central maintains] [added: Central, Evergy Metro and Evergy Missouri West maintain] natural gas transportation arrangements with Southern Star Central Gas Pipeline, Inc. The Southern Star Central Gas Pipeline, Inc. arrangement expires based on the generating unit being served with expiration dates from [removed: 2022] [added: 2023] to 2030.

- Affordability – operating the business cost-effectively and investing in technology and infrastructure to keep rates affordable and improve regional rate competitiveness; mitigating fuel and purchased power volatility by investing in a diverse generation fleet;

- Reliability – targeting transmission and distribution infrastructure investment to support reliability, flexibility, public safety, and resiliency; deploying new technology to improve preventive maintenance and customer restoration times; and

- Sustainability - investing at sustainable capital expenditure levels to maintain reliability and customer affordability for the long-term and balancing clean energy investment to continue fuel diversification and enable a responsible generation portfolio transition.

| | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

| Coal | | | 5,916 | | | 38 | | | % | | |

| Uranium | | | 1,106 | | | 7 | | | | | |

during severe weather.

See "Cautionary Statements Regarding Certain Forward-Looking Information" and Part I, Item 1A, Risk Factors, for additional information.

| Fuel | | | 2022 | | | | | | | | | 2022 | | | | | | | | | | | |

| Coal | | | 48 | | | % | | | | | | 2.33¢ | | | | | | | | | | | |

| Uranium | | | 16 | | | | | | | | | 0.66 | | | | | | | | | | | |

The Evergy Companies currently have labor agreements with each of these unions that expire at varying times in 2024 through 2026.

Metro and Evergy Missouri West (2011-2018).

- Affordability – working to keep rates affordable and improve regional rate competitiveness;

- Reliability – targeting top-tier performance in reliability, customer service and generation; and

- Sustainability – advancing ongoing CO2 emissions reductions and generation fleet transition.

| Coal | | | 5,913 | | | 38 | | | % | | |

| Uranium | | | 1,108 | | | 7 | | | | | |

See

new generating capacity, cost of environmental compliance, integration of renewables, energy storage, energy efficiency and demand response initiatives.

| Fuel | | | 2021 | | | | | | | | | 2021 | | | | | | | | | | | |

| Coal | | | 50 | | | % | | | | | | 1.94¢ | | | | | | | | | | | |

| Uranium | | | 16 | | | | | | | | | 0.64 | | | | | | | | | | | |

The Evergy Companies currently have three labor agreements that expire in 2024 and three labor agreements currently under negotiation that have expired and are operating under an extension.

| Gregory A. Greenwood (d) | | | 56 | | | Executive Vice President and Chief Strategy Officer | | | 2003 | | |

Mr. Greenwood previously served in the following officer roles for Evergy Kansas Central: Senior Vice President, Strategy (2011-2018); Vice President, Major Construction Projects (2006-2011); and Treasurer (2003-2006).

Mr. Greenwood also served in the following roles for Evergy Kansas Central: Executive/Senior Director, Corporate Finance (1999-2003); Director, Financial Strategy and Acting Director, Internal Audit (1999-2000); and Director, Financial Strategy (1998-1999).

Mr. Greenwood joined Evergy Kansas Central in 1993.

Mr. Greenwood intends to retire in the middle of 2022 and transition to an advisory role thereafter through 2024.

(i)Mr. Busser was appointed Vice President and Chief Accounting Officer of Evergy, Inc. in February 2022.

For information regarding material lawsuits and proceedings, see Notes 4 and [removed: 14] [added: 15] to the consolidated financial statements.

For the fiscal year ended December 31, [removed: 2021][added: 2022]

[removed: ][added: ]

| Evergy, Inc. common stock | | | | | | EVRG | | | | | | [removed: New York] [added: The Nasdaq] Stock [removed: Exchange] [added: Market LLC] | | |

The aggregate market value of the voting and non-voting common equity held by non-affiliates of Evergy, Inc. (based on the closing price of its common stock on the New York Stock Exchange on June 30, [removed: 2021)] [added: 2022)] was approximately [removed: $13,704,717,320.][added: $14,786,156,340.]

On February [removed: 18, 2022,] [added: 17, 2023,] Evergy, Inc. had [removed: 229,311,689] [added: 229,568,060] shares of common stock outstanding.

On February [removed: 18, 2022,] [added: 17, 2023,] Evergy Kansas Central, Inc. and Evergy Metro, Inc. each had one share of common stock outstanding and held by Evergy, Inc.

Portions of the [removed: 2022] [added: 2023] annual meeting proxy statement of Evergy, Inc. to be filed with the Securities and Exchange Commission are incorporated by reference in Part III of this report.

| | | | [Cautionary Statements Regarding Certain Forward-Looking [removed: Information](#i9e3d7fad53bb42b083be8286e4319cd4_16)] [added: Information](#iaeffbb7f059e45d48540ab35847f0408_16)] | | | [removed: [3](#i9e3d7fad53bb42b083be8286e4319cd4_16)] [added: [3](#iaeffbb7f059e45d48540ab35847f0408_16)] | | |

| | | | [Glossary of [removed: Terms](#i9e3d7fad53bb42b083be8286e4319cd4_19)] [added: Terms](#iaeffbb7f059e45d48540ab35847f0408_19)] | | | [removed: [5](#i9e3d7fad53bb42b083be8286e4319cd4_19)] [added: [5](#iaeffbb7f059e45d48540ab35847f0408_19)] | | |

| Item 1. | | | [removed: [Business](#i9e3d7fad53bb42b083be8286e4319cd4_25)] [added: [Business](#iaeffbb7f059e45d48540ab35847f0408_25)] | | | [removed: [7](#i9e3d7fad53bb42b083be8286e4319cd4_25)] [added: [7](#iaeffbb7f059e45d48540ab35847f0408_25)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i9e3d7fad53bb42b083be8286e4319cd4_28)] [added: Factors](#iaeffbb7f059e45d48540ab35847f0408_28)] | | | [removed: [16](#i9e3d7fad53bb42b083be8286e4319cd4_28)] [added: [16](#iaeffbb7f059e45d48540ab35847f0408_28)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i9e3d7fad53bb42b083be8286e4319cd4_31)] [added: Comments](#iaeffbb7f059e45d48540ab35847f0408_31)] | | | [removed: [28](#i9e3d7fad53bb42b083be8286e4319cd4_31)] [added: [28](#iaeffbb7f059e45d48540ab35847f0408_31)] | | |

| Item 2. | | | [removed: [Properties](#i9e3d7fad53bb42b083be8286e4319cd4_34)] [added: [Properties](#iaeffbb7f059e45d48540ab35847f0408_34)] | | | [removed: [29](#i9e3d7fad53bb42b083be8286e4319cd4_34)] [added: [29](#iaeffbb7f059e45d48540ab35847f0408_34)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i9e3d7fad53bb42b083be8286e4319cd4_37)] [added: Proceedings](#iaeffbb7f059e45d48540ab35847f0408_37)] | | | [removed: [32](#i9e3d7fad53bb42b083be8286e4319cd4_37)] [added: [32](#iaeffbb7f059e45d48540ab35847f0408_37)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i9e3d7fad53bb42b083be8286e4319cd4_40)] [added: Disclosures](#iaeffbb7f059e45d48540ab35847f0408_40)] | | | [removed: [32](#i9e3d7fad53bb42b083be8286e4319cd4_40)] [added: [32](#iaeffbb7f059e45d48540ab35847f0408_40)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9e3d7fad53bb42b083be8286e4319cd4_46)] [added: Securities](#iaeffbb7f059e45d48540ab35847f0408_46)] | | | [removed: [33](#i9e3d7fad53bb42b083be8286e4319cd4_46)] [added: [33](#iaeffbb7f059e45d48540ab35847f0408_46)] | | |

| Item 6. | | | [Selected Financial [removed: Data](#i9e3d7fad53bb42b083be8286e4319cd4_3508)] [added: Data](#iaeffbb7f059e45d48540ab35847f0408_49)] | | | [removed: [3](#i9e3d7fad53bb42b083be8286e4319cd4_3508)[2](#i9e3d7fad53bb42b083be8286e4319cd4_3508)] [added: [34](#iaeffbb7f059e45d48540ab35847f0408_49)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9e3d7fad53bb42b083be8286e4319cd4_235)] [added: Operations](#iaeffbb7f059e45d48540ab35847f0408_238)] | | | [removed: [34](#i9e3d7fad53bb42b083be8286e4319cd4_235)] [added: [34](#iaeffbb7f059e45d48540ab35847f0408_238)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i9e3d7fad53bb42b083be8286e4319cd4_49)] [added: Risk](#iaeffbb7f059e45d48540ab35847f0408_52)] | | | [removed: [59](#i9e3d7fad53bb42b083be8286e4319cd4_49)] [added: [62](#iaeffbb7f059e45d48540ab35847f0408_52)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i9e3d7fad53bb42b083be8286e4319cd4_52)] [added: Data](#iaeffbb7f059e45d48540ab35847f0408_55)] | | | [removed: [62](#i9e3d7fad53bb42b083be8286e4319cd4_52)] [added: [65](#iaeffbb7f059e45d48540ab35847f0408_55)] | | |

| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i9e3d7fad53bb42b083be8286e4319cd4_280)] [added: Disclosure](#iaeffbb7f059e45d48540ab35847f0408_310)] | | | [removed: [153](#i9e3d7fad53bb42b083be8286e4319cd4_280)] [added: [160](#iaeffbb7f059e45d48540ab35847f0408_310)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i9e3d7fad53bb42b083be8286e4319cd4_283)] [added: Procedures](#iaeffbb7f059e45d48540ab35847f0408_313)] | | | [removed: [153](#i9e3d7fad53bb42b083be8286e4319cd4_283)] [added: [160](#iaeffbb7f059e45d48540ab35847f0408_313)] | | |

