The Kansas Corporation Commission has launched an investigation into Evergy’s agreement with the asset management company Elliot International.
Elliot, Evergy’s largest shareholder, approached the utility last fall with a directive to explore a sale or merger transaction — or significant cost-cutting — as ways to increase shareholder profits. The two companies reached an agreement in February, including Evergy’s creation of a new strategic review committee to “explore ways to enhance shareholder value.”
KCC staff then petitioned the commission to start an investigation, fearing the agreement would put Evergy customers at a high risk of increased rates or reduced service quality.
Evergy spokesperson Gina Penzig says the utility’s board and management team have been “resolute in our commitment to serving the best interests of all Evergy stakeholders.” She also says Evergy agrees with the need for a “robust and transparent” process when it comes to engaging stakeholders.
