2025-08-07 14:02Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.82 per share for Q2 2025, exceeding internal budget and overcoming approximately $0.09 of unfavorable weather impacts [6][26] - Year-over-year adjusted earnings decreased from $0.90 per share in Q2 2024 to $0.82 per share in Q2 2025, attributed to a 26% decrease in cooling degree days [26][27] - The company is on track for the midpoint of full-year 2025 adjusted EPS guidance of $3.92 to $4.12 per share [6][32] Business Line Data and Key Metrics Changes - The company achieved a 1.4% increase in weather-normalized demand in Q2 2025, driven by growth in residential and commercial usage [30] - The exit from the Evergy Ventures business resulted in losses of approximately $0.08 million in Q2 2025, with the remaining book value of these investments at approximately $100 million [28][29] Market Data and Key Metrics Changes - The company anticipates a peak demand of 1.1 gigawatts with 500 megawatts online by 2029, supporting an estimated demand forecast of 2% to 3% through 2029 [14][16] - The economic development pipeline includes a robust backlog of over 15 gigawatts, with significant interest from large customers in Kansas and Missouri [11][12] Company Strategy and Development Direction - The company reaffirms a long-term growth target of 4% to 6% through 2029, based on the 2025 midpoint of $4.2 per share [8][32] - The strategy focuses on affordability, reliability, and sustainability, with an emphasis on grid modernization and new generation resources [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the midpoint of adjusted EPS guidance for 2025, citing strong operational execution and favorable economic conditions [32] - The company is well-positioned to attract new customers and investments, with ongoing discussions and settlements in regulatory proceedings [20][78] Other Important Information - The Kansas Corporation Commission approved settlement agreements for new natural gas plants and solar farms, reflecting a collaborative regulatory environment [7][19] - The company is committed to investing in infrastructure to support economic development and enhance service reliability for existing and new customers [21][24] Q&A Session Summary Question: Can you expand on the timing to derisk equity needs beyond 2025? - Management indicated no planned equity raise in 2025, with approximately $600 million per year needed in 2026 and 2027, and flexibility in accessing equity markets [41][42] Question: How would a lower ramp from Panasonic impact load growth? - Management stated that the current forecast includes only 2% to 3% load growth, with additional customers potentially increasing this to 4% to 5% [43][44] Question: How does the large load customer pipeline relate to tariff proceedings? - Management noted that while tariff proceedings are important, they are not gating items for customer projects, which are advancing in parallel [76][78] Question: Are the approved solar projects subject to additional federal permitting? - Management believes the approved solar projects will qualify under current rules, but will remain flexible to adapt to any new federal guidelines [85][87]