| Item 9B. | | | [Other [removed: Information](#i9e3d7fad53bb42b083be8286e4319cd4_304)] [added: Information](#iaeffbb7f059e45d48540ab35847f0408_334)] | | | [removed: [157](#i9e3d7fad53bb42b083be8286e4319cd4_304)] [added: [164](#iaeffbb7f059e45d48540ab35847f0408_334)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i9e3d7fad53bb42b083be8286e4319cd4_3745)] [added: Inspections](#iaeffbb7f059e45d48540ab35847f0408_337)] | | | [removed: [157](#i9e3d7fad53bb42b083be8286e4319cd4_3745)] [added: [164](#iaeffbb7f059e45d48540ab35847f0408_337)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i9e3d7fad53bb42b083be8286e4319cd4_334)] [added: Governance](#iaeffbb7f059e45d48540ab35847f0408_367)] | | | [removed: [157](#i9e3d7fad53bb42b083be8286e4319cd4_334)] [added: [164](#iaeffbb7f059e45d48540ab35847f0408_367)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i9e3d7fad53bb42b083be8286e4319cd4_337)] [added: Compensation](#iaeffbb7f059e45d48540ab35847f0408_370)] | | | [removed: [158](#i9e3d7fad53bb42b083be8286e4319cd4_337)] [added: [165](#iaeffbb7f059e45d48540ab35847f0408_370)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9e3d7fad53bb42b083be8286e4319cd4_340)] [added: Matters](#iaeffbb7f059e45d48540ab35847f0408_373)] | | | [removed: [158](#i9e3d7fad53bb42b083be8286e4319cd4_340)] [added: [165](#iaeffbb7f059e45d48540ab35847f0408_373)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i9e3d7fad53bb42b083be8286e4319cd4_343)] [added: Independence](#iaeffbb7f059e45d48540ab35847f0408_376)] | | | [removed: [159](#i9e3d7fad53bb42b083be8286e4319cd4_343)] [added: [166](#iaeffbb7f059e45d48540ab35847f0408_376)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#i9e3d7fad53bb42b083be8286e4319cd4_346)] [added: Services](#iaeffbb7f059e45d48540ab35847f0408_379)] | | | [removed: [159](#i9e3d7fad53bb42b083be8286e4319cd4_346)] [added: [166](#iaeffbb7f059e45d48540ab35847f0408_379)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i9e3d7fad53bb42b083be8286e4319cd4_352)] [added: Schedules](#iaeffbb7f059e45d48540ab35847f0408_385)] | | | [removed: [161](#i9e3d7fad53bb42b083be8286e4319cd4_352)] [added: [168](#iaeffbb7f059e45d48540ab35847f0408_385)] | | |

[removed: These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of the Coronavirus (COVID-19) pandemic on, among other things, sales, results of operations, financial condition, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies' ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.][added: These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of the Coronavirus (COVID-19) pandemic on, among other things, sales, results of operations, financial condition, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of the Russian, Ukrainian conflict on the global energy market, ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies' ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including heightened emphasis on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.]

You should also carefully consider the information contained in [removed: our] [added: the Evergy Companies'] other filings with the Securities and Exchange Commission (SEC).

Additional risks and uncertainties are discussed [removed: in Part I, Item 1A - Risk Factors in this annual report on Form 10-K, and] from time to time in [removed: current reports on Form 8-K and] [added: current,] quarterly [added: and annual] reports [removed: on Form 10-Q] filed by the Evergy [added: Companies with the SEC.]

| CAA | | | | | | Clean Air Act [removed: Amendments of 1990] | | |

| [PART I](#iaeffbb7f059e45d48540ab35847f0408_22) | | | | | | | | |

| [PART II](#iaeffbb7f059e45d48540ab35847f0408_43) | | | | | | | | |

| [PART III](#iaeffbb7f059e45d48540ab35847f0408_364) | | | | | | | | |

| [PART IV](#iaeffbb7f059e45d48540ab35847f0408_382) | | | | | | | | |

| | | | [Signatures](#iaeffbb7f059e45d48540ab35847f0408_415) | | | [189](#iaeffbb7f059e45d48540ab35847f0408_415) | | |

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| Term Loan Facility | | | | | | Term Loan Credit Agreement | | |

| | | | | | | | | |

| [PART I](#i9e3d7fad53bb42b083be8286e4319cd4_22) | | | | | | | | |

| [PART II](#i9e3d7fad53bb42b083be8286e4319cd4_43) | | | | | | | | |

| [PART III](#i9e3d7fad53bb42b083be8286e4319cd4_331) | | | | | | | | |

| [PART IV](#i9e3d7fad53bb42b083be8286e4319cd4_349) | | | | | | | | |

| | | | [Signatures](#i9e3d7fad53bb42b083be8286e4319cd4_382) | | | [184](#i9e3d7fad53bb42b083be8286e4319cd4_382) | | |

Companies with the SEC.

| AMT | | | | | | Alternative Minimum Tax | | |

| ASU | | | | | | Accounting Standards Update | | |

| Bluescape | | | | | | Bluescape Energy Partners, LLC | | |

| CWA | | | | | | Clean Water Act | | |

| EIRR | | | | | | Environmental Improvement Revenue Refunding | | |

| FASB | | | | | | Financial Accounting Standards Board | | |

| KEEIA | | | | | | Kansas Energy Efficiency Investment Act | | |

| kWh | | | | | | Kilowatt hour | | |

| LEC | | | | | | Lawrence Energy Center | | |

| MEEIA | | | | | | Missouri Energy Efficiency Investment Act | | |

| NRC | | | | | | Nuclear Regulatory Commission | | |

| UFSA | | | | | | Utility Financing and Securitization Act | | |

| Wolf Creek | | | 1 | | | (h) | | | Kansas | | | 1985 | | | Uranium | | | [removed: 554] [added: 553] | | | [removed: 554] [added: 553] | | | — | | | [removed: 1,108] [added: 1,106] | | | — | | | | | | [removed: 1,108] [added: 1,106] | | |

| Steam Turbines | | | 1-3 | | | (h) | | | | | | 1978, 1980 &1983 | | | Coal | | | [removed: 2,016] [added: 2,007] | | | — | | | 175 | | | [removed: 2,191] [added: 2,182] | | | — | | | | | | [removed: 2,191] [added: 2,182] | | |

| Steam Turbines | | | 4 & 5 | | | [removed: (i)] | | | | | | 1960, 1971 | | | Coal | | | 485 | | | — | | | — | | | 485 | | | — | | | | | | 485 | | |

| Steam Turbines | | | 1 & 2 | | | [removed: (h)(j)] [added: (h)(i)] | | | | | | 1973, 1977 | | | Coal | | | 713 | | | 713 | | | — | | | 1,426 | | | — | | | | | | 1,426 | | |

| Steam Turbines | | | 1 & 2 | | | (h) | | | | | | 1980, 2010 | | | Coal | | | — | | | [removed: 974] [added: 983] | | | [removed: 284] [added: 288] | | | [removed: 1,258] [added: 1,271] | | | — | | | | | | [removed: 1,258] [added: 1,271] | | |

| Steam Turbines | | | 5 | | | [removed: (k)] [added: (j)] | | | | | | 1969 | | | Coal | | | — | | | [removed: 553] [added: 552] | | | — | | | [removed: 553] [added: 552] | | | — | | | | | | [removed: 553] [added: 552] | | |

| | | | 4 | | | | | | | | | 1975 | | | Oil | | | [removed: 74] [added: 70] | | | — | | | — | | | [removed: 74] [added: 70] | | | — | | | | | | [removed: 74] [added: 70] | | |

| Combustion Turbines | | | 1 - 4 | | | | | | | | | 2001 | | | Natural Gas | | | [removed: 269] [added: 281] | | | — | | | — | | | [removed: 269] [added: 281] | | | — | | | | | | [removed: 269] [added: 281] | | |

| Combined Cycle | | | 2-1, 2-2 & 2-3 | | | (h) | | | | | | 2001 | | | Natural Gas | | | [removed: 200] [added: 205] | | | — | | | — | | | [removed: 200] [added: 205] | | | — | | | | | | [removed: 200] [added: 205] | | |

| Combined Cycle | | | 6/9 | | | | | | | | | 2000 | | | Natural Gas | | | — | | | [removed: 221] [added: 235] | | | — | | | [removed: 221] [added: 235] | | | — | | | | | | [removed: 221] [added: 235] | | |

| Combustion Turbines | | | 7 & 8 | | | | | | | | | 2000 | | | Natural Gas | | | — | | | [removed: 154] [added: 153] | | | — | | | [removed: 154] [added: 153] | | | — | | | | | | [removed: 154] [added: 153] | | |

| | | | 5 - 7 | | | | | | | | | 1974, 1989 & 1990 | | | Oil | | | — | | | — | | | [removed: 89] [added: 88] | | | [removed: 89] [added: 88] | | | — | | | | | | [removed: 89] [added: 88] | | |

| Combustion Turbines | | | 11 - 18 | | | | | | | | | 1972 - 1977 | | | Oil | | | — | | | [removed: 380] [added: 382] | | | — | | | [removed: 380] [added: 382] | | | — | | | | | | [removed: 380] [added: 382] | | |

| Combustion Turbines | | | 1 - 3 | | | | | | | | | 2005 | | | Natural Gas | | | — | | | — | | | [removed: 311] [added: 313] | | | [removed: 311] [added: 313] | | | — | | | | | | [removed: 311] [added: 313] | | |

| Combustion Turbines | | | 1 - 4 | | | | | | | | | 1975 - 1979 | | | Natural Gas | | | — | | | — | | | [removed: 251] [added: 249] | | | [removed: 251] [added: 249] | | | — | | | | | | [removed: 251] [added: 249] | | |

(a) Capability (except for wind generating facilities) represents estimated [removed: 2022] [added: 2023] net generating capacity.

Due to the intermittent nature of wind generation, these facilities are associated with a total of [removed: 1,788] [added: 996] MW of accredited generating capacity pursuant to SPP reliability standards.

[removed: (j)] [added: (i)] In 1987, Evergy Kansas South entered into a sale-leaseback transaction involving its 50% interest in the La Cygne Unit 2.

See Note [removed: 18] [added: 19] to the consolidated financial statements for more information.

[removed: (k)] [added: (j)] Although the plant was completed in 1969, a new boiler, air quality control equipment and an uprated turbine were placed in service at the Hawthorn Generating Station in 2001.

