Evergy (EVRG) 10-K risk factor changes: FY2023 vs FY2022

Also, amounts that were approved by regulators may be [added: subject to existing limitations in regulatory or legislative frameworks or] appealed, modified, limited or eliminated by subsequent regulatory or legislative actions.

[removed: This is] [added: Potential cost-recovery shortfalls occur] because utility rates are generally based on historical information and, except for certain situations [removed: where] [added: in which] regulators allow for recovery of expenses through use of a formula that tracks costs, are not subject to adjustment between rate cases.

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

While the [removed: Federal Reserve Bank] [added: inflation rate] has [removed: announced certain measures] [added: subsided due, in part,] to [removed: combat rising inflation,] [added: actions taken by the Federal Reserve Bank,] there remains [added: some] uncertainty in the near-term outlook as to whether inflation will [removed: continue and] [added: remain elevated or, alternatively,] whether actions by the Federal Reserve Bank will result in a recession.

Increases in inflation raise the Evergy Companies' costs for labor, materials and [removed: services.][added: services, and a failure to recover these increased costs could result in under-recovery.]

In addition, Transource, [added: of] which Evergy owns a 13.5% interest, is focused on the development of competitive electric transmission projects across the United States and faces similar risks with respect to projects located in regulatory jurisdictions outside of Kansas and Missouri.

Any of these results could have a material adverse effect on the results of operations, financial [removed: condition] [added: position] and cash flows of the Evergy Companies.

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

[removed: The costs of complying] with existing, new or modified regulations, standards and other requirements could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.

The Evergy Companies are subject to extensive and evolving federal, state and local environmental laws, regulations and permit requirements relating to air and water quality, waste management and hazardous substance disposal, protected natural resources (such as wetlands, [removed: endangered] [added: federally-listed] species and other protected wildlife) and health and safety.

In general, over time these laws and regulations have become and continue to become increasingly stringent and compliance with these laws and regulations require an increasing share of capital and operating resources, which may reduce the [removed: amount of] resources available for other business objectives, including capital investments.

Compliance with [removed: these] [added: environmental] laws, regulations and requirements requires significant capital and operating resources.

Regulators may also disagree with the Evergy Companies' interpretation or application of [removed: these] [added: environmental] laws, regulations and requirements.

The failure to comply with [removed: these] [added: environmental] laws, regulations and requirements could result in substantial fines, injunctive relief and other sanctions.

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 reviewed and determined [added: that] Evergy Kansas Central should have taken additional or alternative actions, even though the facility is closed.

[removed: A resulting] [added: As a result, Evergy Kansas Central has entered a] consent order with the EPA [removed: has been agreed to by Evergy Kansas Central] and additional groundwater monitoring activities have been initiated at the site.

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

The Evergy Companies did not apply for an extension, however, [removed: these] [added: the EPA's] proposed determinations [added: on applications] include extensive CCR rule interpretations and compliance expectations that may impact all owners of CCR units.

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

These changes will include additional unannounced inspections of suspected non-compliant facilities, [removed: deploying] [added: deployment of] new assets to monitor air pollution and a general increase in overall monitoring and oversight.

The EPA's announcement focused on industries in Louisiana, Mississippi and Texas but [removed: includes] [added: included] similar agency-wide action in parallel.

The Evergy Companies have multiple power plants located in communities that [removed: would] [added: could] be considered a higher priority by the EPA based on existing [removed: demographics.][added: demographics, and these facilities may be subject to additional monitoring and unannounced inspections in the future.]

[added: In September 2022, the EPA and the Missouri] Department of Natural Resources [removed: (MDNR)] conducted a CAA environmental justice inspection of the Evergy Companies' Hawthorn Generating Station.

New facilities, or modifications of existing facilities, may require new environmental permits or [removed: amendments to existing permits.]

Delays in the environmental permitting process, public opposition and challenges, denials of permit applications, limits or conditions imposed in permits and the associated uncertainty may materially adversely affect the cost and timing of projects, and thus [added: may] materially adversely affect the results of operations, financial position and cash flows of the Evergy Companies.

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, delays in regulatory approvals for certain [removed: refinancings,] [added: financings,] a decrease in the market price of Evergy's common stock or a [removed: decrease or disappearance in the] [added: lack of] demand for [removed: debt] securities issued by the Evergy Companies or subsidiaries could have material adverse effects on the Evergy Companies.

The Evergy Companies plan to [added: continue to] make significant capital investments in renewable generation and to enhance the customer experience, improve reliability and resiliency and improve efficiency, which are expected to be funded with cash flows from operations and debt.

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

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

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

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 [removed: replace departing employees as a result of employees who leave or forego employment to avoid any required precautionary measures.]

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 [removed: condition,] [added: position,] and results of operations.

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 [added: and the risk that counterparties fail to fulfill their obligations to the Evergy Companies.]

The Evergy Companies' strategy includes [removed: significant planned reductions in] [added: maintaining and continuing reduced] operating and maintenance expense [added: levels] and [removed: significant] planned increases in capital investments.

In addition, the Evergy Companies may [added: in the future] utilize legislative mechanisms known as securitization to facilitate the retirement of coal-fired generation, which will eliminate future returns on the investment that was originally made by the Evergy Companies in those coal-fired generating facilities and reduce the Evergy's Companies results of operations and financial position.

No assurance can be given that the Evergy Companies will be successful in implementing their strategy in a timely manner or at all, and a failure to do so could have a material adverse effect on the results of operations, financial [added: position and cash flows of the Evergy Companies and have an adverse impact on the price of Evergy’s common stock.]

Some of the factors that could affect the price of Evergy common stock are Evergy's earnings; the ability of the Evergy Companies to implement their strategic plan; the ability of Evergy to deploy capital; actions by regulators; and statements in the press or investment community about the Evergy Companies' strategy, earnings per share or growth prospects, financial [removed: condition] [added: position] or results of operations.

[removed: In addition, the Evergy Companies operate almost exclusively in Kansas] and [removed: Missouri and] this concentration may increase exposure to risks arising from unique local or regional factors.

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

The Evergy Companies [added: predominately] generate electricity at central station power plants to achieve economies of scale and produce electricity at a competitive cost.

The costs of complying

amendments to existing permits.

In 2023, a credit rating agency downgraded Evergy's, Evergy Kansas Central's, Evergy Metro's, Evergy Kansas South's and Evergy Missouri West's corporate credit ratings.

Also, Evergy, Inc.’s and Evergy Metro's senior unsecured and Evergy Metro's senior secured debt ratings were downgraded and the Evergy Companies’ outlooks were moved from negative to stable.

replace departing employees as a result of employees who leave or forego employment to avoid any required precautionary measures.

In addition, the Evergy Companies operate almost exclusively in Kansas and Missouri

of the Evergy Companies to operate these stations.

facilities may not be sufficient to restore the loss or damage.

If the Evergy Companies fail to comply with specific ESG-related investor or stakeholder expectations and standards, or to provide the disclosure relating to ESG issues

Evergy Kansas Central and Evergy Metro agreed to a five-year base rate moratorium in Kansas beginning in December 2018.

In addition, Evergy Metro and Evergy Missouri West utilize a plant-in service accounting (PISA) legislative mechanism in Missouri, which limits the extent to which prices can increase after a general rate case to approximately 3% on an annualized basis.

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.

Furthermore, a failure to recover increased capital costs could result in under-recovery of costs.

requirements, such as vegetation management standards, facilities inspection requirements and quality of service standards.

These sites could be subject to additional monitoring and unannounced inspections in the future.

In September 2022, the EPA and the Missouri

In 2021, a credit ratings agency assigned the Evergy Companies a negative outlook, while affirming ratings, due to perceived risk related to increased capital expenditures and the ability to earn a return of and on those investments through upcoming rate cases.

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.

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

position and cash flows of the Evergy Companies and have an adverse impact on the price of Evergy’s common stock.

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.

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

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.

whom they choose to do business.

The following MD&A generally discusses [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] items and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021.][added: 2022.]

Discussions of [removed: 2020] [added: 2021] items and year-to-year comparisons between [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] 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: 2021.][added: 2022.]

Collectively, the Evergy Companies have approximately [removed: 15,400] [added: 15,600] MWs of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri.

- [removed: targeting ongoing reductions of] [added: maintaining and continuing to advance the] operating and maintenance expense [removed: consistent with savings already] [added: reductions and efficiency gains] achieved since the 2018 merger of Evergy Kansas Central and Great Plains [removed: Energy;][added: Energy.]

- targeting approximately [removed: $11.6] [added: $12.5] billion of expected base capital investments through [removed: 2027] [added: 2028] including new generation of approximately [removed: $2.1] [added: $2.9] billion which is expected to be primarily renewable [added: and other] generation.

See "Liquidity and Capital Resources; Capital Expenditures", for further information regarding Evergy's projected capital expenditures through [removed: 2027; and][added: 2028;]

- targeting a 70% reduction of [added: owned generation] CO2 emissions by 2030 (from 2005 levels) and net-zero [added: CO2e emissions, for scope 1 and scope 2 emissions,] by 2045 through the [added: responsible transition of Evergy's generation fleet, including the] continued growth of Evergy's renewable energy portfolio and the retirement of older and less efficient fossil fuel [removed: plants.][added: plants; achieving these emissions reductions is expected to be dependent on enabling technologies and supportive policies and regulations, among other external factors.]

See "Transitioning Evergy's Generation Fleet" in Part I, Item 1., Business, for additional [removed: information.][added: information; and]

See [removed: "Abandoned Plant" in] Note 1 [removed: and "Evergy Missouri West Other Proceedings" in Note 4 to] [added: of] the consolidated financial statements for additional information.

[removed: As a result of this order, Evergy and Evergy Kansas Central recorded] [added: -] a $32.8 million [removed: decrease to operating] [added: increase in transmission] revenues [removed: on their consolidated statements of income and comprehensive income for 2022 for] [added: due to] the [added: 2022] deferral [removed: to] [added: of revenues as] a [removed: regulatory liability] [added: result] of [removed: the estimated] [added: receiving a December 2022 FERC order requiring Evergy Kansas Central to] refund [removed: of] [added: through its] TFR [removed: revenue over-collections] [added: amounts] related to [added: overcollections related to] the calculation of Evergy Kansas Central's capital structure for rate years 2018 [removed: - 2022.][added: through 2022;]

See Note [removed: 1 to] [added: 4 of] the consolidated financial statements for additional [removed: information.][added: information; and]

[removed: In the third quarter of 2022,] Evergy Missouri West [removed: recorded an increase of $15.0 million] [added: continued] to [added: record carrying charges on] its February 2021 winter weather event regulatory asset [removed: for] [added: until it issued] the [removed: recovery of carrying charges granted] [added: securitized bonds] in [removed: the MPSC's financing order.][added: February 2024.]

As of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] the value of Evergy Missouri West's February 2021 winter weather event regulatory asset was [removed: $309.0] [added: $323.8] million and [removed: $281.6] [added: $309.0] million, respectively.

The purchase is subject to regulatory approvals and closing conditions, including the granting [added: by the MPSC] of a Certificate of Convenience and Necessity (CCN) [removed: by the MPSC.][added: with reasonably acceptable terms.]

See Note 4 to the consolidated financial statements for information regarding [added: other] regulatory proceedings.

The following table summarizes Evergy's net income and diluted earnings per [added: common] share (EPS).

| | | | | | | | | | | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | Change | | | | | | [removed: 2021] [added: 2022] | | |

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

| Net income attributable to Evergy, Inc. | | | | | | | | | | | | | | | | | | | | | $ | [removed: 752.7] [added: 731.3] | | | | | $ | [removed: (127.0)] [added: (21.4)] | | | | | $ | [removed: 879.7] [added: 752.7] | |

| Earnings per common share, diluted | | | | | | | | | | | | | | | | | | | | | [removed: 3.27] [added: 3.17] | | | | | | [removed: (0.56)] [added: (0.10)] | | | | | | [removed: 3.83] [added: 3.27] | | |

Net income attributable to Evergy, Inc. decreased in [removed: 2022,] [added: 2023,] compared to [removed: 2021,] [added: 2022,] primarily due to [removed: non-regulated energy marketing margins related to the February 2021 winter weather event, an impairment loss] [added: higher depreciation] and [removed: other regulatory disallowances] [added: interest expense in 2023, recording a $96.5 million deferral of revenues in 2023 for future refund of amounts previously collected from customers] related to [added: corporate-owned life insurance (COLI) rate credits and lower retail sales driven by unfavorable weather; partially offset by lower operating and maintenance expenses, new] Evergy [removed: Missouri West's] [added: Metro] and Evergy [removed: Metro's final rate order received] [added: Missouri West retail rates effective in January 2023, the refund obligation of amounts collected] from [added: customers for] the [removed: MPSC] [added: return on investment of Sibley Station recorded] in [removed: December] 2022, lower [removed: realized and unrealized gains from various equity investments, higher depreciation expense, higher interest] [added: income tax] expense, the [added: 2022] ordered refund to customers of certain transmission revenues and [removed: the recording of] an [removed: estimated refund obligation to customers related] [added: increase due] to Evergy Metro's Earnings Review and Sharing Plan [removed: (ERSP); partially offset by higher retail sales in 2022 driven by favorable weather and higher weather-normalized demand, lower income tax expense, higher transmission revenue and higher interest income.][added: (ERSP).]

