KCC approves merger between Westar, Kansas City Power & Light - KCTV5 News

KCC approves merger between Westar, Kansas City Power & Light

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TOPEKA, KS (KCTV) -

On Thursday, the Kansas Corporation Commission approved a settlement agreement giving Westar Energy and Great Plains Energy, the parent company of Kansas City Power & Light, approval to merge as equals.

Under the agreement, the two companies will become wholly owned subsidiaries of a new parent company and serve more than 1.5 million customers in Kansas and Missouri.

The stock-for-stock merger of equals creates a holding company of approximately $15 billion equity value, which will be named Evergy, Inc. 

As the regulator of public utilities in Kansas, the commission was charged with determining if the merger is in the public interest.

“In its review of the merger standards, the Commission found the merger, as modified by the Settlement Agreement plus one additional condition, is in the public interest,” a release about the decision said. “The additional condition requires the companies to develop, and submit for Commission approval, an Integrated Resource Plan (IRP) reporting process within three months of the close of the transaction. The implementation of the IRP will ensure the merger maximizes the use of Kansas energy resources.”

The full decision about the merger can be read below.

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