Evergy has approximately [removed: 10,200] [added: 10,100] circuit miles of transmission lines, 44,900 circuit miles of overhead distribution lines and [removed: 15,500] [added: 15,800] circuit miles of underground distribution lines in Missouri and Kansas.

| Total Nuclear: | | | | | | | | | | | | | | | | | | 553 | | | 553 | | | — | | | 1,106 | | | — | | | | | | 1,106 | | |

| Total Coal: | | | | | | | | | | | | | | | | | | 3,205 | | | 2,248 | | | 463 | | | 5,916 | | | — | | | | | | 5,916 | | |

| Total Gas and Oil | | | | | | | | | | | | | | | | | | 1,670 | | | 1,154 | | | 1,174 | | | 3,998 | | | — | | | | | | 3,998 | | |

| Total | | | | | | | | | | | | | | | | | | 5,858 | | | 4,104 | | | 1,642 | | | 11,604 | | | 3,820 | | | | | | 15,424 | | |

| Total Nuclear: | | | | | | | | | | | | | | | | | | 554 | | | 554 | | | — | | | 1,108 | | | — | | | | | | 1,108 | | |

| Total Coal: | | | | | | | | | | | | | | | | | | 3,214 | | | 2,240 | | | 459 | | | 5,913 | | | — | | | | | | 5,913 | | |

| Total Gas and Oil | | | | | | | | | | | | | | | | | | 1,657 | | | 1,139 | | | 1,175 | | | 3,971 | | | — | | | | | | 3,971 | | |

| Total | | | | | | | | | | | | | | | | | | 5,855 | | | 4,082 | | | 1,639 | | | 11,576 | | | 3,820 | | | | | | 15,396 | | |

(i) See Note 4 to the consolidated financial statements for more information regarding the planned retirement of Lawrence Energy Center (LEC) Unit 4 which is expected to occur between December 2023 and the first half of 2024.

Evergy's common stock is listed on the [removed: New York] [added: Nasdaq] Stock [removed: Exchange] [added: Market LLC] under the symbol "EVRG." At February [removed: 18, 2022,] [added: 17, 2023,] Evergy's common stock was held by [removed: 18,297] [added: 17,419] shareholders of record.

The following graph compares the performance of Evergy's common stock during the period that began on June 5, 2018 (the first day that Evergy's common stock traded), and ended on December 31, [removed: 2021,] [added: 2022,] to the performance of the Standard & Poor's 500 Index (S&P 500) and the Standard & Poor's Electric Utility Index (S&P 500 Electric Utilities).

[removed: ][added: ]

The following table provides information regarding purchases by Evergy of its equity securities that are registered pursuant to Section 12 of the Exchange Act during the three months ended December 31, [removed: 2021.][added: 2022.]

For information regarding dividend restrictions, see Note [removed: 17] [added: 18] to the consolidated financial statements.

| November 1 - 30 | | | 427 | | | $61.25 | | | — | | | — | | |

| December 1 - 31 | | | 11,217 | | | $63.26 | | | — | | | — | | |

| Total | | | 11,644 | | | $63.18 | | | — | | | — | | |

| November 1 - 30 | | | 680 | | | $64.92 | | | — | | | — | | |

| December 1 - 31 | | | 8,495 | | | $68.56 | | | — | | | — | | |

| Total | | | 9,175 | | | $68.29 | | | — | | | — | | |

| [Evergy, [removed: Inc.](#i9e3d7fad53bb42b083be8286e4319cd4_58)] [added: Inc.](#iaeffbb7f059e45d48540ab35847f0408_61)] | | | | | | [removed: [63](#i9e3d7fad53bb42b083be8286e4319cd4_58)] [added: [66](#iaeffbb7f059e45d48540ab35847f0408_61)] | | |

| [Evergy Kansas Central, [removed: Inc.](#i9e3d7fad53bb42b083be8286e4319cd4_61)] [added: Inc.](#iaeffbb7f059e45d48540ab35847f0408_64)] | | | | | | [removed: [66](#i9e3d7fad53bb42b083be8286e4319cd4_61)] [added: [69](#iaeffbb7f059e45d48540ab35847f0408_64)] | | |

| [Evergy Metro, [removed: Inc.](#i9e3d7fad53bb42b083be8286e4319cd4_64)] [added: Inc.](#iaeffbb7f059e45d48540ab35847f0408_67)] | | | | | | [removed: [69](#i9e3d7fad53bb42b083be8286e4319cd4_64)] [added: [72](#iaeffbb7f059e45d48540ab35847f0408_67)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i9e3d7fad53bb42b083be8286e4319cd4_70)] [added: Income](#iaeffbb7f059e45d48540ab35847f0408_73)] | | | | | | [removed: [72](#i9e3d7fad53bb42b083be8286e4319cd4_70)] [added: [75](#iaeffbb7f059e45d48540ab35847f0408_73)] | | |

| [Consolidated Balance [removed: Sheets](#i9e3d7fad53bb42b083be8286e4319cd4_67)] [added: Sheets](#iaeffbb7f059e45d48540ab35847f0408_70)] | | | | | | [removed: [73](#i9e3d7fad53bb42b083be8286e4319cd4_67)] [added: [76](#iaeffbb7f059e45d48540ab35847f0408_70)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i9e3d7fad53bb42b083be8286e4319cd4_76)] [added: Flows](#iaeffbb7f059e45d48540ab35847f0408_79)] | | | | | | [removed: [75](#i9e3d7fad53bb42b083be8286e4319cd4_76)] [added: [78](#iaeffbb7f059e45d48540ab35847f0408_79)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#i9e3d7fad53bb42b083be8286e4319cd4_79)] [added: Equity](#iaeffbb7f059e45d48540ab35847f0408_85)] | | | | | | [removed: [76](#i9e3d7fad53bb42b083be8286e4319cd4_79)] [added: [79](#iaeffbb7f059e45d48540ab35847f0408_85)] | | |

| [Consolidated Statements of [removed: Income](#i9e3d7fad53bb42b083be8286e4319cd4_88)] [added: Income](#iaeffbb7f059e45d48540ab35847f0408_91)] | | | | | | [removed: [77](#i9e3d7fad53bb42b083be8286e4319cd4_88)] [added: [80](#iaeffbb7f059e45d48540ab35847f0408_91)] | | |

| [Consolidated Balance [removed: Sheets](#i9e3d7fad53bb42b083be8286e4319cd4_85)] [added: Sheets](#iaeffbb7f059e45d48540ab35847f0408_88)] | | | | | | [removed: [78](#i9e3d7fad53bb42b083be8286e4319cd4_85)] [added: [81](#iaeffbb7f059e45d48540ab35847f0408_88)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i9e3d7fad53bb42b083be8286e4319cd4_94)] [added: Flows](#iaeffbb7f059e45d48540ab35847f0408_97)] | | | | | | [removed: [80](#i9e3d7fad53bb42b083be8286e4319cd4_94)] [added: [83](#iaeffbb7f059e45d48540ab35847f0408_97)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#i9e3d7fad53bb42b083be8286e4319cd4_97)] [added: Equity](#iaeffbb7f059e45d48540ab35847f0408_103)] | | | | | | [removed: [81](#i9e3d7fad53bb42b083be8286e4319cd4_97)] [added: [84](#iaeffbb7f059e45d48540ab35847f0408_103)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i9e3d7fad53bb42b083be8286e4319cd4_106)] [added: Income](#iaeffbb7f059e45d48540ab35847f0408_109)] | | | | | | [removed: [82](#i9e3d7fad53bb42b083be8286e4319cd4_106)] [added: [85](#iaeffbb7f059e45d48540ab35847f0408_109)] | | |

| [Consolidated Balance [removed: Sheets](#i9e3d7fad53bb42b083be8286e4319cd4_103)] [added: Sheets](#iaeffbb7f059e45d48540ab35847f0408_106)] | | | | | | [removed: [83](#i9e3d7fad53bb42b083be8286e4319cd4_103)] [added: [86](#iaeffbb7f059e45d48540ab35847f0408_106)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i9e3d7fad53bb42b083be8286e4319cd4_112)] [added: Flows](#iaeffbb7f059e45d48540ab35847f0408_115)] | | | | | | [removed: [85](#i9e3d7fad53bb42b083be8286e4319cd4_112)] [added: [88](#iaeffbb7f059e45d48540ab35847f0408_115)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#i9e3d7fad53bb42b083be8286e4319cd4_118)] [added: Equity](#iaeffbb7f059e45d48540ab35847f0408_121)] | | | | | | [removed: [86](#i9e3d7fad53bb42b083be8286e4319cd4_115)] [added: [89](#iaeffbb7f059e45d48540ab35847f0408_121)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#i9e3d7fad53bb42b083be8286e4319cd4_121)] [added: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] | | | | | | | | |

| Note 1: | | | [Summary of Significant Accounting [removed: Policies](#i9e3d7fad53bb42b083be8286e4319cd4_226)] [added: Policies](#iaeffbb7f059e45d48540ab35847f0408_130)] | | | [removed: [87](#i9e3d7fad53bb42b083be8286e4319cd4_226)] [added: [90](#iaeffbb7f059e45d48540ab35847f0408_130)] | | |

| Note 4: | | | [Rate Matters and [removed: Regulation](#i9e3d7fad53bb42b083be8286e4319cd4_136)] [added: Regulation](#iaeffbb7f059e45d48540ab35847f0408_142)] | | | [removed: [100](#i9e3d7fad53bb42b083be8286e4319cd4_136)] [added: [102](#iaeffbb7f059e45d48540ab35847f0408_142)] | | |

| Note 6: | | | [Asset Retirement [removed: Obligations](#i9e3d7fad53bb42b083be8286e4319cd4_199)] [added: Obligations](#iaeffbb7f059e45d48540ab35847f0408_208)] | | | [removed: [109](#i9e3d7fad53bb42b083be8286e4319cd4_199)] [added: [112](#iaeffbb7f059e45d48540ab35847f0408_208)] | | |

| Note 7: | | | [Property, Plant & [removed: Equipment](#i9e3d7fad53bb42b083be8286e4319cd4_202)] [added: Equipment](#iaeffbb7f059e45d48540ab35847f0408_211)] | | | [removed: [110](#i9e3d7fad53bb42b083be8286e4319cd4_202)] [added: [113](#iaeffbb7f059e45d48540ab35847f0408_211)] | | |