Diluted EPS decreased in [removed: 2022,] [added: 2023,] compared to [removed: 2021,] [added: 2022,] primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.

Utility gross margin (non-GAAP) is used internally to measure performance against budget and in reports for management and [removed: Evergy's Board of Directors (Evergy Board).][added: the Evergy Board.]

[removed: Effective in the third quarter] [added: iii.the deferral] of [removed: 2022,] the [removed: calculation] [added: cumulative amount] of [removed: adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) excludes the] [added: prior year] revenues collected from customers [added: since December 2018] for the return on investment of the retired Sibley Station in [removed: the current period and the] 2022 [removed: deferral of the cumulative amount of revenues collected since December 2018 to be refunded] [added: for future refunds] to [removed: customers.][added: customers;]

[removed: Effective in the fourth quarter of 2022, the calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) excludes the transmission revenues collected from customers in the current period and the 2022] [added: vi.the] deferral of the cumulative amount of transmission revenues collected [added: from customers] since 2018 through Evergy Kansas Central's FERC TFR to be refunded to customers [removed: as a result of] [added: in accordance with] a December 2022 FERC [removed: order.][added: order;]

Management believes that [removed: this is a] [added: adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are] representative [removed: measure] [added: measures] of Evergy's recurring earnings, assists in the comparability of results and is consistent with how management reviews performance.

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

[removed: For 2021,] Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) [added: for 2023] were [removed: $795.2] [added: $815.6] million or [removed: $3.46] [added: $3.54] per share.

| Net income attributable to Evergy, Inc. | | | $ | [removed: 752.7] [added: 731.3] | | | | | $ | [removed: 3.27] [added: 3.17] | | | | | $ | [removed: 879.7] [added: 752.7] | | | | | $ | [removed: 3.83] [added: 3.27] | |

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

| Sibley Station return on investment, pre-tax(b) | | | [removed: 51.4] [added: —] | | | | | | [removed: 0.22] [added: —] | | | | | | [removed: (12.4)] [added: 51.4] | | | | | | [removed: (0.05)] [added: 0.22] | | |

| Mark-to-market impact of JEC economic hedges, pre-tax(c) | | | [removed: (11.2)] [added: 8.7] | | | | | | [removed: (0.05)] [added: 0.04] | | | | | | [removed: —] [added: (11.2)] | | | | | | [removed: —] [added: (0.05)] | | |

| Non-regulated energy marketing costs related to February 2021 winter weather event, pre-tax(d) | | | [removed: 1.3] [added: 0.3] | | | | | | [removed: 0.01] [added: —] | | | | | | [removed: 7.9] [added: 1.3] | | | | | | [removed: 0.03] [added: 0.01] | | |

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

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

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

| Sibley [added: Unit 3] impairment loss and other regulatory disallowances, [removed: pre-tax(i)] [added: pre-tax(h)] | | | [removed: 34.9] [added: —] | | | | | | [removed: 0.15] [added: —] | | | | | | [removed: —] [added: 34.9] | | | | | | [removed: —] [added: 0.15] | | |

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

| TFR refund, [removed: pre-tax(k)] [added: pre-tax(j)] | | | [removed: 25.0] [added: —] | | | | | | [removed: 0.11] [added: —] | | | | | | [removed: (9.9)] [added: 25.0] | | | | | | [removed: (0.05)] [added: 0.11] | | |

| Income tax [removed: (benefit) expense (l)] [added: benefit(m)] | | | [removed: (28.6)] [added: (23.8)] | | | | | | [removed: (0.12)] [added: (0.10)] | | | | | | [removed: 25.7] [added: (28.6)] | | | | | | [removed: 0.11] [added: (0.12)] | | |

Evergy Missouri West 2024 Rate Case Proceeding

In February 2024, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of approximately $104 million.

Evergy Missouri West's request reflected a return of equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the inclusion of costs related to Dogwood Energy Center (Dogwood) and Crossroads Energy Center (Crossroads), two natural gas plants.

New rates are expected to be effective in January 2025.

Evergy Kansas Central and Evergy Metro 2023 Rate Case Proceeding

In April 2023, Evergy Kansas Central and Evergy Metro filed an application with the KCC to request an increase to their retail revenues.

In September 2023, Evergy Kansas Central, Evergy Metro, the KCC staff and other intervenors reached a unanimous settlement agreement to settle all outstanding issues in the case.

In November 2023, the KCC approved the unanimous settlement agreement.

New rates were effective in December 2023.

In May 2023, Evergy Kansas Central closed on the purchase of Persimmon Creek, owner of an operational wind farm located in the state of Oklahoma with a generating capacity of approximately 199 MW, for $220.9 million, including costs incidental to the purchase of the plant.

Evergy Kansas Central included the purchase of Persimmon Creek in its rate case application to the KCC which was filed in April 2023.

The addition of Persimmon Creek is consistent with the preferred plan identified through Evergy Kansas Central’s integrated resource plan filed with the KCC in June 2023, which identified it as part of the lowest-cost resource plan to serve customers.

In November 2023, the KCC approved the unanimous settlement agreement that included the purchase of Persimmon Creek in Evergy Kansas Central's rates through a levelized revenue requirement approach at a fixed annual rate of $18.6 million for the first 20 years, after which the levelized revenue requirement will be reevaluated.

Convertible Debt Issuance

In December 2023, Evergy, Inc. issued $1.4 billion aggregate principal amount of 4.50% Convertible Notes (Convertible Notes), including $0.2 billion principal amount of Convertible Notes issued upon the full exercise by the initial purchasers of their over-allotment option.

Proceeds from the offering were used to repay the $500.0 million borrowing under the Term Loan Facility, to repay a portion of the outstanding balance under the commercial paper program and for general corporate purposes.

Natural Gas Plant Investment

In November 2023, Evergy Missouri West entered into an agreement to buy a joint ownership interest in Dogwood, representing approximately 145 MW in an operational natural gas combined cycle facility located in Missouri, for approximately $60 million.

In November 2023, Evergy Missouri West filed an application for a CCN.

In February 2024, Evergy Missouri West, staff of the MPSC and other intervenors reached a unanimous stipulation and agreement recommending the MPSC grant Evergy Missouri West a CCN, subject to the terms and conditions included within the agreement.

Among these terms and conditions, Evergy Missouri West shall be allowed to recover in rates a return of and return on the original cost, net of accumulated depreciation, of Dogwood.

Evergy Missouri West shall also be allowed to recover in rates over two years a return of, but not a return on, the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood.

In addition, net revenues generated from Evergy Missouri West's ownership of Dogwood from the date of closing to the date new rates become effective in Evergy Missouri West's current rate case shall not impact rates and shall be retained by Evergy Missouri West and reduce the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood to be recovered from customers.

A decision by the MPSC and the closing of the transaction are expected by the end of second quarter of 2024.

In September 2023, the Missouri Court of Appeals, Western District, affirmed the November 2022 MPSC revised financing order.

In October 2023, the Missouri Court of Appeals, Western District, rejected the OPC's request for rehearing.

The OPC did not file an appeal with the Supreme Court of the State of Missouri by the mid-November 2023 deadline and therefore the financing order is final and nonappealable.

In February 2024, Evergy Missouri West issued the securitized bonds.

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:

ii.gains or losses related to equity investments subject to a restriction on sale;

iv.the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC;

v.costs resulting from executive transition, severance and advisor expenses;

vii.the impairment loss on Sibley Unit 3 and other regulatory disallowances;

viii.the 2023 deferral of the cumulative amount of prior year revenues collected since October 2019 for costs related to an electric subdivision rebate program to be refunded to customers in accordance with a June 2020 KCC order; and

ix.the deferral of revenues for future refund of amounts previously collected from customers related to COLI rate credits in accordance with a September 2023 KCC rate case unanimous settlement agreement.

The following table provides a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), respectively.

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| Electric subdivision rebate program costs refund, pre-tax(k) | | | 2.6 | | | | | | 0.01 | | | | | | — | | | | | | — | | |

| Customer refunds related to COLI rate credits, pre-tax(l) | | | 96.5 | | | | | | 0.42 | | | | | | — | | | | | | — | | |

(k)Reflects the deferral of the cumulative amount of prior year revenues collected since October 2019 for costs related to an electric subdivision rebate program to be refunded to customers in accordance with a June 2020 KCC order that are included in operating revenues on the consolidated statements of comprehensive income.

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.

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.

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.

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.

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

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.

The IRA also implemented a new 15% corporate minimum tax based on modified GAAP net income and a 1% excise tax on stock buybacks.

The Evergy Companies anticipate utilizing the PTC and ITC for future renewable generation projects and are evaluating the Nuclear Power Production Tax Credit in connection with operations at Wolf Creek.

The new corporate minimum tax and excise tax on stock buybacks are not expected to have a material impact on the Evergy Companies' operations or consolidated financial results and the Evergy Companies continue to evaluate the remaining IRA provisions for the effect on their future financial results.

Missouri Property Tax Tracker

In June 2022, Missouri Senate Bill (S.B.) 745 was signed into law by the Governor of Missouri and became effective in August 2022.

Among other items, S.B. 745 includes a provision requiring Missouri electric utilities to defer to a regulatory asset or regulatory liability, as appropriate, any difference between state or local property tax expenses incurred and the amounts included in rates.

Any amounts deferred to a regulatory asset or liability under this provision would be included in the electric utility's revenue requirement in subsequent rate cases and recovered over a reasonable period of time to be determined by the MPSC.

Evergy Metro and Evergy Missouri West began deferring the amounts associated with S.B. 745 in the third quarter of 2022.

In August 2022, Evergy Missouri West entered into an agreement with a renewable energy development company to purchase for approximately $250 million an operational wind farm located in the state of Oklahoma with a generating capacity of approximately 199 MW.

In January 2023, the MPSC staff recommended the MPSC reject Evergy Missouri West's application for a CCN and allow it to file a new application with updated economic analyses of the renewable generation investment or alternatively extend the procedural schedule to allow the MPSC staff time to evaluate the current economic analyses prepared by Evergy Missouri West.

A final decision by the MPSC is expected in the first half of 2023.

Based on this VaR analysis, as of December 31, [removed: 2022,] [added: 2023,] a near term typical change in commodity prices is not expected to materially impact net income, cash flows or financial [removed: condition.][added: position.]

| December 31, [removed: 2022] [added: 2023] | | | | | | | | | | | | | | | | | | | | | | | | December 31, [removed: 2021] [added: 2022] | | | | | | | | | | | | | | | | | | | | |

[removed: At] [added: As of] December 31, [removed: 2022, 17.1%] [added: 2023, 11.6%] 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.

[removed: At] [added: As of] December 31, [removed: 2022,] [added: 2023,] Evergy had [removed: $1,903.1] [added: $1,533.0] million of short-term borrowings, variable rate debt and current maturities of fixed rate debt exposed to variable interest rate 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: $17.1] [added: $9.7] 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.

See Note 13 to the consolidated financial statements for more information on potential loss on counterparty exposure for derivative instruments as of December 31, [removed: 2022.][added: 2023.]

As of December 31, [removed: 2022,] [added: 2023,] these funds were primarily invested in a diversified mix of equity and debt securities and reflected at fair value on Evergy's balance sheet.

The information includes non-regulated financial and physical transactions that are not considered derivatives under U.S. GAAP but economically offset derivatives also included in the VaR model.

| $ | 0.6 | | | | | $ | 2.6 | | | | | $ | 0.5 | | | | | $ | — | | | | | $ | 0.3 | | | | | $ | 1.9 | | | | | $ | 0.6 | | | | | $ | — | |

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

Evergy serves approximately [removed: 1,652,200] [added: 1.7 million] customers located in Kansas and Missouri.