| Note 8: | | | [Jointly-Owned Electric Utility [removed: Plants](#i9e3d7fad53bb42b083be8286e4319cd4_205)] [added: Plants](#iaeffbb7f059e45d48540ab35847f0408_214)] | | | [removed: [111](#i9e3d7fad53bb42b083be8286e4319cd4_205)] [added: [114](#iaeffbb7f059e45d48540ab35847f0408_214)] | | |

| Note 9: | | | [Pension Plans and Post-Retirement [removed: Benefits](#i9e3d7fad53bb42b083be8286e4319cd4_160)] [added: Benefits](#iaeffbb7f059e45d48540ab35847f0408_166)] | | | [removed: [112](#i9e3d7fad53bb42b083be8286e4319cd4_160)] [added: [115](#iaeffbb7f059e45d48540ab35847f0408_166)] | | |

| Note 11: | | | [Short-Term Borrowings and Short-Term Bank Lines of [removed: Credit](#i9e3d7fad53bb42b083be8286e4319cd4_163)] [added: Credit](#iaeffbb7f059e45d48540ab35847f0408_169)] | | | [removed: [126](#i9e3d7fad53bb42b083be8286e4319cd4_163)] [added: [130](#iaeffbb7f059e45d48540ab35847f0408_169)] | | |

| Note 12: | | | [Long-Term [removed: Debt](#i9e3d7fad53bb42b083be8286e4319cd4_169)] [added: Debt](#iaeffbb7f059e45d48540ab35847f0408_175)] | | | [removed: [128](#i9e3d7fad53bb42b083be8286e4319cd4_169)] [added: [131](#iaeffbb7f059e45d48540ab35847f0408_175)] | | |

| Note [removed: 13:] [added: 14:] | | | [Fair Value [removed: Measurements](#i9e3d7fad53bb42b083be8286e4319cd4_175)] [added: Measurements](#iaeffbb7f059e45d48540ab35847f0408_181)] | | | [removed: [131](#i9e3d7fad53bb42b083be8286e4319cd4_175)] [added: [138](#iaeffbb7f059e45d48540ab35847f0408_181)] | | |

| [removed: Note 14:] [added: Commitments and Contingencies (Note 15)] | | | [removed: [Commitments and Contingencies](#i9e3d7fad53bb42b083be8286e4319cd4_178)] | | | [removed: [136](#i9e3d7fad53bb42b083be8286e4319cd4_178)] | | | [added: | | | | | | | | | | | | | | |]

| Note [removed: 16:] [added: 17:] | | | [Related Party Transactions and [removed: Relationships](#i9e3d7fad53bb42b083be8286e4319cd4_184)] [added: Relationships](#iaeffbb7f059e45d48540ab35847f0408_193)] | | | [removed: [141](#i9e3d7fad53bb42b083be8286e4319cd4_184)] [added: [149](#iaeffbb7f059e45d48540ab35847f0408_193)] | | |

| Note [removed: 18:] [added: 19:] | | | [Variable Interest [removed: Entities](#i9e3d7fad53bb42b083be8286e4319cd4_217)] [added: Entities](#iaeffbb7f059e45d48540ab35847f0408_223)] | | | [removed: [143](#i9e3d7fad53bb42b083be8286e4319cd4_217)] [added: [151](#iaeffbb7f059e45d48540ab35847f0408_223)] | | |

We have audited the accompanying consolidated balance sheets of Evergy, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related consolidated statements of comprehensive income, changes in equity, and cash [removed: flows] [added: flows,] for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] and the related notes and the financial statement schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 24, 2022,] [added: 23, 2023,] expressed an unqualified opinion on the Company's internal control over financial reporting.

The Company is subject to rate regulation by the Kansas Corporation Commission and by the Missouri Public Service Commission (collectively the "Commissions"), which [removed: has] [added: have] jurisdiction with respect to the rates of electric distribution companies in Kansas and Missouri, respectively.

Management has determined it meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial [removed: statements applying the specialized rules to account for the effects of cost-based rate regulation.]

Such external information included relevant regulatory orders issued by the Commissions for the Company and other public utilities in Kansas and Missouri, regulatory statutes, interpretations, procedural memorandums, filings made by [removed: intervenors,] [added: interveners,] and other publicly available

- We evaluated management's analysis, and letters from internal and external legal counsel, as appropriate, regarding probability of recovery for regulatory assets or refund or future reduction in rates for regulatory liabilities not yet addressed in a regulatory order to assess management's assertion that amounts are probable of [removed: recovery] [added: recovery,] or a future reduction in rates.

We have audited the accompanying consolidated balance sheets of Evergy Kansas Central, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related consolidated statements of income, changes in equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] and the related notes and the financial statement schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

Accounting for the economics of rate regulation impacts multiple financial statement line items and [removed: disclosures,][added: disclosures.]

Such external information included relevant regulatory orders issued by the Commission for the Company and other public utilities in Kansas, regulatory statutes, interpretations, procedural memorandums, filings made by [removed: intervenors,] [added: interveners,] and other publicly available information to assess the likelihood of recovery in future rates or of a future reduction in rates based on precedents of the Commission's treatment of similar costs under similar circumstances.

We have audited the accompanying consolidated balance sheets of Evergy Metro, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] the related consolidated statements of comprehensive income, changes in equity, and cash [removed: flows,] [added: flows] for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] and the related notes and the financial statement schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

Accounting for the economics of rate regulation impacts multiple financial statement line items and [removed: disclosures, such as property, plant,][added: disclosures.]

| Note 2: | | | [Revenue](#iaeffbb7f059e45d48540ab35847f0408_133) | | | [93](#iaeffbb7f059e45d48540ab35847f0408_133) | | |

| Note 3: | | | [Receivables](#iaeffbb7f059e45d48540ab35847f0408_139) | | | [101](#iaeffbb7f059e45d48540ab35847f0408_139) | | |

| Note 5: | | | [Goodwill](#iaeffbb7f059e45d48540ab35847f0408_148) | | | [112](#iaeffbb7f059e45d48540ab35847f0408_148) | | |

| Note 10: | | | [Equity Compensation](#iaeffbb7f059e45d48540ab35847f0408_217) | | | [128](#iaeffbb7f059e45d48540ab35847f0408_217) | | |

| Note 13: | | | [D](#iaeffbb7f059e45d48540ab35847f0408_3547)[erivative Instruments](#iaeffbb7f059e45d48540ab35847f0408_3547) | | | [134](#iaeffbb7f059e45d48540ab35847f0408_3547) | | |

| Note 15: | | | [Commitments and Contingencies](#iaeffbb7f059e45d48540ab35847f0408_184) | | | [143](#iaeffbb7f059e45d48540ab35847f0408_184) | | |

| Note 16: | | | [Guarantees](#iaeffbb7f059e45d48540ab35847f0408_190) | | | [148](#iaeffbb7f059e45d48540ab35847f0408_190) | | |

| Note 18: | | | [Shareholders' Equity](#iaeffbb7f059e45d48540ab35847f0408_199) | | | [150](#iaeffbb7f059e45d48540ab35847f0408_199) | | |

| Note 20: | | | [Taxes](#iaeffbb7f059e45d48540ab35847f0408_205) | | | [152](#iaeffbb7f059e45d48540ab35847f0408_205) | | |

| Note 21: | | | [Leases](#iaeffbb7f059e45d48540ab35847f0408_226) | | | [157](#iaeffbb7f059e45d48540ab35847f0408_226) | | |

statements applying the specialized rules to account for the effects of cost-based rate regulation.

February 23, 2023

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

February 23, 2023

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

The Company is subject to rate regulation by the Kansas Corporation Commission and by the Missouri Public Service Commission (collectively the "Commissions"), which have jurisdiction with respect to the rates of electric distribution companies in Kansas and Missouri, respectively.

Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures.

February 23, 2023

| Sibley Unit 3 impairment loss and other regulatory disallowances | | | | | | | | | | | | | | | | | | 34.9 | | | | | | — | | | | | | — | | |

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

| Sibley Unit 3 impairment loss and other regulatory disallowances | | | 34.9 | | | | | | — | | | | | | — | | | | | |

| Net income | | | — | | | — | | | 752.7 | | | — | | | 12.3 | | | 765.0 | | |

| Unearned compensation | | | | | | | | | | | | | | | | | | | | |

| Compensation expense recognized | | | — | | | 0.7 | | | — | | | — | | | — | | | 0.7 | | |

| Balance as of December 31, 2022 | | | 229,546,105 | | | $ | 7,219.7 | | $ | 2,298.5 | | $ | (34.5) | | $ | 9.6 | | $ | 9,493.3 | |

| SPP network transmission costs | | | | | | | | | | | | | | | | | | 323.0 | | | | | | 290.4 | | | | | | 263.2 | | |

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

| Prepaid expenses | | | | | | 18.7 | | | | | | | | | | | | 19.4 | | | | | |

| Other assets | | | | | | 28.8 | | | | | | | | | | | | 21.6 | | | | | |

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

| Noncontrolling Interests | | | | | | 9.6 | | | | | | | | | | | | (2.7) | | | | | |

| Net income | | | — | | | — | | | 408.6 | | | 12.3 | | | 420.9 | | |

| Balance as of December 31, 2022 | | | 1 | | | $ | 2,737.6 | | $ | 1,760.2 | | $ | 9.6 | | $ | 4,507.4 | |

| Other regulatory disallowances | | | | | | | | | | | | | | | | | | 5.5 | | | | | | — | | | | | | — | | |

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

| Notes payable and commercial paper | | | | | | 111.0 | | | | | | | | | | | | — | | | | | |

| Commitments and Contingencies (Note 15) | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | $ | 355.4 | | | | | $ | 312.3 | | | | | $ | 298.7 | |

| Note 2: | | | [Revenue](#i9e3d7fad53bb42b083be8286e4319cd4_130) | | | [9](#i9e3d7fad53bb42b083be8286e4319cd4_127)[3](#i9e3d7fad53bb42b083be8286e4319cd4_127) | | |

| Note 3: | | | [Receivables](#i9e3d7fad53bb42b083be8286e4319cd4_133) | | | [99](#i9e3d7fad53bb42b083be8286e4319cd4_133) | | |

| Note 5: | | | [Goodwill](#i9e3d7fad53bb42b083be8286e4319cd4_142) | | | [109](#i9e3d7fad53bb42b083be8286e4319cd4_142) | | |

| Note 10: | | | [Equity Compensation](#i9e3d7fad53bb42b083be8286e4319cd4_208) | | | [125](#i9e3d7fad53bb42b083be8286e4319cd4_208) | | |

| Note 15: | | | [Guarantees](#i9e3d7fad53bb42b083be8286e4319cd4_214) | | | [140](#i9e3d7fad53bb42b083be8286e4319cd4_214) | | |

| Note 17: | | | [Shareholders' Equity](#i9e3d7fad53bb42b083be8286e4319cd4_190) | | | [142](#i9e3d7fad53bb42b083be8286e4319cd4_190) | | |

| Note 19: | | | [Taxes](#i9e3d7fad53bb42b083be8286e4319cd4_196) | | | [144](#i9e3d7fad53bb42b083be8286e4319cd4_196) | | |

| Note 20: | | | [Leases](#i9e3d7fad53bb42b083be8286e4319cd4_220) | | | [150](#i9e3d7fad53bb42b083be8286e4319cd4_220) | | |

Accounting for the

economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant, and equipment, including asset retirements and abandonments; regulatory assets and liabilities; operating revenues; operating and maintenance expense; and depreciation expense.

February 24, 2022

such as property, plant, and equipment, including asset retirements and abandonments; regulatory assets and liabilities; operating revenues; operating and maintenance expense; and depreciation expense.

and equipment, including asset retirements and abandonments; regulatory assets and liabilities; operating revenues; operating and maintenance expense; and depreciation expense.

| Net loss on derivative hedging instruments | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | (47.9) | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Repayment of term loan facility | | | — | | | | | | — | | | | | | (1,000.0) | | | | | |

| Payment for settlement of interest rate swap accounted for as a cash flow hedge | | | — | | | | | | — | | | | | | (69.8) | | | | | |

| Repurchase of common stock under repurchase plan | | | — | | | | | | — | | | | | | (1,628.7) | | | | | |

| Distributions to shareholders of noncontrolling interests | | | — | | | | | | — | | | | | | (8.6) | | | | | |

| Balance as of December 31, 2018 | | | 255,326,252 | | | $ | 8,685.2 | | $ | 1,346.0 | | $ | (3.0) | | $ | (37.5) | | $ | 9,990.7 | |

| Net income | | | — | | | — | | | 669.9 | | | — | | | 15.7 | | | 685.6 | | |

| Repurchase of common stock under repurchase plan | | | (28,796,658) | | | (1,628.7) | | | — | | | — | | | — | | | (1,628.7) | | |

| Consolidation of noncontrolling interests | | | — | | | — | | | — | | | — | | | 3.8 | | | 3.8 | | |

| Distributions to shareholders of noncontrolling interests | | | — | | | — | | | — | | | — | | | (8.6) | | | (8.6) | | |

| Retirements of long-term debt of variable interest entities | | | (18.8) | | | | | | (32.3) | | | | | | (30.3) | | |

| Distributions to shareholders of noncontrolling interests | | | — | | | | | | — | | | | | | (8.6) | | |

| Balance as of December 31, 2018 | | | 1 | | | $ | 2,737.6 | | $ | 1,260.6 | | $ | (37.5) | | $ | 3,960.7 | |

| Net income | | | — | | | — | | | 343.4 | | | 15.7 | | | 359.1 | | |

| Consolidation of noncontrolling interests | | | — | | | — | | | — | | | 3.8 | | | 3.8 | | |

| Distributions to shareholders of noncontrolling interests | | | — | | | — | | | — | | | (8.6) | | | (8.6) | | |

| Prepaid expenses and other current assets | | | (16.3) | | | | | | (7.9) | | | | | | 28.0 | | |

| Balance as of December 31, 2018 | | | 1 | | | $ | 1,563.1 | | $ | 932.6 | | $ | 4.1 | | $ | 2,499.8 | |

| Net income | | | — | | | — | | | 255.2 | | | — | | | 255.2 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

This regulatory asset is reduced by approximately $9 million of annual amortization expense, which is an amount equal to the annual depreciation expense for the asset reflected in retail rates.

Evergy Missouri West expects that the MPSC's decision in its current rate case regarding the AAO could impact the valuation of its regulatory asset for retired generation facilities but as of December 31, 2021, has concluded that no impairment is required based on the relevant facts and circumstances.

In February 2022, Evergy Kansas Central's Board of Directors declared a cash dividend to Evergy of up to $25.0 million, payable on March 18, 2022.

The February 2021 winter weather event resulted in an increase in the demand for natural gas used by the Evergy Companies for generating electricity and also contributed to the limited availability of other generation resources, including coal and renewables, within the SPP Integrated Marketplace.

The Evergy Companies are members of the SPP and, as a result, principally sell and purchase power for the Evergy Companies' retail electric customers through the SPP Integrated Marketplace.

There has been no change in Evergy’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, [removed: 2021,] [added: 2022,] that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

participation of Evergy’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy’s internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

Management has concluded that, as of December 31, [removed: 2021,] [added: 2022,] Evergy’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

We have audited the internal control over financial reporting of Evergy, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] based on criteria established in *Internal Control - Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, [removed: 2021,] [added: 2022,] of the Company and our report dated February [removed: 24, 2022,] [added: 23, 2023,] expressed an unqualified opinion on those financial statements and financial statement schedules.

There has been no change in Evergy Kansas Central’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, [removed: 2021,] [added: 2022,] that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Under the supervision and with the participation of Evergy Kansas Central’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy Kansas Central’s internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

Management has concluded that, as of December 31, [removed: 2021,] [added: 2022,] Evergy Kansas Central’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

There has been no change in Evergy Metro’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarterly period ended December 31, [removed: 2021,] [added: 2022,] that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Under the supervision and with the participation of Evergy Metro’s chief executive officer and chief financial officer, management evaluated the effectiveness of Evergy Metro’s internal control over financial reporting as of December 31, [removed: 2021.][added: 2022.]

Management has concluded that, as of December 31, [removed: 2021,] [added: 2022,] Evergy Metro’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

February 23, 2023

February 24, 2022

Information required by Items 10-14 of Part III of this Form 10-K with respect to Evergy will be included in an amendment to this Form 10-K, or incorporated by reference to Evergy's definitive proxy statement with respect to its [removed: 2022] [added: 2023] Annual Meeting of Shareholders (Proxy Statement) on or before April [removed: 29, 2022.][added: 28, 2023.]

- Information regarding the directors of Evergy will be contained in the Proxy Statement section titled [removed: "Election] [added: "Proposal I: Election] of Directors."

- Information regarding Evergy's Code of Ethics will be contained in the Proxy Statement section titled "Corporate Governance [added: Matters - Corporate Governance] Practices - Code of Ethics."

The following table provides information, as of December 31, [removed: 2021,] [added: 2022,] regarding the number of common shares to be issued upon exercise of outstanding options, warrants and rights, their weighted average exercise price, and the number of shares of common stock remaining available for future issuance.

(1)Includes [removed: 253,046] [added: 239,495] RSUs with time-based requirements, [removed: 513,715] [added: 546,898] RSUs with performance measures at target performance levels, [removed: 36,036] [added: 18,018] restricted share awards and director deferred share units for [removed: 128,048] [added: 151,393] shares of Evergy common stock outstanding at December 31, [removed: 2021.][added: 2022.]

As of December 31, [removed: 2021,] [added: 2022,] there were approximately [removed: 312,568] [added: 260,392] units outstanding that were deferred pursuant to the Evergy Kansas Central, Inc. non-employee deferred compensation program.

| Evergy Long-Term Incentive Plan | | | | | | 955,804 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,766,695 | | | | | |

| Total | | | | | | 955,804 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,766,695 | | | | | |

In connection with the 2022 annual meeting of shareholders, Evergy is seeking shareholder approval to amend and restate the Evergy, Inc. Long-Term Incentive Plan, and increase the number of shares of common stock available for future issuance, among other things.

Additional information required by this item can be found in "Proposal 3: Approval of the Amended and Restated Evergy Long-Term Incentive Plan" and "Appendix C" of the Proxy Statement.

| Evergy Long-Term Incentive Plan | | | | | | 930,845 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 1,296,632 | | | | | |

| Total | | | | | | 930,845 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 1,296,632 | | | | | |

The following tables set forth the aggregate fees billed by Deloitte & Touche LLP for audit services rendered in connection with the consolidated financial statements and reports for [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] and for other services rendered during [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] on behalf of Evergy Kansas Central and Evergy Metro, as well as all out-of-pocket costs incurred in connection with these services:

| Evergy Kansas Central | | | [removed: 2021] [added: 2022] | | | [removed: 2020] [added: 2021] | | |

| Audit Fees | | | $ | [removed: 1,852,798] [added: 1,801,625] | | $ | [removed: 2,025,969] [added: 1,852,798] | |

| Audit-Related Fees | | | [removed: 50,734] [added: 25,618] | | | [removed: —] [added: 50,734] | | |

| Tax Fees | | | [removed: 86,098] [added: 42,845] | | | [removed: 51,385] [added: 86,098] | | |

| Total Fees | | | $ | [removed: 1,989,630] [added: 1,870,088] | | $ | [removed: 2,077,354] [added: 1,989,630] | |

| Evergy Metro | | | [removed: 2021] [added: 2022] | | | [removed: 2020] [added: 2021] | | |

| Audit Fees | | | $ | [removed: 1,293,049] [added: 1,336,725] | | $ | [removed: 1,412,546] [added: 1,293,049] | |

| Tax Fees | | | [removed: 29,219] [added: 16,669] | | | [removed: 40,799] [added: 29,219] | | |

| Total Fees | | | $ | [removed: 1,373,002] [added: 1,379,012] | | $ | [removed: 1,453,345] [added: 1,373,002] | |

| Audit-Related Fees | | | 25,618 | | | 50,734 | | |

| a. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_70)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_73)] | | | [removed: [72](#i9e3d7fad53bb42b083be8286e4319cd4_70)] [added: [75](#iaeffbb7f059e45d48540ab35847f0408_73)] | | |