Customers include approximately [removed: 1,444,900] [added: 1.5 million] residences, [removed: 199,500] [added: 0.2 million] commercial firms and 7,800 industrials, municipalities and other electric utilities.

- Sustainability [removed: -] [added: –] 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.

See Item 7, Management's Discussion and Analysis of Financial Operations (MD&A) [removed: -] [added: –] Executive Summary – Strategy, for additional information.

The table below summarizes the percentage of Evergy's revenues by customer [removed: classification.][added: class.]

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

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

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

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

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

| Transmission | | | [removed: 6%] [added: 7%] | | | | | | 6% | | | | | | 6% | | |

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

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

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

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

| | | | Regulator | | | Allowed Return on Equity | | | [removed: Rate-Making Equity Ratio] | | | | | | Effective Date | | |

| Evergy Metro - Kansas | | | KCC | | | [removed: 9.3%] [added: 9.4% (b)] | | | [removed: 49.09%] | | | | | | December [removed: 2018] [added: 2023] | | |

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

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

[removed: (b) Evergy Metro's and Evergy Missouri West's current] [added: (c) Current] MPSC rate orders do not contain an [added: explicit] allowed return on [removed: equity or rate-making equity ratio.][added: equity.]

Evergy expects its [removed: 2023] [added: 2024] 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.

The [removed: SPP] [added: Southwest Power Pool, Inc. (SPP)] Integrated Marketplace is similar to other [removed: RTO] [added: regional transmission organization (RTO)] or Independent System Operator (ISO) markets currently operating in other regions of the United States.

Evergy has approximately [removed: 15,400] [added: 15,600] megawatts (MWs) of owned generating capacity and renewable power purchase agreements.

Evergy's owned generation and power purchases from others, as a percentage of total megawatt hours (MWhs) generated and purchased, was approximately [removed: 70%] [added: 60%] and [removed: 30%,] [added: 40%,] respectively, over the last three years.

| Fuel Type | | | Estimated [removed: 2023] [added: 2024] MW Capacity | | | Percent of Total Capacity | | | | | |

| Natural gas and oil | | | [removed: 3,998] [added: 4,065] | | | 26 | | | | | |

| [removed: Solar,] [added: Solar and] landfill gas [removed: and hydroelectric (b)] | | | [removed: 78] [added: 22] | | | [removed: 1] [added: —] | | | | | |

| Total capacity | | | [removed: 15,424] [added: 15,648] | | | 100 | | | % | | |

Includes owned generating capacity of [removed: 579] [added: 778] MWs and long-term power purchase agreements of approximately 3,747 MWs of wind generation that expire from 2028 through 2048.

Evergy's projected peak summer demand for [removed: 2023] [added: 2024] is approximately [removed: 10,200] [added: 10,400] MWs.

Evergy expects to meet its projected capacity requirements for [removed: 2023] [added: 2024] with its existing generation assets and power purchases.

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

The Evergy Companies are subject to extensive and evolving federal, state and local environmental laws, regulations and permit requirements relating to air and water quality, waste management and hazardous substance disposal, protected natural resources (such as wetlands, [removed: endangered] [added: federally-listed] species and other protected wildlife) and health and safety.

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 (CAA), water under the Clean Water Act [removed: (CWA)] and waste management under the Resource Conservation and Recovery [removed: Act (RCRA),] [added: Act,] among other laws and regulations.

There have been, and management believes there will continue to be, policy, legal and regulatory efforts to influence climate change, such as efforts to reduce GHG emissions, impose a tax on [added: those] emissions and create incentives for low-carbon generation and energy efficiency.

These efforts, and climate change itself, have the potential to adversely affect the Evergy Companies' [removed: results of] operations, financial position and cash flows.

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

In [removed: 2022,] [added: 2023,] Evergy achieved a reduction of CO2 [removed: emissions] [added: emissions, from owned generation,] by [removed: nearly] half from 2005 levels.

Evergy has a goal to achieve net-zero [removed: CO2 emissions] [added: carbon dioxide equivalent (CO2e) emissions, for scope 1 and scope 2 emissions,] by 2045 with an interim goal of a 70% reduction of [added: owned generation] CO2 emissions from 2005 levels by [removed: 2030.][added: 2030 through the responsible transition of the Evergy Companies' generation fleet.]

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

| | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

| Evergy Kansas Central (a) | | | KCC | | | 9.4% (b) | | | | | | | | | December 2023 | | |

(b) Current KCC rate orders do not contain an explicit allowed return on equity.

The return on equity presented in this table reflects the current order in Kansas which stated an allowed return on equity to be utilized for purposes of the transmission delivery charge (TDC).

About 60% of Evergy's purchased power was purchased under long-term renewable purchased power contracts over the last three years.

| Coal | | | 5,930 | | | 38 | | | % | | |

| Wind (a) | | | 4,525 | | | 29 | | | | | |

- grid investment and advancement;

| Fuel | | | 2023 | | | | | | | | | 2023 | | | | | | | | | | | |

| Coal | | | 42 | | | % | | | | | | 2.28¢ | | | | | | | | | | | |

| Uranium | | | 20 | | | | | | | | | 0.65 | | | | | | | | | | | |

The current portfolio of programs was originally approved by the MPSC in 2019 for the years 2020 through 2022.

In 2022 and 2023, the MPSC approved extensions of the programs for 2023 and 2024, respectively.

| Evergy Kansas Central (a) | | | KCC | | | 9.3% | | | 51.46% | | | | | | September 2018 | | |

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

| Wind (a) | | | 4,326 | | | 28 | | | | | |

(b) Includes a long-term power purchase agreement for approximately 66 MWs of hydroelectric generation that expires in 2023.

during severe weather.

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

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

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

Evergy Metro and Evergy Missouri West requested an extension of these programs and in May 2022 the MPSC approved the extension through 2023.

Evergy Kansas Central's and Evergy Metro's proposed programs would be effective in 2023 through 2026.

During the COVID-19 pandemic, Evergy has prioritized the safety of its employees while continuing to serve its customers and community by providing appropriate personal protective equipment, establishing additional training and protocols and allowing employees to work remotely when possible.

For the fiscal year ended December 31, [removed: 2022][added: 2023]

[removed: ][added: ]

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 [removed: the New York] [added: The Nasdaq] Stock [removed: Exchange] [added: Market LLC] on June 30, [removed: 2022)] [added: 2023)] was approximately [removed: $14,786,156,340.][added: $13,251,118,253.]

On February [removed: 17, 2023,] [added: 21, 2024,] Evergy, Inc. had [removed: 229,568,060] [added: 229,730,266] shares of common stock outstanding.

On February [removed: 17, 2023,] [added: 21, 2024,] 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: 2023] [added: 2024] 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](#iaeffbb7f059e45d48540ab35847f0408_16)] [added: Information](#ia4ba91f1fd1c427993b78bcef2613ef9_16)] | | | [removed: [3](#iaeffbb7f059e45d48540ab35847f0408_16)] [added: [3](#ia4ba91f1fd1c427993b78bcef2613ef9_16)] | | |

| | | | [Glossary of [removed: Terms](#iaeffbb7f059e45d48540ab35847f0408_19)] [added: Terms](#ia4ba91f1fd1c427993b78bcef2613ef9_19)] | | | [removed: [5](#iaeffbb7f059e45d48540ab35847f0408_19)] [added: [5](#ia4ba91f1fd1c427993b78bcef2613ef9_19)] | | |

| Item 1. | | | [removed: [Business](#iaeffbb7f059e45d48540ab35847f0408_25)] [added: [Business](#ia4ba91f1fd1c427993b78bcef2613ef9_25)] | | | [removed: [7](#iaeffbb7f059e45d48540ab35847f0408_25)] [added: [7](#ia4ba91f1fd1c427993b78bcef2613ef9_25)] | | |

| Item 1A. | | | [Risk [removed: Factors](#iaeffbb7f059e45d48540ab35847f0408_28)] [added: Factors](#ia4ba91f1fd1c427993b78bcef2613ef9_28)] | | | [removed: [16](#iaeffbb7f059e45d48540ab35847f0408_28)] [added: [16](#ia4ba91f1fd1c427993b78bcef2613ef9_28)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#iaeffbb7f059e45d48540ab35847f0408_31)] [added: Comments](#ia4ba91f1fd1c427993b78bcef2613ef9_31)] | | | [removed: [28](#iaeffbb7f059e45d48540ab35847f0408_31)] [added: [28](#ia4ba91f1fd1c427993b78bcef2613ef9_31)] | | |

| Item 2. | | | [removed: [Properties](#iaeffbb7f059e45d48540ab35847f0408_34)] [added: [Properties](#ia4ba91f1fd1c427993b78bcef2613ef9_34)] | | | [removed: [29](#iaeffbb7f059e45d48540ab35847f0408_34)] [added: [30](#ia4ba91f1fd1c427993b78bcef2613ef9_34)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#iaeffbb7f059e45d48540ab35847f0408_37)] [added: Proceedings](#ia4ba91f1fd1c427993b78bcef2613ef9_37)] | | | [removed: [32](#iaeffbb7f059e45d48540ab35847f0408_37)] [added: [33](#ia4ba91f1fd1c427993b78bcef2613ef9_37)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#iaeffbb7f059e45d48540ab35847f0408_40)] [added: Disclosures](#ia4ba91f1fd1c427993b78bcef2613ef9_40)] | | | [removed: [32](#iaeffbb7f059e45d48540ab35847f0408_40)] [added: [33](#ia4ba91f1fd1c427993b78bcef2613ef9_40)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#iaeffbb7f059e45d48540ab35847f0408_46)] [added: Securities](#ia4ba91f1fd1c427993b78bcef2613ef9_46)] | | | [removed: [33](#iaeffbb7f059e45d48540ab35847f0408_46)] [added: [34](#ia4ba91f1fd1c427993b78bcef2613ef9_46)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iaeffbb7f059e45d48540ab35847f0408_238)] [added: Operations](#ia4ba91f1fd1c427993b78bcef2613ef9_223)] | | | [removed: [34](#iaeffbb7f059e45d48540ab35847f0408_238)] [added: [34](#ia4ba91f1fd1c427993b78bcef2613ef9_223)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#iaeffbb7f059e45d48540ab35847f0408_52)] [added: Risk](#ia4ba91f1fd1c427993b78bcef2613ef9_52)] | | | [removed: [62](#iaeffbb7f059e45d48540ab35847f0408_52)] [added: [62](#ia4ba91f1fd1c427993b78bcef2613ef9_52)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#iaeffbb7f059e45d48540ab35847f0408_55)] [added: Data](#ia4ba91f1fd1c427993b78bcef2613ef9_55)] | | | [removed: [65](#iaeffbb7f059e45d48540ab35847f0408_55)] [added: [65](#ia4ba91f1fd1c427993b78bcef2613ef9_55)] | | |

| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#iaeffbb7f059e45d48540ab35847f0408_310)] [added: Disclosure](#ia4ba91f1fd1c427993b78bcef2613ef9_295)] | | | [removed: [160](#iaeffbb7f059e45d48540ab35847f0408_310)] [added: [160](#ia4ba91f1fd1c427993b78bcef2613ef9_295)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#iaeffbb7f059e45d48540ab35847f0408_313)] [added: Procedures](#ia4ba91f1fd1c427993b78bcef2613ef9_298)] | | | [removed: [160](#iaeffbb7f059e45d48540ab35847f0408_313)] [added: [161](#ia4ba91f1fd1c427993b78bcef2613ef9_298)] | | |

| Item 9B. | | | [Other [removed: Information](#iaeffbb7f059e45d48540ab35847f0408_334)] [added: Information](#ia4ba91f1fd1c427993b78bcef2613ef9_319)] | | | [removed: [164](#iaeffbb7f059e45d48540ab35847f0408_334)] [added: [164](#ia4ba91f1fd1c427993b78bcef2613ef9_319)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#iaeffbb7f059e45d48540ab35847f0408_337)] [added: Inspections](#ia4ba91f1fd1c427993b78bcef2613ef9_322)] | | | [removed: [164](#iaeffbb7f059e45d48540ab35847f0408_337)] [added: [164](#ia4ba91f1fd1c427993b78bcef2613ef9_322)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#iaeffbb7f059e45d48540ab35847f0408_367)] [added: Governance](#ia4ba91f1fd1c427993b78bcef2613ef9_352)] | | | [removed: [164](#iaeffbb7f059e45d48540ab35847f0408_367)] [added: [164](#ia4ba91f1fd1c427993b78bcef2613ef9_352)] | | |