| b. | | | [Consolidated Balance Sheets - December 31, [removed: 2021] [added: 2022] and [removed: 2020](#i9e3d7fad53bb42b083be8286e4319cd4_67)] [added: 2021](#iaeffbb7f059e45d48540ab35847f0408_70)] | | | [removed: [73](#i9e3d7fad53bb42b083be8286e4319cd4_67)] [added: [76](#iaeffbb7f059e45d48540ab35847f0408_70)] | | |

| c. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_76)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_79)] | | | [removed: [75](#i9e3d7fad53bb42b083be8286e4319cd4_76)] [added: [78](#iaeffbb7f059e45d48540ab35847f0408_79)] | | |

| d. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_79)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_85)] | | | [removed: [76](#i9e3d7fad53bb42b083be8286e4319cd4_79)] [added: [79](#iaeffbb7f059e45d48540ab35847f0408_85)] | | |

| e. | | | [Notes to Consolidated Financial [removed: Statements](#i9e3d7fad53bb42b083be8286e4319cd4_121)] [added: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] | | | [removed: [87](#i9e3d7fad53bb42b083be8286e4319cd4_121)] [added: [90](#iaeffbb7f059e45d48540ab35847f0408_124)] | | |

| f. | | | [Report of Independent Registered Public Accounting [removed: Firm](#i9e3d7fad53bb42b083be8286e4319cd4_58)] [added: Firm](#iaeffbb7f059e45d48540ab35847f0408_61)] | | | [removed: [63](#i9e3d7fad53bb42b083be8286e4319cd4_58)] [added: [66](#iaeffbb7f059e45d48540ab35847f0408_61)] | | |

| g. | | | [Consolidated Statements of Income for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_88)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_91)] | | | [removed: [77](#i9e3d7fad53bb42b083be8286e4319cd4_88)] [added: [80](#iaeffbb7f059e45d48540ab35847f0408_91)] | | |

| h. | | | [Consolidated Balance Sheets - December 31, [removed: 2021] [added: 2022] and [removed: 2020](#i9e3d7fad53bb42b083be8286e4319cd4_85)] [added: 2021](#iaeffbb7f059e45d48540ab35847f0408_88)] | | | [removed: [78](#i9e3d7fad53bb42b083be8286e4319cd4_85)] [added: [81](#iaeffbb7f059e45d48540ab35847f0408_88)] | | |

| i. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_94)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_97)] | | | [removed: [80](#i9e3d7fad53bb42b083be8286e4319cd4_94)] [added: [83](#iaeffbb7f059e45d48540ab35847f0408_97)] | | |

| j. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_97)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_103)] | | | [removed: [81](#i9e3d7fad53bb42b083be8286e4319cd4_97)] [added: [84](#iaeffbb7f059e45d48540ab35847f0408_103)] | | |

| k. | | | [Notes to Consolidated Financial [removed: Statements](#i9e3d7fad53bb42b083be8286e4319cd4_121)] [added: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] | | | [removed: [87](#i9e3d7fad53bb42b083be8286e4319cd4_121)] [added: [90](#iaeffbb7f059e45d48540ab35847f0408_124)] | | |

| l. | | | [Report of Independent Registered Public Accounting [removed: Firm](#i9e3d7fad53bb42b083be8286e4319cd4_61)] [added: Firm](#iaeffbb7f059e45d48540ab35847f0408_64)] | | | [removed: [66](#i9e3d7fad53bb42b083be8286e4319cd4_61)] [added: [69](#iaeffbb7f059e45d48540ab35847f0408_64)] | | |

| m. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_106)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_109)] | | | [removed: [82](#i9e3d7fad53bb42b083be8286e4319cd4_106)] [added: [85](#iaeffbb7f059e45d48540ab35847f0408_109)] | | |

| n. | | | [Consolidated Balance Sheets - December 31, [removed: 2021] [added: 2022] and [removed: 2020](#i9e3d7fad53bb42b083be8286e4319cd4_103)] [added: 2021](#iaeffbb7f059e45d48540ab35847f0408_106)] | | | [removed: [83](#i9e3d7fad53bb42b083be8286e4319cd4_103)] [added: [86](#iaeffbb7f059e45d48540ab35847f0408_106)] | | |

| o. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_112)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_115)] | | | [removed: [85](#i9e3d7fad53bb42b083be8286e4319cd4_112)] [added: [88](#iaeffbb7f059e45d48540ab35847f0408_115)] | | |

| p. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 2021, 2020] [added: 2022, 2021] and [removed: 2019](#i9e3d7fad53bb42b083be8286e4319cd4_115)] [added: 2020](#iaeffbb7f059e45d48540ab35847f0408_121)] | | | [removed: [86](#i9e3d7fad53bb42b083be8286e4319cd4_115)] [added: [89](#iaeffbb7f059e45d48540ab35847f0408_121)] | | |

| q. | | | [Notes to Consolidated Financial [removed: Statements](#i9e3d7fad53bb42b083be8286e4319cd4_121)] [added: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] | | | [removed: [87](#i9e3d7fad53bb42b083be8286e4319cd4_121)] [added: [90](#iaeffbb7f059e45d48540ab35847f0408_124)] | | |

| r. | | | [Report of Independent Registered Public Accounting [removed: Firm](#i9e3d7fad53bb42b083be8286e4319cd4_64)] [added: Firm](#iaeffbb7f059e45d48540ab35847f0408_67)] | | | [removed: [69](#i9e3d7fad53bb42b083be8286e4319cd4_64)] [added: [72](#iaeffbb7f059e45d48540ab35847f0408_67)] | | |

| a. | | | [Schedule I - Parent Company Financial [removed: Statements](#i9e3d7fad53bb42b083be8286e4319cd4_355)] [added: Statements](#iaeffbb7f059e45d48540ab35847f0408_388)] | | | [removed: [178](#i9e3d7fad53bb42b083be8286e4319cd4_355)] [added: [183](#iaeffbb7f059e45d48540ab35847f0408_388)] | | |

| b. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#i9e3d7fad53bb42b083be8286e4319cd4_373)] [added: Reserves](#iaeffbb7f059e45d48540ab35847f0408_406)] | | | [removed: [182](#i9e3d7fad53bb42b083be8286e4319cd4_373)] [added: [187](#iaeffbb7f059e45d48540ab35847f0408_406)] | | |

| c. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#i9e3d7fad53bb42b083be8286e4319cd4_376)] [added: Reserves](#iaeffbb7f059e45d48540ab35847f0408_409)] | | | [removed: [182](#i9e3d7fad53bb42b083be8286e4319cd4_376)] [added: [187](#iaeffbb7f059e45d48540ab35847f0408_409)] | | |

| d. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#i9e3d7fad53bb42b083be8286e4319cd4_379)] [added: Reserves](#iaeffbb7f059e45d48540ab35847f0408_412)] | | | [removed: [183](#i9e3d7fad53bb42b083be8286e4319cd4_379)] [added: [188](#iaeffbb7f059e45d48540ab35847f0408_412)] | | |

| 3.2 | | | * | | | [Amended and Restated By-laws of Evergy, Inc., [removed: effective](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm) [as of](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm) [February](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm) [15](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm)[,](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm) [202](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm)[2](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm) [(Exhibit] [added: effective as of December 14, 2022 (Exhibit] 3.1 to Evergy's Form 8-K filed [removed: on](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm) [February](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm) [](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm)[2](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm)[2, 202](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm)[2](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm)[).](http://www.sec.gov/Archives/edgar/data/0001711269/000119312522047534/d614678dex31.htm)] [added: on December 15, 2022).](http://www.sec.gov/Archives/edgar/data/1711269/000119312522305429/d367671dex31.htm)] | | | | | | Evergy | | |

| 3.4 | | | * | | | [Amended and Restated By-laws of Evergy Metro, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/54476/000171126920000010/exhibit33metroby-laws1.htm)[,](http://www.sec.gov/Archives/edgar/data/54476/000171126920000010/exhibit33metroby-laws1.htm) [effective] [added: Inc., effective] February 28, 2020 (Exhibit 3.3 to Evergy Metro's Form 8-K filed on March 2, 2020).](http://www.sec.gov/Archives/edgar/data/54476/000171126920000010/exhibit33metroby-laws1.htm) | | | | | | Evergy Metro | | |

| 4.3 | | | * | | | [Second Supplemental Indenture, dated September 25, 2007, between [removed: Evergy](http://www.sec.gov/Archives/edgar/data/1143068/000095013707014656/c18880exv4w1.htm)[,](http://www.sec.gov/Archives/edgar/data/1143068/000095013707014656/c18880exv4w1.htm) [Inc.] [added: Evergy, Inc.] (successor to Great Plains Energy Incorporated) and The Bank of New York Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on September 26, 2007).](http://www.sec.gov/Archives/edgar/data/1143068/000095013707014656/c18880exv4w1.htm) | | | | | | Evergy | | |

| 4.4 | | | * | | | [Third Supplemental Indenture, dated August 13, 2010, between [removed: Evergy](http://www.sec.gov/Archives/edgar/data/1143068/000095012310077213/c59769exv4w1.htm)[,](http://www.sec.gov/Archives/edgar/data/1143068/000095012310077213/c59769exv4w1.htm) [Inc.] [added: Evergy, Inc.] (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on August 13, 2010).](http://www.sec.gov/Archives/edgar/data/1143068/000095012310077213/c59769exv4w1.htm) | | | | | | Evergy | | |

| 4.5 | | | * | | | [Fourth Supplemental Indenture, dated May 19, 2011, between [removed: Evergy](http://www.sec.gov/Archives/edgar/data/1143068/000095012311052125/c64783exv4w1.htm)[,](http://www.sec.gov/Archives/edgar/data/1143068/000095012311052125/c64783exv4w1.htm) [Inc.] [added: Evergy, Inc.] (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on May 19, 2011).](http://www.sec.gov/Archives/edgar/data/1143068/000095012311052125/c64783exv4w1.htm) | | | | | | Evergy | | |

| 4.6 | | | * | | | [Fifth Supplemental Indenture, dated March 9, 2017, between [removed: Evergy](http://www.sec.gov/Archives/edgar/data/1143068/000119312517076146/d322293dex41.htm)[,](http://www.sec.gov/Archives/edgar/data/1143068/000119312517076146/d322293dex41.htm) [Inc.] [added: Evergy, Inc.] (successor to Great Plains Energy Incorporated) and The Bank of New York Trust Company, N.A. as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on March 9, 2017).](http://www.sec.gov/Archives/edgar/data/1143068/000119312517076146/d322293dex41.htm) | | | | | | Evergy | | |

| 4.8 | | | * | | | [Seventh Supplemental [removed: Indenture](http://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm)[,](http://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm) [dated] [added: Indenture, dated] as of September 9, 2019 between Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 [removed: to](http://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm) [Ev](http://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm)[ergy's](http://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm) [Form] [added: to Evergy's Form] 8-K filed on September 9, 2019).](http://www.sec.gov/Archives/edgar/data/1711269/000119312519241023/d561986dex41.htm) | | | | | | Evergy | | |

| 4.9 | | | * | | | [Subordinated Indenture, dated May 18, 2009, between [removed: Evergy](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm)[,](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm) [Inc.] [added: Evergy, Inc.] (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on May [removed: 19,] [added: 1](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm)[8](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm)[,] 2009).](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm) | | | | | | Evergy | | |

| 4.10 | | | * | | | [Supplemental Indenture No. 1, dated May 18, 2009, between [removed: Evergy](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w2.htm)[,](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w2.htm) [Inc.] [added: Evergy, Inc.] (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.2 to Great Plains Energy's Form 8-K filed on May 19, 2009).](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w2.htm) | | | | | | Evergy | | |

| 4.11 | | | * | | | [Supplemental Indenture No. 2, dated March 22, 2012, between [removed: Evergy](http://www.sec.gov/Archives/edgar/data/1143068/000119312512128587/d321114dex41.htm)[,](http://www.sec.gov/Archives/edgar/data/1143068/000119312512128587/d321114dex41.htm) [Inc.] [added: Evergy, Inc.] (successor to Great Plains Energy Incorporated) and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on March 23, 2012).](http://www.sec.gov/Archives/edgar/data/1143068/000119312512128587/d321114dex41.htm) | | | | | | Evergy | | |

| 4.13 | | | * | | | [Indenture, dated August 24, 2001, between Evergy Missouri [removed: West](http://www.sec.gov/Archives/edgar/data/66960/000091205701530339/a2057441zex-4_d.txt)[, Inc.](http://www.sec.gov/Archives/edgar/data/66960/000091205701530339/a2057441zex-4_d.txt) [(formerly] [added: West, Inc. (formerly] Aquila, Inc.) and BankOne Trust Company, N.A., as trustee (Exhibit 4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001).](http://www.sec.gov/Archives/edgar/data/66960/000091205701530339/a2057441zex-4_d.txt) | | | | | | Evergy | | |

| 4.23 | | | * | | | [Sixteenth Supplemental Indenture, March 1, 2019, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) UMB Bank [removed: N.A.](http://www.sec.gov/Archives/edgar/data/54476/000119312519075021/d649756dex43.htm) [](http://www.sec.gov/Archives/edgar/data/54476/000119312519075021/d649756dex43.htm)[(](http://www.sec.gov/Archives/edgar/data/54476/000119312519075021/d649756dex43.htm)[formerly] [added: N.A. (formerly] United Missouri Bank of Kansas City, [removed: N.A.)](http://www.sec.gov/Archives/edgar/data/54476/000119312519075021/d649756dex43.htm)[,] [added: N.A.),] as trustee (Exhibit 4.3 to Evergy's Form 8-K filed on March 14, 2019).](http://www.sec.gov/Archives/edgar/data/54476/000119312519075021/d649756dex43.htm) | | | | | | Evergy Evergy Metro | | |

| 4.35 | | | * | | | [Supplemental Indenture No. 5, dated August 18, 2015, between Evergy Metro, Inc. (formerly Kansas City Power & Light Company) and The Bank of New York Mellon Trust Company, N.A., trustee (Exhibit 4.1 to [removed: Everg](http://www.sec.gov/Archives/edgar/data/54476/000119312515294694/d67751dex41.htm)[y](http://www.sec.gov/Archives/edgar/data/54476/000119312515294694/d67751dex41.htm) [Metro's] [added: Evergy Metro's] Form 8-K filed on August 18, 2015).](http://www.sec.gov/Archives/edgar/data/54476/000119312515294694/d67751dex41.htm) | | | | | | Evergy Evergy Metro | | |

| 4.39 | | | * | | | [Note Purchase Agreement, dated August 16, 2013, among Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations [removed: Company)](http://www.sec.gov/Archives/edgar/data/1143068/000114306813000093/notepurchaseagreement81620.htm)[,] [added: Company),] Evergy, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/1143068/000114306813000093/notepurchaseagreement81620.htm) [and] [added: Inc. and] the purchasers party thereto (Exhibit 4.1 to Great Plains Energy's Form 8-K filed on August 19, 2013).](http://www.sec.gov/Archives/edgar/data/1143068/000114306813000093/notepurchaseagreement81620.htm) | | | | | | Evergy | | |

| 4.40 | | | * | | | [Note Purchase Agreement dated February 12, 2019, among Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations [removed: Company)](http://www.sec.gov/Archives/edgar/data/54476/000171126919000034/evrg-3312019xex45xnotepurc.htm)[,] [added: Company),] Evergy, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/54476/000171126919000034/evrg-3312019xex45xnotepurc.htm) [and] [added: Inc. and] the purchasers party thereto (Exhibit 4.5 to Evergy's Form 10-Q for the quarter ended March 31, 2019).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000034/evrg-3312019xex45xnotepurc.htm) | | | | | | Evergy | | |

| 4.41 | | | * | | | [Note Purchase Agreement, [removed: dated](http://www.sec.gov/Archives/edgar/data/1711269/000119312521122905/d151728dex41.htm) [April] [added: dated April] 20, 2021, among Evergy Missouri West, Inc. (formerly KCP&L Greater Missouri Operations Company), Evergy, Inc. and the purchasers party thereto (Exhibit 4.1 to Evergy's 8-K filed on April 20, 2021).](http://www.sec.gov/Archives/edgar/data/1711269/000119312521122905/d151728dex41.htm) | | | | | | Evergy | | |

| 4.62 | | | * | | | [Fiftieth Supplemental Indenture, dated as of April 9, 2020, between Evergy Kansas Central, [removed: Inc.](http://www.sec.gov/Archives/edgar/data/54507/000119312520102653/d914365dex41.htm) [(formerly] [added: Inc. (formerly] Westar Energy, [removed: Inc.)](http://www.sec.gov/Archives/edgar/data/54507/000119312520102653/d914365dex41.htm) [and] [added: Inc.) and] The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy Kansas Central's Form 8-K filed on April 9, 2020).](http://www.sec.gov/Archives/edgar/data/54507/000119312520102653/d914365dex41.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 4.64 | | | * | | | [Form of Subordinated Indenture between Evergy Kansas Central, Inc. (formerly Westar [removed: Energy](http://www.sec.gov/Archives/edgar/data/54507/000119312516509390/d130905dex43.htm)[, Inc.)](http://www.sec.gov/Archives/edgar/data/54507/000119312516509390/d130905dex43.htm) [and] [added: Energy, Inc.) and] The Bank of New York Mellon Trust Company, N.A., as trustee, including Form of Subordinated Note (Exhibit 4.3 to Evergy Kansas Central's Form S-3 filed on March 18, 2016 (No. 333-210266)).](http://www.sec.gov/Archives/edgar/data/54507/000119312516509390/d130905dex43.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 4.66 | | | * | | | [First Mortgage Indenture and Deed of Trust, dated as of March 1, 2022, between Evergy Missouri West, Inc. and UMB Bank, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on March](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex41.htm) [7](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex41.htm)[, 2022).](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex41.htm) | | | | | | Evergy | | |

| 4.67 | | | * | | | [First Supplemental Indenture dated as of March 1, 2022, between Evergy Missouri West, Inc. and UMB Bank, N.A., as trustee (Exhibit 4.2 to Evergy's Form 8-K filed on March](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex42.htm) [7](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex42.htm)[, 2022).](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex42.htm) | | | | | | Evergy | | |

| 10.11 | | | *+ | | | [Evergy, Inc. Long-Term Incentive Plan](http://www.sec.gov/Archives/edgar/data/1711269/000114036122010677/edge20001922x1_def14a.htm#tAC) [(](http://www.sec.gov/Archives/edgar/data/1711269/000114036122010677/edge20001922x1_def14a.htm#tAC)[Appendix C to Evergy, Inc.'s Definitive Proxy Statement on Schedule 14A filed](http://www.sec.gov/Archives/edgar/data/1711269/000114036122010677/edge20001922x1_def14a.htm#tAC) [on March 23, 2022).](http://www.sec.gov/Archives/edgar/data/1711269/000114036122010677/edge20001922x1_def14a.htm#tAC) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.13 | | | + | | | [Evergy, Inc. 2023 Annual Incentive Plan](https://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.26 | | | + | | | [Evergy, Inc. Amended and Restated Nonqualified Deferred Compensation Plan, effective January 1, 2023](https://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1026nqdcpl.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

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| | | | 2022 | | | 2021 | | | | | |

| Net income | | | $ | 748.6 | | | | | $ | 872.8 | | | | | $ | 612.5 | | | | | | | |

| Net money pool lending | | | (29.5) | | | | | | — | | | | | | — | | | | | | | | |

| Equity contribution | | | (200.0) | | | | | | — | | | | | | — | | | | | | | | |

| Proceeds from term loan facility | | | 500.0 | | | | | | — | | | | | | — | | | | | | | | |