| Item 11. | | | [Executive [removed: Compensation](#iaeffbb7f059e45d48540ab35847f0408_370)] [added: Compensation](#ia4ba91f1fd1c427993b78bcef2613ef9_355)] | | | [removed: [165](#iaeffbb7f059e45d48540ab35847f0408_370)] [added: [165](#ia4ba91f1fd1c427993b78bcef2613ef9_355)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#iaeffbb7f059e45d48540ab35847f0408_373)] [added: Matters](#ia4ba91f1fd1c427993b78bcef2613ef9_358)] | | | [removed: [165](#iaeffbb7f059e45d48540ab35847f0408_373)] [added: [165](#ia4ba91f1fd1c427993b78bcef2613ef9_358)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#iaeffbb7f059e45d48540ab35847f0408_376)] [added: Independence](#ia4ba91f1fd1c427993b78bcef2613ef9_361)] | | | [removed: [166](#iaeffbb7f059e45d48540ab35847f0408_376)] [added: [166](#ia4ba91f1fd1c427993b78bcef2613ef9_361)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#iaeffbb7f059e45d48540ab35847f0408_379)] [added: Services](#ia4ba91f1fd1c427993b78bcef2613ef9_364)] | | | [removed: [166](#iaeffbb7f059e45d48540ab35847f0408_379)] [added: [166](#ia4ba91f1fd1c427993b78bcef2613ef9_364)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#iaeffbb7f059e45d48540ab35847f0408_385)] [added: Schedules](#ia4ba91f1fd1c427993b78bcef2613ef9_370)] | | | [removed: [168](#iaeffbb7f059e45d48540ab35847f0408_385)] [added: [168](#ia4ba91f1fd1c427993b78bcef2613ef9_370)] | | |

[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 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.][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 future pandemic health events on, among other things, sales, results of operations, financial position, 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, disruptions in the banking industry, including volatility 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; 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 geopolitical conflicts 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; impacts of tariffs; 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]

| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Evergy, Inc. | | | | | | | | | | | | | | | Yes | | | ☐ | | | | | | | | | No | | | ☒ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Evergy Kansas Central, Inc. | | | | | | | | | | | | | | | Yes | | | ☐ | | | | | | | | | No | | | ☒ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Evergy Metro, Inc. | | | | | | | | | | | | | | | Yes | | | ☐ | | | | | | | | | No | | | ☒ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Evergy, Inc. | | | | | | | | | | | | | | | Yes | | | ☐ | | | | | | | | | No | | | ☒ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Evergy Kansas Central, Inc. | | | | | | | | | | | | | | | Yes | | | ☐ | | | | | | | | | No | | | ☒ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Evergy Metro, Inc. | | | | | | | | | | | | | | | Yes | | | ☐ | | | | | | | | | No | | | ☒ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

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

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

| [PART I](#ia4ba91f1fd1c427993b78bcef2613ef9_22) | | | | | | | | |

| Item 1C. | | | [Cybersecurity](#ia4ba91f1fd1c427993b78bcef2613ef9_3501) | | | [28](#ia4ba91f1fd1c427993b78bcef2613ef9_3501) | | |

| [PART II](#ia4ba91f1fd1c427993b78bcef2613ef9_43) | | | | | | | | |

| Item 6. | | | [Reserved](#ia4ba91f1fd1c427993b78bcef2613ef9_49) | | | [34](#ia4ba91f1fd1c427993b78bcef2613ef9_49) | | |

| [PART III](#ia4ba91f1fd1c427993b78bcef2613ef9_349) | | | | | | | | |

| [PART IV](#ia4ba91f1fd1c427993b78bcef2613ef9_367) | | | | | | | | |

| | | | [Signatures](#ia4ba91f1fd1c427993b78bcef2613ef9_400) | | | [190](#ia4ba91f1fd1c427993b78bcef2613ef9_400) | | |

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.

New factors emerge from time to time, and it's not possible for the Evergy Companies to predict all such factors, nor can the Evergy Companies assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

Given these uncertainties, undue reliance should not be placed on these forward-looking statements.

| CCN | | | | | | Certificate of Convenience and Necessity | | |

| CO2e | | | | | | Carbon dioxide equivalent | | |

| Dogwood | | | | | | Dogwood Energy Center | | |

| IRA | | | | | | Inflation Reduction Act | | |

| ITFIP | | | | | | Interstate Transport Federal Implementation Plans | | |

| ITSIP | | | | | | Interstate Transport State Implementation Plans | | |

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

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

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

| NERC | | | | | | North American Electric Reliability Corporation | | |

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

| Persimmon Creek | | | | | | Persimmon Creek Wind Farm 1, LLC | | |

| PISA | | | | | | Plant-in-service accounting | | |

| PTC | | | | | | Production tax credit | | |

| Scope 1 | | | | | | Direct greenhouse gas emissions that occur from sources that are controlled or owned by an organization | | |

| Scope 2 | | | | | | Indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling | | |

| TCR | | | | | | Transmission congestion right | | |

| UGSOA | | | | | | United Government Security Officers of America | | |

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

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

| Item 6. | | | [Selected Financial Data](#iaeffbb7f059e45d48540ab35847f0408_49) | | | [34](#iaeffbb7f059e45d48540ab35847f0408_49) | | |

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

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

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

Each forward-looking statement speaks only as of the date of the particular statement.

| ACE | | | | | | Affordable Clean Energy | | |

| BSER | | | | | | Best system of emission reduction | | |

| CPP | | | | | | Clean Power Plan | | |

| MECG | | | | | | Midwest Energy Consumers Group | | |

The Evergy Companies utilize an enterprise risk management framework to identify, evaluate and minimize risks.

Risk management personnel meet annually with subject matter experts and each board member to identify and assess enterprise risk and also confer with each board member about the Evergy Companies' risk management profile.

Evergy's Board of Directors (Evergy Board) has assigned primary oversight of enterprise risk management practices to the Audit Committee of the Evergy Board.

At least annually, the Audit Committee reviews and discusses with management the Evergy Companies' enterprise risk management policies, processes, and frameworks, including conclusions reached regarding risk assessment and risk management.

Certain significant risks identified by the enterprise risk management process, such as cybersecurity, have a cross-functional team assigned to assess and manage the specific risk and may have oversight by a committee other than the Audit Committee.

The Senior Vice President, Chief Technology Officer (CTO) and Vice President, Chief Nuclear Officer (CNO), have overall accountability for the assessment, identification and management of cybersecurity risks on behalf of the Evergy Companies and Wolf Creek, respectively, subject to review by the Evergy Board and its committees.

The CTO and CNO leverage the input and operations of the security management and operations team within each organizational structure.

The security teams, comprised of cybersecurity professionals, lead the daily cyber risk mitigation efforts including cyber training of the workforce, threat monitoring, identification of potential cyber events and applicable compliance obligations.

See Part I, Item 1, Business – Information about Evergy’s Executive Officers for a description of the CTO’s experience.

The CNO has management responsibility of Wolf Creek where he has served in executive capacities since joining Wolf Creek in 2014.

Prior to joining Wolf Creek, he served as vice president of engineering and site vice president of another nuclear power plant from 2009 until 2014.

The Evergy Board has assigned primary oversight of cybersecurity risk to the Safety and Power Delivery Committee of the Evergy Board.

At each Safety and Power Delivery Committee meeting, the CTO discusses the Evergy Companies' cybersecurity metrics and scorecard performance; global, industry and Evergy-specific cybersecurity news; third-party assessments of the Evergy Companies' cybersecurity program; and industry benchmarking results.

The Safety and Power Delivery Committee meets regularly throughout the year and may meet more frequently or otherwise be informed of cybersecurity risk and incident information as needed.

The Nuclear, Power Supply and Environmental Committee of the Evergy Board supports the Safety and Power Delivery Committee's review of cybersecurity risk limited to power supply resources.

The CNO discusses with the Nuclear, Power Supply and Environmental Committee risks specific to Wolf Creek, including cybersecurity risk, at least twice per year.

The CNO may inform the Nuclear, Power Supply and Environmental Committee of cybersecurity matters more frequently as needed.

At least once each year, the Evergy Board receives a report from management on key business and compliance risks and related mitigation plans, and management discusses cybersecurity matters with the Evergy Board in connection with this report.

The Evergy Companies also have a Security and Business Continuity Committee made up of internal security experts and several Evergy corporate officers.

This committee meets bi-monthly to discuss relevant security and business continuity issues.

The Evergy Companies' risk mitigation function utilizes the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), the United States Department of Energy Cyber Capability Maturity Model (C2M2) standard and components of National Institute of Standards and Technology Risk Management Framework (NIST RMF) for a comprehensive, flexible and risk-based approach to managing risk from cybersecurity threats that integrates, security, privacy and cyber supply chain risk management activities.

The NIST RMF considers effectiveness, efficiency and constraints due to applicable laws and regulations.

The Evergy Companies' cybersecurity organization use the NIST CSF to model the security program.

The Evergy Companies have implemented a layered defense model to protect against cyber intrusions and attacks.

The Evergy Companies employ security practitioners with cybersecurity and information technology degrees and certifications and with extensive experience, with several holding top secret and secret federal government clearances.

The Evergy Companies have a 24-hour Security Operations Center that monitors for security events and the Evergy Companies frequently engage with multiple third parties to analyze network traffic.

Further, the Evergy Companies regularly and as needed engage cybersecurity consultants and third parties to assist with the identification, assessment and mitigation of cybersecurity risks and assessment of the Evergy Companies' risk mitigation practices.

Cybersecurity threats are identified and mitigated by cybersecurity incident response plans that detail the actions to be taken when a cybersecurity incident occurs.

The cybersecurity incident response plans define the organization, roles and responsibilities of the teams tasked with mitigating the impact of the cybersecurity incident.

They define repeatable processes for responding to cybersecurity incidents; ensure communication to the CTO and CNO, as appropriate; minimize the impact to customer and business operations; coordinate response activities with external organizations; decrease the likelihood of reoccurrence and ensure regulatory reporting occurs, among other objectives.

In addition, the Evergy Companies share network traffic with federal and state agencies to assist with the identification and mitigation of cybersecurity incidents.

The Evergy Companies participate in federal and industry information sharing programs, such as the Cybersecurity and Infrastructure Security Agency to assist in the exchange of cybersecurity-related information, analysis and incident mitigation techniques.

On at least an annual basis, cross-functional teams and executive management participate in a simulated cybersecurity incident exercise and the Evergy Companies regularly simulate cybersecurity incidents, including phishing attacks, to assess organizational readiness.

In addition to a bi-annual internal assessment, the NRC inspects Wolf Creek's processes to validate the effectiveness of the program to protect Wolf Creek from cybersecurity threats.

In addition, the Evergy Companies review many third parties with whom the Evergy Companies do business to understand and evaluate potential cybersecurity risks of engaging the third party and work with the third party to appropriately mitigate identified risks, as needed.

Among other measures, certain third parties are required to have processes in place to mitigate risk that data would be compromised, to become aware of cybersecurity incidents and/or to promptly notify the Evergy Companies of any cybersecurity incidents.

Generally, the Evergy Companies retain the right to perform an assessment, audit, examination or review of all controls in the third parties' environment to monitor compliance with applicable cybersecurity agreements.

The Evergy Companies may decide not to move forward with a third party that does not meet security requirements.

While the Evergy Companies have a cybersecurity program designed to protect and preserve the integrity of their information systems, the Evergy Companies also maintain cybersecurity insurance to manage financial statement risk resulting from specific cyber attacks.

Although the Evergy Companies maintain cybersecurity insurance, there can be no guarantee that the Evergy Companies’ insurance coverage limits will protect against any future claims or that such insurance proceeds will be paid in a timely manner.

| Steam Turbines | | | 1-3 | | | (h) | | | | | | 1978, 1980 &1983 | | | Coal | | | [removed: 2,007] [added: 2,011] | | | — | | | 175 | | | [removed: 2,182] [added: 2,186] | | | — | | | | | | [removed: 2,182] [added: 2,186] | | |

| Steam Turbines | | | 5 | | | (j) | | | | | | 1969 | | | Coal | | | — | | | [removed: 552] [added: 562] | | | — | | | [removed: 552] [added: 562] | | | — | | | | | | [removed: 552] [added: 562] | | |

| Combustion Turbines | | | 1 - 3 | | | | | | | | | 2000 - 2001 | | | Natural Gas | | | [removed: 294] [added: 300] | | | — | | | — | | | [removed: 294] [added: 300] | | | — | | | | | | [removed: 294] [added: 300] | | |

| Combustion Turbines | | | 1 - 3 | | | | | | | | | 1974 | | | Natural Gas | | | [removed: 166] [added: 169] | | | — | | | — | | | [removed: 166] [added: 169] | | | — | | | | | | [removed: 166] [added: 169] | | |

| Combustion Turbines | | | 1 - 4 | | | | | | | | | 2001 | | | Natural Gas | | | [removed: 281] [added: 288] | | | — | | | — | | | [removed: 281] [added: 288] | | | — | | | | | | [removed: 281] [added: 288] | | |

| Combined Cycle | | | 2-1, 2-2 & 2-3 | | | (h) | | | | | | 2001 | | | Natural Gas | | | [removed: 205] [added: 209] | | | — | | | — | | | [removed: 205] [added: 209] | | | — | | | | | | [removed: 205] [added: 209] | | |

| Combined Cycle | | | 6/9 | | | | | | | | | 2000 | | | Natural Gas | | | — | | | [removed: 235] [added: 242] | | | — | | | [removed: 235] [added: 242] | | | — | | | | | | [removed: 235] [added: 242] | | |

| Combustion Turbines | | | 7 & 8 | | | | | | | | | 2000 | | | Natural Gas | | | — | | | [removed: 153] [added: 157] | | | — | | | [removed: 153] [added: 157] | | | — | | | | | | [removed: 153] [added: 157] | | |

| Combustion Turbines | | | 1 [removed: - 4] | | | | | | | | | 2003 | | | Natural Gas | | | — | | | [removed: 309] [added: 77] | | | — | | | [removed: 309] [added: 77] | | | — | | | | | | [removed: 309] [added: 77] | | |

| Combustion Turbines | | | 1 [added: - 4] | | | | | | | | | 2003 | | | Natural Gas | | | — | | | [removed: 75] [added: 315] | | | — | | | [removed: 75] [added: 315] | | | — | | | | | | [removed: 75] [added: 315] | | |

| Combustion Turbines | | | 11 - 18 | | | | | | | | | 1972 - 1977 | | | Oil | | | — | | | [removed: 382] [added: 394] | | | — | | | [removed: 382] [added: 394] | | | — | | | | | | [removed: 382] [added: 394] | | |

| Combustion Turbines | | | 1 - 3 | | | | | | | | | 2005 | | | Natural Gas | | | — | | | — | | | [removed: 313] [added: 321] | | | [removed: 313] [added: 321] | | | — | | | | | | [removed: 313] [added: 321] | | |

| Combustion Turbines | | | 1 - 4 | | | | | | | | | 1975 - 1979 | | | Natural Gas | | | — | | | — | | | [removed: 249] [added: 250] | | | [removed: 249] [added: 250] | | | — | | | | | | [removed: 249] [added: 250] | | |

| Combustion Turbines | | | 1 - 4 | | | | | | | | | 2002 | | | Natural Gas | | | — | | | — | | | [removed: 295] [added: 302] | | | [removed: 295] [added: 302] | | | — | | | | | | [removed: 295] [added: 302] | | |

(a) Capability (except for wind generating facilities) represents estimated [removed: 2023] [added: 2024] net generating capacity.

Due to the intermittent nature of wind generation, these facilities are associated with a total of [removed: 996] [added: 1,529] MW of accredited generating capacity pursuant to SPP reliability standards.

Evergy has approximately [removed: 10,100] [added: 10,200] circuit miles of transmission lines, [removed: 44,900] [added: 44,800] circuit miles of overhead distribution lines and [removed: 15,800] [added: 16,000] circuit miles of underground distribution lines in Missouri and Kansas.

| Persimmon Creek | | | | | | | | | Oklahoma | | | 2018 | | | Wind | | | 199 | | | — | | | — | | | 199 | | | — | | | | | | 199 | | |

| Hawthorn Solar | | | | | | | | | Missouri | | | 2023 | | | Solar | | | — | | | 7 | | | 3 | | | 10 | | | — | | | | | | 10 | | |

| Total Renewable Generation: | | | | | | | | | | | | | | | | | | 629 | | | 156 | | | 8 | | | 793 | | | 3,754 | | | | | | 4,547 | | |

| Total Coal: | | | | | | | | | | | | | | | | | | 3,209 | | | 2,258 | | | 463 | | | 5,930 | | | — | | | | | | 5,930 | | |

| Total Gas and Oil | | | | | | | | | | | | | | | | | | 1,690 | | | 1,185 | | | 1,190 | | | 4,065 | | | — | | | | | | 4,065 | | |

| Total | | | | | | | | | | | | | | | | | | 6,081 | | | 4,152 | | | 1,661 | | | 11,894 | | | 3,754 | | | | | | 15,648 | | |

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

| CNPPID (NE) - Hydro | | | | | | | | | Nebraska | | | 1941 | | | Hydro | | | — | | | — | | | — | | | — | | | 66 | | | (d) | | | 66 | | |

| Total Renewable Generation: | | | | | | | | | | | | | | | | | | 430 | | | 149 | | | 5 | | | 584 | | | 3,820 | | | | | | 4,404 | | |

| 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 | | |

Evergy's common stock is listed on the Nasdaq Stock Market LLC under the symbol "EVRG." At February [removed: 17, 2023,] [added: 21, 2024,] Evergy's common stock was held by [removed: 17,419] [added: 16,312] shareholders of record.

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: 2022.][added: 2023.]

| November 1 - 30 | | | — | | | — | | | — | | | — | | |

| December 1 - 31 | | | 8,180 | | | $52.20 | | | — | | | — | | |

| Total | | | 8,180 | | | $52.20 | | | — | | | — | | |

Performance Graph

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, 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).

The graph assumes a $100 investment in Evergy's common stock and in each of the indices at the beginning of the period and a reinvestment of dividends paid on such investments throughout the period.


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

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

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

Not applicable.

| [Evergy, [removed: Inc.](#iaeffbb7f059e45d48540ab35847f0408_61)] [added: Inc.](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] | | | | | | [removed: [66](#iaeffbb7f059e45d48540ab35847f0408_61)] [added: [66](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] | | |

| [Evergy Kansas Central, [removed: Inc.](#iaeffbb7f059e45d48540ab35847f0408_64)] [added: Inc.](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] | | | | | | [removed: [69](#iaeffbb7f059e45d48540ab35847f0408_64)] [added: [69](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] | | |

| [Evergy Metro, [removed: Inc.](#iaeffbb7f059e45d48540ab35847f0408_67)] [added: Inc.](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] | | | | | | [removed: [72](#iaeffbb7f059e45d48540ab35847f0408_67)] [added: [72](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#iaeffbb7f059e45d48540ab35847f0408_73)] [added: Income](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] | | | | | | [removed: [75](#iaeffbb7f059e45d48540ab35847f0408_73)] [added: [75](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] | | |

| [Consolidated Balance [removed: Sheets](#iaeffbb7f059e45d48540ab35847f0408_70)] [added: Sheets](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] | | | | | | [removed: [76](#iaeffbb7f059e45d48540ab35847f0408_70)] [added: [76](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] | | |

| [Consolidated Statements of Cash [removed: Flows](#iaeffbb7f059e45d48540ab35847f0408_79)] [added: Flows](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] | | | | | | [removed: [78](#iaeffbb7f059e45d48540ab35847f0408_79)] [added: [78](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#iaeffbb7f059e45d48540ab35847f0408_85)] [added: Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] | | | | | | [removed: [79](#iaeffbb7f059e45d48540ab35847f0408_85)] [added: [79](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] | | |

| [Consolidated Statements of [removed: Income](#iaeffbb7f059e45d48540ab35847f0408_91)] [added: Income](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] | | | | | | [removed: [80](#iaeffbb7f059e45d48540ab35847f0408_91)] [added: [80](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] | | |

| [Consolidated Balance [removed: Sheets](#iaeffbb7f059e45d48540ab35847f0408_88)] [added: Sheets](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] | | | | | | [removed: [81](#iaeffbb7f059e45d48540ab35847f0408_88)] [added: [81](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] | | |

| [Consolidated Statements of Cash [removed: Flows](#iaeffbb7f059e45d48540ab35847f0408_97)] [added: Flows](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] | | | | | | [removed: [83](#iaeffbb7f059e45d48540ab35847f0408_97)] [added: [83](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#iaeffbb7f059e45d48540ab35847f0408_103)] [added: Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] | | | | | | [removed: [84](#iaeffbb7f059e45d48540ab35847f0408_103)] [added: [84](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#iaeffbb7f059e45d48540ab35847f0408_109)] [added: Income](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] | | | | | | [removed: [85](#iaeffbb7f059e45d48540ab35847f0408_109)] [added: [85](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] | | |

| [Consolidated Balance [removed: Sheets](#iaeffbb7f059e45d48540ab35847f0408_106)] [added: Sheets](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] | | | | | | [removed: [86](#iaeffbb7f059e45d48540ab35847f0408_106)] [added: [86](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] | | |

| [Consolidated Statements of Cash [removed: Flows](#iaeffbb7f059e45d48540ab35847f0408_115)] [added: Flows](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] | | | | | | [removed: [88](#iaeffbb7f059e45d48540ab35847f0408_115)] [added: [88](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] | | |

| [Consolidated Statements of Changes in [removed: Equity](#iaeffbb7f059e45d48540ab35847f0408_121)] [added: Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] | | | | | | [removed: [89](#iaeffbb7f059e45d48540ab35847f0408_121)] [added: [89](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] | | |

| [Combined Notes to Consolidated Financial [removed: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] [added: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] | | | | | | | | |

| Note 1: | | | [Summary of Significant Accounting [removed: Policies](#iaeffbb7f059e45d48540ab35847f0408_130)] [added: Policies](#ia4ba91f1fd1c427993b78bcef2613ef9_121)] | | | [removed: [90](#iaeffbb7f059e45d48540ab35847f0408_130)] [added: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_121)] | | |

| Note 4: | | | [Rate Matters and [removed: Regulation](#iaeffbb7f059e45d48540ab35847f0408_142)] [added: Regulation](#ia4ba91f1fd1c427993b78bcef2613ef9_133)] | | | [removed: [102](#iaeffbb7f059e45d48540ab35847f0408_142)] [added: [104](#ia4ba91f1fd1c427993b78bcef2613ef9_133)] | | |

| Note 6: | | | [Asset Retirement [removed: Obligations](#iaeffbb7f059e45d48540ab35847f0408_208)] [added: Obligations](#ia4ba91f1fd1c427993b78bcef2613ef9_193)] | | | [removed: [112](#iaeffbb7f059e45d48540ab35847f0408_208)] [added: [111](#ia4ba91f1fd1c427993b78bcef2613ef9_193)] | | |

| Note 7: | | | [Property, Plant & [removed: Equipment](#iaeffbb7f059e45d48540ab35847f0408_211)] [added: Equipment](#ia4ba91f1fd1c427993b78bcef2613ef9_196)] | | | [removed: [113](#iaeffbb7f059e45d48540ab35847f0408_211)] [added: [113](#ia4ba91f1fd1c427993b78bcef2613ef9_196)] | | |

| Note 8: | | | [Jointly-Owned Electric Utility [removed: Plants](#iaeffbb7f059e45d48540ab35847f0408_214)] [added: Plants](#ia4ba91f1fd1c427993b78bcef2613ef9_199)] | | | [removed: [114](#iaeffbb7f059e45d48540ab35847f0408_214)] [added: [114](#ia4ba91f1fd1c427993b78bcef2613ef9_199)] | | |

| Note 9: | | | [Pension Plans and Post-Retirement [removed: Benefits](#iaeffbb7f059e45d48540ab35847f0408_166)] [added: Benefits](#ia4ba91f1fd1c427993b78bcef2613ef9_157)] | | | [removed: [115](#iaeffbb7f059e45d48540ab35847f0408_166)] [added: [115](#ia4ba91f1fd1c427993b78bcef2613ef9_157)] | | |

| Note 11: | | | [Short-Term Borrowings and Short-Term Bank Lines of [removed: Credit](#iaeffbb7f059e45d48540ab35847f0408_169)] [added: Credit](#ia4ba91f1fd1c427993b78bcef2613ef9_160)] | | | [removed: [130](#iaeffbb7f059e45d48540ab35847f0408_169)] [added: [128](#ia4ba91f1fd1c427993b78bcef2613ef9_160)] | | |