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| Year Ended December 31, 2022 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 32.9 | | | | | | | | $ | 16.1 | | | | | | | | $ | 11.2 | | (a) | | | | | | $ | 28.8 | | (b) | | | | | | $ | 31.4 | | | | |

| Years Ended December 31, 2022, 2021 and 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Year Ended December 31, 2022 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 13.0 | | | | | | | | $ | 13.1 | | | | | | | | $ | 4.5 | | (a) | | | | | | $ | 13.7 | | (b) | | | | | | $ | 16.9 | | | | |

| Years Ended December 31, 2022, 2021 and 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Year Ended December 31, 2022 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 13.3 | | | | | | | | $ | 1.7 | | | | | | | | $ | 4.5 | | (a) | | | | | | $ | 10.2 | | (b) | | | | | | $ | 9.3 | | | | |

| Year Ended December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| James Scarola* | | | Director | | | ) | | | | | |

| Date: February 23, 2023 | | | By: /s/ David Campbell | | | | | |

| /s/ David Campbell | | | Director, President and Chief Executive Officer | | | ) | | | February 23, 2023 | | |

| James Scarola* | | | Director | | | ) | | | | | |

| Date: February 23, 2023 | | | By: /s/ David Campbell | | | | | |

| /s/ David Campbell | | | Director, President and Chief Executive Officer | | | ) | | | February 23, 2023 | | |

| | | | | | | | | | | | |

| James Scarola* | | | Director | | | ) | | | | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 10.2 | | | *+ | | | [Evergy, Inc. (successor to Great Plains Energy Incorporated) Long-Term Incentive Plan Awards Standards and Performance Criteria Effective January 1, 2017 (Exhibit 10.3 to Great Plains Energy's Form 10-Q for the quarter ended March 31, 2017).](http://www.sec.gov/Archives/edgar/data/54476/000114306817000031/gxp-3312017xex103ltip.htm) | | | | | | Evergy Evergy Metro | | |

| 10.3 | | | *+ | | | [Evergy, Inc. (successor to Great Plains Energy Incorporated) Long-Term Incentive Plan Awards Standards and Performance Criteria Effective January 1, 2018 (Exhibit 10.3 to Great Plains Energy's Form 10-Q for the quarter ended March 31, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000114306818000036/gxp-03312018xex103ltip.htm) | | | | | | Evergy Evergy Metro | | |

| 10.7 | | | *+ | | | [Form of Evergy, Inc. (successor to Great Plains Energy Incorporated) 2018 three-year Performance Share Agreement (Exhibit 10.1 to Great Plains Energy's Form 10-Q for the quarter ended March 31, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000114306818000036/gxp-03312018xex101psa.htm) | | | | | | Evergy Evergy Metro | | |

| 10.9 | | | *+ | | | [Form of Evergy, Inc. (successor to Great Plains Energy Incorporated) 2018 Restricted Stock Agreement (Exhibit 10.2 to Great Plains Energy's Form 10-Q for the quarter ended March 31, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000114306818000036/gxp-03312018xex102rsa.htm) | | | | | | Evergy Evergy Metro | | |

| 10.10 | | | *+ | | | [Form of Evergy, Inc. (successor to Great Plains Energy Incorporated) 2018 Restricted Stock Unit Agreement (Exhibit 10.1 to Great Plains Energy's Form 8-K filed on June 4, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000119312518182966/d454249dex101.htm) | | | | | | Evergy Evergy Metro | | |

| 10.11 | | | *+ | | | [Form of Evergy, Inc. (successor to Great Plains Energy Incorporated) 2018 Cash Retention Payment Agreement (Exhibit 10.2 to Great Plains Energy's Form 8-K filed on June 4, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000119312518182966/d454249dex102.htm) | | | | | | Evergy Evergy Metro | | |

| 10.22 | | | *+ | | | [Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) Amended and Restated Long-Term Incentive and Share Award Plan, effective January 1, 2016 (Appendix B to Evergy Kansas Central's Proxy Statement filed on April 1, 2016).](http://www.sec.gov/Archives/edgar/data/54507/000119312516527861/d113704ddef14a.htm#toc113704_90) | | | | | | Evergy Evergy Kansas Central | | |

| 10.31 | | | *+ | | | [Form of Indemnification Agreement with Evergy, Inc. officers and directors (Exhibit 10.2 to Evergy's Form 10-Q for the quarter ended September 30, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000171126918000022/ex102evergyincformofindemn.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.32 | | | *+ | | | [Form of Evergy, Inc. (successor to Great Plains Energy Incorporated) Change in Control Severance Agreement (Exhibit 10.1.e to Great Plains Energy's Form 10-Q for the quarter ended September 30, 2006).](http://www.sec.gov/Archives/edgar/data/54476/000114306806000237/exhibit10-1e.htm) | | | | | | Evergy Evergy Metro | | |

| 10.34 | | | *+ | | | [Form of Evergy, Inc. Amended and Restated Change-in-Control Severance Agreement (Exhibit 10.4 to Evergy's Form 10-Q for the quarter ended March 31, 2019).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000034/evrg-3312019xex104wipchang.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.35 | | | *+ | | | [Evergy, Inc. Executive Severance Plan, dated November 6, 2019 (Exhibit 10.1 to Evergy's Form 10-Q for the quarter ended September 30, 2019).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000063/evrg-9302019xex101seve.htm) | | | | | | Evergy | | |

| 10.36 | | | *+ | | | [Evergy, Inc. Supplemental Executive Retirement Plan, effective June 4, 2018 (Exhibit 10.6 to Evergy's Form 10-Q for the quarter ended June 30, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000171126918000012/evrg-06302018xex106evrgserp.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.37 | | | *+ | | | [Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) Retirement Benefit Restoration Plan (Exhibit 10.1 to Evergy Kansas Central's Form 8-K filed on April 2, 2010).](http://www.sec.gov/Archives/edgar/data/54507/000119312510075767/dex101.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 10.38 | | | *+ | | | [Amendment dated December 12, 2018 to Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) Retirement Benefit Restoration Plan (Exhibit 10.35 to Evergy Kansas Central's Form 10-K for the fiscal year ended December 31, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000013/evrg-12312018xex1035firsta.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 10.39 | | | *+ | | | [Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) Non-Employee Director Nonqualified Deferred Compensation Plan, as amended and restated May 17, 2018 (Exhibit 10.8 to Evergy Kansas Central's Form 10-Q for the quarter ended June 30, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000171126918000012/evrg-06302018xex108wrnonxe.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 10.40 | | | *+ | | | [Evergy, Inc. Nonqualified Deferred Compensation Plan, effective June 4, 2018 (Exhibit 10.39 to Evergy's Form 10-K for the fiscal year ended December 31, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000013/evrg-12312018xex1039nonqua.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.41 | | | *+ | | | [Summary of Evergy, Inc. Non-Employee Director Compensatio](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000039/exhibit1014non-employeedir.htm)[n (Exhibit 10.14 to Evergy's For 10-Q for the quarter ended March 3](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000039/exhibit1014non-employeedir.htm)[1, 2021).](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000039/exhibit1014non-employeedir.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.43 | | | * | | | [First Amendment, dated November 30, 2018, to Credit Agreement, dated September 18, 2018, among Evergy, Inc., Evergy Metro, Inc. (formerly Kansas City Power & Light Company), Evergy Missouri West (formerly KCP&L Greater Missouri Operations Company), Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.), the several lenders from time to time parties thereto, Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender and the other issuing lenders and agents party thereto (Exhibit 10.42 to Evergy's Form 10-K for the fiscal year ended December 31, 2018).](http://www.sec.gov/Archives/edgar/data/54476/000171126919000013/evrg-12312018xex1042firsta.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.44 | | | * | | | [Amended and Restated](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Credit](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Agreement, dated August 31, 2021, by and among Evergy, Inc.,](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Evergy Missouri West, Inc.](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [(formerly KCP&L Greater Missouri Operati](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm)[ons Company),](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Evergy Metro, Inc. (formerly Kansas City Power & Light Company),](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.), as Borrowers, the lenders referred to therein, as Lenders, and Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and Issuing Lender, Bank of America, N.](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm)[A](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm)[.](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm)[,](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Citibank, N.A., MUFG Bank, Ltd., TD Bank, N.A. and U.S. Bank National Association as Co-Syndication Agents and Issuing Lenders, Wells Fargo Securities, LLC, as Sustainability Structuring Agent, and Wells Fargo Securities,](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [LLC,](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Citigroup Global M](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm)[arkets](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) [Inc., BOFA Securities, Inc.](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm)[, MUFG Bank, Ltd., TD Securities (USA) LLC and U.S. Bank National Association as Joint Lead Arrangers and Joint Bookrunners. (Exhibit 10.1 to Evergy's Form 8-K filed on August 31, 2021).](http://www.sec.gov/Archives/edgar/data/54476/000119312521262088/d177354dex101.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| Loss on derivative hedging instruments | | | — | | | | | | — | | | | | | (64.4) | | |

| Income tax benefit | | | — | | | | | | — | | | | | | 16.5 | | |

| Net loss on derivative hedging instruments | | | — | | | | | | — | | | | | | (47.9) | | |

| Note receivable from subsidiaries | | | — | | | | | | 287.5 | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | | | |

| Proceeds from long-term debt | | | — | | | | | | — | | | | | | 1,585.0 | | | | | | | | |

| Payment for settlement of interest rate swap accounted for as a cash flow hedge | | | — | | | | | | — | | | | | | (69.8) | | | | | | | | |

| Repurchase of common stock | | | — | | | | | | — | | | | | | (1,628.7) | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 9.2 | | | | | | | | $ | 27.2 | | | | | | | | $ | 12.4 | | (e) | | | | | | $ | 38.3 | | (b) | | | | | | $ | 10.5 | | | | |

| Tax valuation allowance | | | | | | 27.3 | | | | | | | | | 0.6 | | | | | | | | | — | | | (d) | | | | | | 10.4 | | | (c) | | | | | | 17.5 | | | | | |

(c) Reversal of tax valuation allowance.

| Allowance for uncollectible accounts | | | | | | $ | 3.9 | | | | | | | | $ | 7.2 | | | | | | | | $ | 3.4 | | (a) | | | | | | $ | 10.7 | | (b) | | | | | | $ | 3.8 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 3.8 | | | | | | | | $ | 13.7 | | | | | | | | $ | 6.3 | | (a) | | | | | | $ | 19.2 | | (b) | | | | | | $ | 4.6 | | | | |

| | | | | | | ) | | | | | |

| Mollie Hale Carter* | | | Director | | | ) | | | | | |

| John Arthur Stall* | | | Director | | | ) | | | | | |