| Note 12: | | | [Long-Term [removed: Debt](#iaeffbb7f059e45d48540ab35847f0408_175)] [added: Debt](#ia4ba91f1fd1c427993b78bcef2613ef9_166)] | | | [removed: [131](#iaeffbb7f059e45d48540ab35847f0408_175)] [added: [130](#ia4ba91f1fd1c427993b78bcef2613ef9_166)] | | |

| Note 14: | | | [Fair Value [removed: Measurements](#iaeffbb7f059e45d48540ab35847f0408_181)] [added: Measurements](#ia4ba91f1fd1c427993b78bcef2613ef9_175)] | | | [removed: [138](#iaeffbb7f059e45d48540ab35847f0408_181)] [added: [138](#ia4ba91f1fd1c427993b78bcef2613ef9_175)] | | |

| Note 15: | | | [Commitments and [removed: Contingencies](#iaeffbb7f059e45d48540ab35847f0408_184)] [added: Contingencies](#ia4ba91f1fd1c427993b78bcef2613ef9_178)] | | | [removed: [143](#iaeffbb7f059e45d48540ab35847f0408_184)] [added: [143](#ia4ba91f1fd1c427993b78bcef2613ef9_178)] | | |

| Note 16: | | | [removed: [Guarantees](#iaeffbb7f059e45d48540ab35847f0408_190)] [added: [Guarantees](#ia4ba91f1fd1c427993b78bcef2613ef9_205)] | | | [removed: [148](#iaeffbb7f059e45d48540ab35847f0408_190)] [added: [148](#ia4ba91f1fd1c427993b78bcef2613ef9_205)] | | |

| Note 17: | | | [Related Party Transactions and [removed: Relationships](#iaeffbb7f059e45d48540ab35847f0408_193)] [added: Relationships](#ia4ba91f1fd1c427993b78bcef2613ef9_184)] | | | [removed: [149](#iaeffbb7f059e45d48540ab35847f0408_193)] [added: [149](#ia4ba91f1fd1c427993b78bcef2613ef9_184)] | | |

| Note 18: | | | [Shareholders' [removed: Equity](#iaeffbb7f059e45d48540ab35847f0408_199)] [added: Equity](#ia4ba91f1fd1c427993b78bcef2613ef9_208)] | | | [removed: [150](#iaeffbb7f059e45d48540ab35847f0408_199)] [added: [150](#ia4ba91f1fd1c427993b78bcef2613ef9_208)] | | |

| Note 19: | | | [Variable Interest [removed: Entities](#iaeffbb7f059e45d48540ab35847f0408_223)] [added: Entities](#ia4ba91f1fd1c427993b78bcef2613ef9_214)] | | | [removed: [151](#iaeffbb7f059e45d48540ab35847f0408_223)] [added: [151](#ia4ba91f1fd1c427993b78bcef2613ef9_214)] | | |

| Note 20: | | | [removed: [Taxes](#iaeffbb7f059e45d48540ab35847f0408_205)] [added: [Taxes](#ia4ba91f1fd1c427993b78bcef2613ef9_187)] | | | [removed: [152](#iaeffbb7f059e45d48540ab35847f0408_205)] [added: [152](#ia4ba91f1fd1c427993b78bcef2613ef9_187)] | | |

| Note 21: | | | [removed: [Leases](#iaeffbb7f059e45d48540ab35847f0408_226)] [added: [Leases](#ia4ba91f1fd1c427993b78bcef2613ef9_217)] | | | [removed: [157](#iaeffbb7f059e45d48540ab35847f0408_226)] [added: [157](#ia4ba91f1fd1c427993b78bcef2613ef9_217)] | | |

We have audited the accompanying consolidated balance sheets of Evergy, Inc. and subsidiaries (the "Company") as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] the related consolidated statements of comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] based on criteria established in *Internal Control [removed: -] [added: —] Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 23, 2023,] [added: 28, 2024,] expressed an unqualified opinion on the Company's internal control over financial reporting.

The Company is subject to [added: wholesale regulation by the Federal Energy Regulatory Commission and] 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.

Management has determined it meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial [added: statements applying the specialized rules]

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

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

While the Company has indicated it expects to recover costs from customers through regulated rates, there is a risk that the Commissions will not approve (1) full recovery of the costs of providing utility service or (2) full recovery of [removed: all] amounts invested in the utility business and a reasonable return on that investment.

| Note 2: | | | [Revenue](#ia4ba91f1fd1c427993b78bcef2613ef9_124) | | | [93](#ia4ba91f1fd1c427993b78bcef2613ef9_124) | | |

| Note 3: | | | [Receivables](#ia4ba91f1fd1c427993b78bcef2613ef9_130) | | | [102](#ia4ba91f1fd1c427993b78bcef2613ef9_130) | | |

| Note 5: | | | [Goodwill](#ia4ba91f1fd1c427993b78bcef2613ef9_139) | | | [111](#ia4ba91f1fd1c427993b78bcef2613ef9_139) | | |

| Note 10: | | | [Equity Compensation](#ia4ba91f1fd1c427993b78bcef2613ef9_202) | | | [127](#ia4ba91f1fd1c427993b78bcef2613ef9_202) | | |

| Note 13: | | | [Derivative Instruments](#ia4ba91f1fd1c427993b78bcef2613ef9_172) | | | [134](#ia4ba91f1fd1c427993b78bcef2613ef9_172) | | |

Because the Commissions set the rates, the Company is allowed to charge customers based on allowable costs, including a reasonable return on equity, and the Company applies accounting standards that require the financial statements to reflect the effects of rate regulation, including the recording of regulatory assets and liabilities.

The Company assesses whether the regulatory assets and regulatory liabilities continue to meet the criteria for probable future recovery or settlement at each balance sheet date and when regulatory events occur.

This assessment includes consideration of recent rate orders, historical regulatory treatment for similar costs, and factors such as changes in applicable regulatory and political environments.

February 28, 2024

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

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

Because the Commissions set the rates, the Company is allowed to charge customers based on allowable costs, including a reasonable return on equity, and the Company applies accounting standards that require the financial statements to reflect the effects of rate regulation, including the recording of regulatory assets and liabilities.

The Company assesses whether the regulatory assets and regulatory liabilities continue to meet the criteria for probable future recovery or settlement at each balance sheet date and when regulatory events occur.

This assessment includes consideration of recent rate orders, historical regulatory treatment for similar costs, and factors such as changes in applicable regulatory and political environments.

- We tested the effectiveness of management's controls over the evaluation of the likelihood of (1) the recovery in future rates of costs deferred as regulatory assets and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.

February 28, 2024

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

The Company is subject to wholesale regulation by the Federal Energy Regulatory Commission and 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, such as property, plant, and equipment, including asset retirements and abandonments; regulatory assets and liabilities; operating revenues; operating and maintenance expense; and depreciation expense.

Because the Commissions set the rates, the Company is allowed to charge customers based on allowable costs, including a reasonable return on equity, and the Company applies accounting standards that require the financial statements to reflect the effects of rate regulation, including the recording of regulatory assets and liabilities.

The Company assesses whether the regulatory assets and regulatory liabilities continue to meet the criteria for probable future recovery or settlement at each balance sheet date and when regulatory events occur.

This assessment includes consideration of recent rate orders, historical regulatory treatment for similar costs and factors such as changes in applicable regulatory and political environments.

While the Company has indicated it expects to recover costs from customers through regulated rates, there is a risk that the Commissions will not approve (1) full recovery of the costs of providing utility service or (2) full recovery of amounts invested in the utility business and a reasonable return on that investment.

- We tested the effectiveness of management's controls over the evaluation of the likelihood of (1) the recovery in future rates of costs deferred as regulatory assets and (2) a refund or a future reduction in rates that should be reported as regulatory liabilities.

- We tested the effectiveness of management's controls over the initial recognition of amounts as regulatory assets or liabilities; and the monitoring and evaluation of regulatory developments that may affect the likelihood of recovering costs in future rates or of a future reduction in rates.

February 28, 2024

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| Commercial paper | | | | | | 951.8 | | | | | | | | | | | | 1,332.3 | | | | | |

| Acquisition of Persimmon Creek, net of cash acquired | | | (217.9) | | | | | | — | | | | | | — | | | | | |

| Repayment of term loan facility | | | (500.0) | | | | | | — | | | | | | — | | | | | |

| Net income | | | — | | | — | | | 731.3 | | | — | | | 12.3 | | | 743.6 | | |

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

| Compensation expense recognized | | | — | | | 0.2 | | | — | | | — | | | — | | | 0.2 | | |

| Balance as of December 31, 2023 | | | 229,729,296 | | | $ | 7,234.9 | | $ | 2,457.8 | | $ | (29.6) | | $ | 21.9 | | $ | 9,685.0 | |

| SPP network transmission costs | | | | | | | | | | | | | | | | | | 302.6 | | | | | | 323.0 | | | | | | 290.4 | | |

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| PROPERTY, PLANT AND EQUIPMENT OF VARIABLE INTEREST ENTITY, NET | | | | | | 133.6 | | | | | | | | | | | | 140.7 | | | | | |

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

| 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) | | |

Rates are determined and approved in regulatory proceedings based on an analysis of the Company's costs to provide utility service and a return on, and recovery of, the Company's investment in the utility business.

Regulatory decisions can have an impact on the recovery of costs, the rate of return earned on investment, and the timing and amount of assets to be recovered by rates.

The Commissions' regulation of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital.

Decisions to be made by the Commissions in the future will impact the accounting for regulated operations, including decisions about the amount of allowable costs and return on invested capital included in rates and any refunds that may be required.

When the Company retires a regulated plant, the Company must assess the probability of recovery of the regulated plant, which is dependent upon amounts that may be recovered through regulated rates, including any return.

Pending receipt of regulatory approval for the retirement and/or recovery of the affected plants, accounting for early retirements of regulated plants involves judgment related to the nature of the early retirement and the likelihood that the Company will recover its remaining investment in these retired generating plants with a return.

Auditing the judgments related to the nature and likelihood of the retirement and the probability of recovering the generating plant investment with a return involves especially subjective and complex judgment.

- We compared actual spend for projects that have been capitalized to property, plant, and equipment to budget.

We evaluated regulatory filings for any evidence that intervenors are challenging full recovery of the cost of any capital projects.

For significant projects that were over budget or if full recovery of project costs is being challenged by intervenors, we evaluated management's assessment of the probability of a disallowance.

We tested selected costs included in the capitalized project costs for completeness and accuracy.

- We evaluated management's conclusions for the probable recovery of the retired regulated plant investment with a return.

We evaluated management's conclusions regarding the accounting for the abandonment of certain regulated plants and the impact of recent rate orders on the accounting.

February 23, 2023

The Commission's regulation of rates is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital.

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 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 Commissions' treatment of similar costs under similar circumstances.

| Notes payable and commercial paper | | | | | | 1,332.3 | | | | | | | | | | | | 1,159.3 | | | | | |

| Balance as of December 31, 2019 | | | 226,641,443 | | | $ | 7,070.4 | | $ | 1,551.5 | | $ | (50.0) | | $ | (26.6) | | $ | 8,545.3 | |

| Net income | | | — | | | — | | | 618.3 | | | — | | | 11.7 | | | 630.0 | | |

| Notes payable and commercial paper | | | | | | 772.1 | | | | | | | | | | | | 406.0 | | | | | |

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

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

| Balance as of December 31, 2019 | | | 1 | | | $ | 2,737.6 | | $ | 1,494.0 | | $ | (26.6) | | $ | 4,205.0 | |

| Net income | | | — | | | — | | | 224.1 | | | 11.7 | | | 235.8 | | |

| Balance as of December 31, 2019 | | | 1 | | | $ | 1,563.1 | | $ | 1,012.8 | | $ | 4.8 | | $ | 2,580.7 | |

| Net income | | | — | | | — | | | 298.7 | | | — | | | 298.7 | | |

| Dividends declared on common stock | | | — | | | — | | | (120.0) | | | — | | | (120.0) | | |

| Other | | | | | | 5 | | | to | | | 84 | | | | | | | | | | | | 7 | | | to | | | 84 | | | | | | | | | | | | 5 | | | to | | | 50 | | | | | |

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

Anti-dilutive shares excluded from the computation of diluted EPS for 2020 were 127,884 RSUs.

| Non-cash financing transactions: | | | | | | | | | | | | | | | | | | | | |

| Issuance of stock for compensation and reinvested dividends | | | | | | — | | | | | | 0.7 | | | | | | 0.9 | | |

The equity investment had a fair value of $31.4 million as of December 31, 2021.

As a result of the completion of the share forward agreement, Evergy no longer has an equity investment in the company.

In January 2023, the MPSC staff recommended the MPSC reject Evergy Missouri West's application for a CCN and allow it to file a new application with updated economic analyses of the renewable generation investment or alternatively extend the procedural schedule to allow the MPSC staff time to evaluate the current economic analyses prepared by Evergy Missouri West.

There has been no change in [removed: Evergy’s] [added: 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: 2022,] [added: 2023,] that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

[added: Under the supervision and with the] 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: 2022.][added: 2023.]

Management has concluded that, as of December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] based on criteria established in *Internal Control [removed: -] [added: —] 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: 2022,] [added: 2023,] based on criteria established in *Internal Control [removed: -] [added: —] 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: 2022,] [added: 2023,] of the Company and our report dated February [removed: 23, 2023,] [added: 28, 2024,] expressed an unqualified opinion on those financial statements and financial statement schedules.

There has been no change in Evergy Kansas [removed: Central’s] [added: 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: 2022,] [added: 2023,] 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: 2022.][added: 2023.]

Management has concluded that, as of December 31, [removed: 2022,] [added: 2023,] 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 [removed: Metro’s] [added: 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: 2022,] [added: 2023,] 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: 2022.][added: 2023.]

Management has concluded that, as of December 31, [removed: 2022,] [added: 2023,] Evergy Metro’s internal control over financial reporting is effective based on the criteria set forth in the COSO framework.

February 28, 2024

Under the supervision and with the

February 23, 2023

Securities Trading Plans of Directors and Executive Officers

For the three months ended December 31, 2023, no director or officer has adopted, terminated or modified a Rule 10b5-1 plan or non-rule 10b5-1 trading arrangement required to be disclosed under Item 408(a) of Regulation S-K.

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: 2023] [added: 2024] Annual Meeting of Shareholders (Proxy Statement) on or before April [removed: 28, 2023.][added: 29, 2024.]

The following table provides information, as of December 31, [removed: 2022,] [added: 2023,] 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: 239,495] [added: 264,214] RSUs with time-based requirements, [removed: 546,898] [added: 663,727] RSUs with performance measures at target performance levels, 18,018 restricted share awards and director deferred share units for [removed: 151,393] [added: 163,005] shares of Evergy common stock outstanding at December 31, [removed: 2022.][added: 2023.]

As of December 31, [removed: 2022,] [added: 2023,] there were approximately [removed: 260,392] [added: 212,377] units outstanding that were deferred pursuant to the Evergy Kansas Central, Inc. non-employee deferred compensation program.

| Evergy Long-Term Incentive Plan | | | | | | 1,108,964 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,436,283 | | | | | |

| Total | | | | | | 1,108,964 | | | (1) | | | | | | | | | $ | — | | (2) | | | | | | | | | 6,436,283 | | | | | |

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

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

The following tables set forth the aggregate fees [removed: billed] [added: billed, or expected to be billed,] by Deloitte & Touche LLP for audit services rendered in connection with the consolidated financial statements and reports for [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] and for other services rendered during [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] 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: 2022] [added: 2023] | | | [removed: 2021] [added: 2022] | | |

| Audit Fees | | | $ | [removed: 1,801,625] [added: 1,940,500] | | $ | [removed: 1,852,798] [added: 1,801,625] | |

| Audit-Related Fees | | | [removed: 25,618] [added: 25,000] | | | [removed: 50,734] [added: 25,618] | | |

| Tax Fees | | | [removed: 42,845] [added: 8,222] | | | [removed: 86,098] [added: 42,845] | | |

| Total Fees | | | $ | [removed: 1,870,088] [added: 1,973,722] | | $ | [removed: 1,989,630] [added: 1,870,088] | |

| Evergy Metro | | | [removed: 2022] [added: 2023] | | | [removed: 2021] [added: 2022] | | |

| Audit Fees | | | $ | [removed: 1,336,725] [added: 1,407,100] | | $ | [removed: 1,293,049] [added: 1,336,725] | |

| Tax Fees | | | [removed: 16,669] [added: 16,138] | | | [removed: 29,219] [added: 16,669] | | |

| Total Fees | | | $ | [removed: 1,379,012] [added: 1,448,238] | | $ | [removed: 1,373,002] [added: 1,379,012] | |

Audit Fees: Consists of fees [removed: billed] [added: billed, or expected to be billed,] for professional services rendered for the audits of the annual consolidated financial statements of Evergy Kansas Central and Evergy Metro and reviews of the interim condensed consolidated financial statements included in quarterly reports.

Pre-approval is generally provided for up to one year, unless the Audit Committee specifically provides for a different [removed: period.]

Management provides quarterly updates to the Audit Committee regarding actual fees spent with respect to [added: pre-approved services.]

| Audit-Related Fees | | | 25,000 | | | 25,618 | | |

period.

pre-approved services.

| a. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020](#iaeffbb7f059e45d48540ab35847f0408_73)] [added: 2021](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] | | | [removed: [75](#iaeffbb7f059e45d48540ab35847f0408_73)] [added: [75](#ia4ba91f1fd1c427993b78bcef2613ef9_73)] | | |

| b. | | | [Consolidated Balance Sheets - December 31, [removed: 2022 and 2021](#iaeffbb7f059e45d48540ab35847f0408_70)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_70)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_70) [and 20](#ia4ba91f1fd1c427993b78bcef2613ef9_70)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_70)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] | | | [removed: [76](#iaeffbb7f059e45d48540ab35847f0408_70)] [added: [76](#ia4ba91f1fd1c427993b78bcef2613ef9_70)] | | |

| c. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_79)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_76) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_76)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] | | | [removed: [78](#iaeffbb7f059e45d48540ab35847f0408_79)] [added: [78](#ia4ba91f1fd1c427993b78bcef2613ef9_76)] | | |

| d. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_85)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_82) [and 20](#ia4ba91f1fd1c427993b78bcef2613ef9_82)[21](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] | | | [removed: [79](#iaeffbb7f059e45d48540ab35847f0408_85)] [added: [79](#ia4ba91f1fd1c427993b78bcef2613ef9_82)] | | |

| e. | | | [Notes to Consolidated Financial [removed: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] [added: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] | | | [removed: [90](#iaeffbb7f059e45d48540ab35847f0408_124)] [added: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] | | |

| f. | | | [Report of Independent Registered Public Accounting [removed: Firm](#iaeffbb7f059e45d48540ab35847f0408_61)] [added: Firm](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] | | | [removed: [66](#iaeffbb7f059e45d48540ab35847f0408_61)] [added: [66](#ia4ba91f1fd1c427993b78bcef2613ef9_61)] | | |

| g. | | | [Consolidated Statements of Income for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_91)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[, 20](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[22](#ia4ba91f1fd1c427993b78bcef2613ef9_88) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_88)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] | | | [removed: [80](#iaeffbb7f059e45d48540ab35847f0408_91)] [added: [80](#ia4ba91f1fd1c427993b78bcef2613ef9_88)] | | |

| h. | | | [Consolidated Balance Sheets - December 31, [removed: 2022 and 2021](#iaeffbb7f059e45d48540ab35847f0408_88)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_85)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_85) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_85)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] | | | [removed: [81](#iaeffbb7f059e45d48540ab35847f0408_88)] [added: [81](#ia4ba91f1fd1c427993b78bcef2613ef9_85)] | | |

| i. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_97)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_91) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_91)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] | | | [removed: [83](#iaeffbb7f059e45d48540ab35847f0408_97)] [added: [83](#ia4ba91f1fd1c427993b78bcef2613ef9_91)] | | |

| j. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_103)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_97) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_97)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] | | | [removed: [84](#iaeffbb7f059e45d48540ab35847f0408_103)] [added: [84](#ia4ba91f1fd1c427993b78bcef2613ef9_97)] | | |

| k. | | | [Notes to Consolidated Financial [removed: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] [added: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] | | | [removed: [90](#iaeffbb7f059e45d48540ab35847f0408_124)] [added: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] | | |

| l. | | | [Report of Independent Registered Public Accounting [removed: Firm](#iaeffbb7f059e45d48540ab35847f0408_64)] [added: Firm](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] | | | [removed: [69](#iaeffbb7f059e45d48540ab35847f0408_64)] [added: [69](#ia4ba91f1fd1c427993b78bcef2613ef9_64)] | | |

| m. | | | [Consolidated Statements of Comprehensive Income for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_109)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_103) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_103)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] | | | [removed: [85](#iaeffbb7f059e45d48540ab35847f0408_109)] [added: [85](#ia4ba91f1fd1c427993b78bcef2613ef9_103)] | | |

| n. | | | [Consolidated Balance Sheets - December 31, [removed: 2022 and 2021](#iaeffbb7f059e45d48540ab35847f0408_106)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_100)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_100) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_100)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] | | | [removed: [86](#iaeffbb7f059e45d48540ab35847f0408_106)] [added: [86](#ia4ba91f1fd1c427993b78bcef2613ef9_100)] | | |

| o. | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_115)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_106) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_106)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] | | | [removed: [88](#iaeffbb7f059e45d48540ab35847f0408_115)] [added: [88](#ia4ba91f1fd1c427993b78bcef2613ef9_106)] | | |

| p. | | | [Consolidated Statements of Changes in Equity for the years ended December 31, [removed: 2022, 2021 and 2020](#iaeffbb7f059e45d48540ab35847f0408_121)] [added: 202](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[3](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[, 202](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[2](#ia4ba91f1fd1c427993b78bcef2613ef9_112) [and 202](#ia4ba91f1fd1c427993b78bcef2613ef9_112)[1](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] | | | [removed: [89](#iaeffbb7f059e45d48540ab35847f0408_121)] [added: [89](#ia4ba91f1fd1c427993b78bcef2613ef9_112)] | | |

| q. | | | [Notes to Consolidated Financial [removed: Statements](#iaeffbb7f059e45d48540ab35847f0408_124)] [added: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] | | | [removed: [90](#iaeffbb7f059e45d48540ab35847f0408_124)] [added: [90](#ia4ba91f1fd1c427993b78bcef2613ef9_115)] | | |

| r. | | | [Report of Independent Registered Public Accounting [removed: Firm](#iaeffbb7f059e45d48540ab35847f0408_67)] [added: Firm](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] | | | [removed: [72](#iaeffbb7f059e45d48540ab35847f0408_67)] [added: [72](#ia4ba91f1fd1c427993b78bcef2613ef9_67)] | | |

| a. | | | [Schedule I - Parent Company Financial [removed: Statements](#iaeffbb7f059e45d48540ab35847f0408_388)] [added: Statements](#ia4ba91f1fd1c427993b78bcef2613ef9_373)] | | | [removed: [183](#iaeffbb7f059e45d48540ab35847f0408_388)] [added: [184](#ia4ba91f1fd1c427993b78bcef2613ef9_373)] | | |

| b. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#iaeffbb7f059e45d48540ab35847f0408_406)] [added: Reserves](#ia4ba91f1fd1c427993b78bcef2613ef9_391)] | | | [removed: [187](#iaeffbb7f059e45d48540ab35847f0408_406)] [added: [188](#ia4ba91f1fd1c427993b78bcef2613ef9_391)] | | |

| c. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#iaeffbb7f059e45d48540ab35847f0408_409)] [added: Reserves](#ia4ba91f1fd1c427993b78bcef2613ef9_394)] | | | [removed: [187](#iaeffbb7f059e45d48540ab35847f0408_409)] [added: [188](#ia4ba91f1fd1c427993b78bcef2613ef9_394)] | | |

| d. | | | [Schedule II - Valuation and Qualifying Accounts and [removed: Reserves](#iaeffbb7f059e45d48540ab35847f0408_412)] [added: Reserves](#ia4ba91f1fd1c427993b78bcef2613ef9_397)] | | | [removed: [188](#iaeffbb7f059e45d48540ab35847f0408_412)] [added: [189](#ia4ba91f1fd1c427993b78bcef2613ef9_397)] | | |

| 3.2 | | | * | | | [Amended and Restated By-laws of Evergy, Inc., effective as of December [removed: 14, 2022 (Exhibit] [added: 1](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[, 202](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm) [(Exhibit] 3.1 to Evergy's Form 8-K filed on December [removed: 15, 2022).](http://www.sec.gov/Archives/edgar/data/1711269/000119312522305429/d367671dex31.htm)] [added: 1](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[, 202](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[3](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)[).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523295488/d603604dex31.htm)] | | | | | | Evergy | | |

| 4.9 | | | * | | | [Subordinated Indenture, dated May 18, 2009, between 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: 1](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm)[8](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.htm)[,] [added: 18,] 2009).](http://www.sec.gov/Archives/edgar/data/1143068/000095015209005408/c51398exv4w1.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 [removed: March](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex42.htm) [7](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex42.htm)[,] [added: March 7,] 2022).](http://www.sec.gov/Archives/edgar/data/1711269/000119312522066504/d308127dex42.htm) | | | | | | Evergy | | |

| 10.3 | | | *+ | | | [Form of Evergy, Inc. [removed: 2020] [added: 2021] Performance-Based Restricted Stock Unit [removed: Agreement] [added: Agreement.] (Exhibit [removed: 10.19] [added: 10.21] to Evergy's Form 10-K for the fiscal year ended December 31, [removed: 2019)](http://www.sec.gov/Archives/edgar/data/54476/000171126920000012/evrg-12312019xex1019rs.htm)] [added: 2020).](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000023/evrg12312020-ex1021rsuagre.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.4 | | | *+ | | | [Form of Evergy, Inc. [removed: 2020] [added: 2021] Time-Based Restricted Stock Unit [removed: Agreement] [added: Agreement.] (Exhibit [removed: 10.20] [added: 10.22] to Evergy's Form 10-K for the fiscal year ended December 31, [removed: 2019).](http://www.sec.gov/Archives/edgar/data/54476/000171126920000012/evrg-12312019xex1020rs.htm)] [added: 2020).](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000023/evrg12312020-ex1022rsuagre.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.5 | | | *+ | | | [Form of Evergy, Inc. [removed: 2021] [added: 2022] Performance-Based Restricted Stock Unit [removed: Agreement.] [added: Agreement] (Exhibit [removed: 10.21] [added: 10.19] to Evergy's Form 10-K for the fiscal year ended December 31, [removed: 2020).](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000023/evrg12312020-ex1021rsuagre.htm)] [added: 2021).](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1019rsuagre.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.6 | | | *+ | | | [Form of Evergy, Inc. [removed: 2021] [added: 2022] Time-Based Restricted Stock Unit [removed: Agreement.] [added: Agreement] (Exhibit [removed: 10.22] [added: 10.20] to Evergy's Form 10-K for the fiscal year ended December 31, [removed: 2020).](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000023/evrg12312020-ex1022rsuagre.htm)] [added: 2021).](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1020rsuagre.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.7 | | | *+ | | | [Form of Evergy, Inc. [removed: 2022] [added: 2023] Performance-Based Restricted Stock Unit [removed: Agreement](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1019rsuagre.htm) [](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1019rsuagre.htm)[(Exhibit 10.19] [added: Agreement](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex109perform.htm) [](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex109perform.htm)[(Exhibit 10.9] to Evergy's Form 10-K for the fiscal year ended December 31, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1019rsuagre.htm)] [added: 202](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex109perform.htm)[2](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex109perform.htm)[).](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex109perform.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.8 | | | *+ | | | [Form of Evergy, Inc. [removed: 2022] [added: 2023] Time-Based Restricted Stock Unit [removed: Agreement](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1020rsuagre.htm) [](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1020rsuagre.htm)[(Exhibit 10.20] [added: Agreement (Exhibit 10.10] to Evergy's Form 10-K for the fiscal year ended December 31, [removed: 2021).](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1020rsuagre.htm)] [added: 202](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1010timexb.htm)[2](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1010timexb.htm)[).](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1010timexb.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.9] [added: 10.13] | | | + | | | [Form of Evergy, Inc. [removed: 2023] [added: 2024] Performance-Based Restricted Stock Unit [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex109perform.htm)] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex1013perfor.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.10] [added: 10.11] | | | + | | | [Form of Evergy, Inc. [removed: 2023] [added: 2024] Time-Based Restricted Stock Unit [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1010timexb.htm)] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex1011timexb.htm) [(Cliff Vesting)](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex1011timexb.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.11] [added: 10.9] | | | *+ | | | [Evergy, Inc. Long-Term Incentive [removed: 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] [added: Plan (Appendix] C to Evergy, Inc.'s Definitive Proxy Statement on Schedule 14A [removed: filed](http://www.sec.gov/Archives/edgar/data/1711269/000114036122010677/edge20001922x1_def14a.htm#tAC) [on] [added: filed on] March 23, 2022).](http://www.sec.gov/Archives/edgar/data/1711269/000114036122010677/edge20001922x1_def14a.htm#tAC) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.12] [added: 10.10] | | | *+ | | | [Evergy, Inc. [removed: 2022] [added: 2023] Annual Incentive [removed: Plan (Exhibit 10.21] [added: Plan](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm) [](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm)[(Exhibit 10.13] to Evergy's Form 10-K for the fiscal year [removed: ended] [added: en](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm)[ded] December [removed: 31, 2021).](http://www.sec.gov/Archives/edgar/data/1711269/000171126922000008/evrg12312021-ex1021executi.htm)] [added: 3](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm)[1, 202](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm)[2](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm)[).](http://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.13] [added: 10.14] | | | + | | | [Evergy, Inc. [removed: 2023] [added: 2024] Annual Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1711269/000171126923000011/evrg-12312022xex1013execut.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex1014execut.htm)] | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.14] [added: 10.15] | | | *+ | | | [David A. Campbell Offer Letter, dated December 3, 2020 (Exhibit 10.1 to Evergy's Form 8-K filed on December 8, 2020).](http://www.sec.gov/Archives/edgar/data/54476/000171126920000065/ex101offerletter1282020.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.15] [added: 10.16] | | | *+ | | | [Form of Time-Based Restricted Stock Award Agreement for David A. Campbell (Exhibit 10.3 to Evergy's Form 8-K/A filed on December 22, 2020).](http://www.sec.gov/Archives/edgar/data/54476/000171126920000074/ex103time-basedrestricteds.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.16] [added: 10.17] | | | *+ | | | [Kirkland B. Andrews Offer Letter, dated January 30, 2021 (Exhibit 10.1 to Evergy's Form 8-K filed on February 4, 2021).](http://www.sec.gov/Archives/edgar/data/54476/000171126921000008/ex101offerletter02032021.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| [removed: 10.17] [added: 10.18] | | | *+ | | | [Form of Time-Based Restricted Stock Unit Award Agreement for Kirkland Andrews (Exhibit 10.31 to Evergy's Form 10-K for the period ended December 31, 2020).](http://www.sec.gov/Archives/edgar/data/0001711269/000171126921000023/evrg-12312020xex1031andrew.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 4.68 | | | * | | | [F](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm)[ifty-First](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm) [Supplemental Indenture, dated as of March 14, 2023, between Evergy Kansa](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm)[s Centr](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm)[al, In](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm)[c. and](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm) [The Bank of New York Mellon Trust Company, N.A., as tru](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm)[s](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm)[tee (Exhibit 4.1 to Evergy's Form 8-K filed on March 14, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523070175/d409842dex41.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 4.69 | | | * | | | [Nineteenth Supplemental Indenture, dated as of April 4, 2023, between Evergy Metro and UMB Bank, N.A. (formerly United Missouri Bank of Kansas City, N.A.), as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on April 6, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523094013/d484538dex41.htm) | | | | | | Evergy Evergy Metro | | |

| 4.70 | | | * | | | [Fifty-Second Supplemental Indenture, dated as of November 15, 2023, between Evergy Kansas Central, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (Exhibit 4.1 to Evergy's Form 8-K filed on November 15, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523277894/d361726dex41.htm) | | | | | | Evergy Evergy Kansas Central | | |

| 4.71 | | | * | | | [Indenture, dated as of December 7, 2023 by and between Evergy, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee, and form of global note included therein (Exhibit 4.1 to Evergy's Form 8-K filed on December 7, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523290705/d496211dex41.htm) | | | | | | Evergy | | |

| 10.12 | | | + | | | [Form of Evergy, Inc. 2024 Time-Based Restricted Stock Unit Agreement (](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex1012timexb.htm)[Tranche](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex1012timexb.htm) [Vesting)](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex1012timexb.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.30 | | | * | | | [First Amendment to Amended and Restated Credit Agreement, dated as of June 2, 2023, by and among Evergy, Inc., Evergy Metro, Inc., Evergy Missouri West, Inc., and Evergy Kansas Central, Inc., as Borrowers, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on June 2, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523159868/d455453dex101.htm) | | | | | | Evergy Evergy Metro Evergy Kansas Central | | |

| 10.32 | | | * | | | [First Amendment to Term Loan Credit Agreement, dated as of February 23, 2023, by and among Evergy, Inc., Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on February 27, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523050783/d473084dex101.htm) | | | | | | Evergy | | |

| 10.33 | | | * | | | [Second Amendment to Term Loan Credit Agreement, dated as of November 29, 2023, by and among Evergy, Inc. Wells Fargo Bank, National association, as administrative agent, and the lenders party thereto (Exhibit 10.1 to Evergy's Form 8-K filed on December 4, 2023).](http://www.sec.gov/Archives/edgar/data/1711269/000119312523287931/d852062dex101.htm) | | | | | | Evergy | | |

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| 97 | | | | | | [Evergy, Inc. Compensation Recoupment (Mandatory Clawback) Policy effective as of October 31, 2023](https://www.sec.gov/Archives/edgar/data/1711269/000171126924000007/evrg-12312023xex97compensa.htm) | | | | | | Evergy | | |

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| | | | 2023 | | | 2022 | | | | | |

| Net income | | | $ | 729.4 | | | | | $ | 748.6 | | | | | $ | 872.8 | | | | | | | |

| Repayment of term loan facility | | | (500.0) | | | | | | — | | | | | | — | | | | | | | | |

| Proceeds from long-term debt | | | 1,379.1 | | | | | | — | | | | | | — | | | | | | | | |

| Year Ended December 31, 2023 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 31.4 | | | | | | | | $ | 15.4 | | | | | | | | $ | 10.7 | | (a) | | | | | | $ | 33.3 | | (b) | | | | | | $ | 24.2 | | | | |

| Tax valuation allowance | | | | | | 12.8 | | | | | | | | | 3.5 | | | | | | | | | — | | | | | | | | | 1.5 | | | (c) | | | | | | 14.8 | | | | | |

| Years Ended December 31, 2023, 2022 and 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Year Ended December 31, 2023 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 16.9 | | | | | | | | $ | 7.7 | | | | | | | | $ | 4.7 | | (a) | | | | | | $ | 17.7 | | (b) | | | | | | $ | 11.6 | | | | |

| Years Ended December 31, 2023, 2022 and 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Year Ended December 31, 2023 | | | (millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 9.3 | | | | | | | | $ | 5.0 | | | | | | | | $ | 4.1 | | (a) | | | | | | $ | 10.5 | | (b) | | | | | | $ | 7.9 | | | | |

| Year Ended December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Neal Sharma* | | | Director | | | ) | | | | | |

| Date: February 28, 2024 | | | /s/ David Campbell | | | | | |

| /s/ David Campbell | | | Director, President and Chief Executive Officer | | | ) | | | February 28, 2024 | | |

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| Neal Sharma* | | | Director | | | ) | | | | | |

| Date: February 28, 2024 | | | /s/ David Campbell | | | | | |

| Notes payable and commercial paper | | | — | | | | | | 358.0 | | |

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

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| Allowance for uncollectible accounts | | | | | | $ | 10.5 | | | | | | | | $ | 24.9 | | | | | | | | $ | 12.5 | | (e) | | | | | | $ | 28.6 | | (b) | | | | | | $ | 19.3 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 3.8 | | | | | | | | $ | 11.1 | | | | | | | | $ | 2.6 | | (a) | | | | | | $ | 10.0 | | (b) | | | | | | $ | 7.5 | | | | |

| Allowance for uncollectible accounts | | | | | | $ | 4.6 | | | | | | | | $ | 9.0 | | | | | | | | $ | 6.9 | | (a) | | | | | | $ | 12.4 | | (b) | | | | | | $ | 8.1 | | | | |

| S. Carl Soderstrom Jr.* | | | Director | | | ) | | | | | |