Mission Statement, Vision, & Core Values (2024) of Evergy, Inc. (EVRG).

An Overview of Evergy, Inc. (EVRG)

General Summary of Evergy, Inc.

Evergy, Inc. (NYSE: EVRG) was formed in 2018 through the merger of Westar Energy and Great Plains Energy. The company is headquartered in Kansas City, Missouri, and serves approximately 1.6 million customers across Kansas and Missouri. Evergy is committed to providing safe, reliable, and sustainable energy solutions, focusing on renewable energy generation and reducing greenhouse gas emissions.

In 2024, Evergy's primary products and services include electricity generation, transmission, and distribution. The company operates a diverse energy portfolio, including wind, solar, and natural gas facilities. As of 2024, Evergy reported total sales of approximately $4.59 billion for the year, marking a significant increase from previous years driven by growth in retail and wholesale electricity sales.

Company's Financial Performance in the Latest Financial Reports

In the latest financial report for the three months ended September 30, 2024, Evergy reported operating revenues of $1,811.4 million, representing a $142.1 million increase compared to $1,669.3 million for the same period in 2023. Year-to-date revenues for September 30, 2024, reached $4,589.9 million, an increase of $269.6 million from $4,320.3 million in the previous year.

Key financial highlights include:

• Net Income: $465.6 million for Q3 2024, a year-over-year increase of $114 million.
• Adjusted Earnings (non-GAAP): $465.6 million or $2.02 per share for Q3 2024, compared to $432.3 million or $1.88 per share in Q3 2023.
• Utility Gross Margin (non-GAAP): Increased by $162.5 million year-to-date September 30, 2024, compared to the same period in 2023.

Evergy's growth was driven by several factors, including:

• A $99.9 million increase from new retail rates in Kansas effective December 2023.
• A $96.5 million increase due to recognition of a regulatory liability for customer refunds related to COLI rate credits.
• A $21.2 million increase in transmission revenue due to updated transmission costs.

Evergy as a Leader in the Industry

Evergy is recognized as a leading energy provider in the Midwest, focusing on sustainable energy solutions and innovative technologies. The company is committed to reducing carbon emissions and increasing its renewable energy portfolio, with a target of achieving 70% clean energy by 2030. Evergy's strategic initiatives and investments in renewable energy and infrastructure improvements position it as a key player in the transition to a more sustainable energy future.

As of 2024, Evergy continues to enhance its service delivery and operational efficiency, which contributes to its reputation as a trusted energy provider. Investors and stakeholders are encouraged to explore further to understand the factors that contribute to Evergy's ongoing success in the energy sector.

Mission Statement of Evergy, Inc. (EVRG)

Overview of Evergy, Inc. Mission Statement

Evergy, Inc.'s mission statement is fundamental in guiding the company's strategic direction and operational objectives. It emphasizes the company's commitment to providing reliable energy solutions, fostering sustainable practices, and delivering exceptional service to its customers. This mission underpins Evergy's long-term goals and informs its corporate strategies, ensuring that all employees and stakeholders align with the company's vision of energy leadership.

Core Component 1: Providing Reliable Energy Solutions

At the heart of Evergy's mission is the commitment to deliver reliable energy solutions. This component reflects the company's focus on maintaining a robust infrastructure that supports continuous energy supply. In 2024, Evergy reported operating revenues of $4.589 billion, demonstrating its capacity to meet customer demand effectively. The company has invested significantly in enhancing its grid resilience, with $178.7 million allocated for property, plant, and equipment additions year-to-date as of September 30, 2024.

Core Component 2: Fostering Sustainable Practices

Evergy is dedicated to fostering sustainable practices that minimize environmental impact. The company aims to transition to cleaner energy sources, with plans to construct renewable energy facilities. Notably, Evergy Kansas Central is set to develop a 159 MW solar generation facility expected to begin operations by summer 2027. This initiative is part of a broader strategy to enhance renewable energy's contribution to its energy mix, aiming for a significant reduction in carbon emissions over the coming decades.

Core Component 3: Delivering Exceptional Customer Service

Delivering exceptional customer service is a cornerstone of Evergy's mission. The company strives to enhance customer satisfaction through reliable service and responsive support. Evergy's net income attributable to the company for the three months ended September 30, 2024, was $465.6 million, reflecting its effective customer engagement and operational efficiency. Moreover, the company has implemented various customer programs aimed at improving service delivery and engagement, ensuring that customer needs remain a priority in its operations.

Vision Statement of Evergy, Inc. (EVRG)

Vision Statement of Evergy, Inc. (2024)

Evergy, Inc. aims to be a leader in the energy sector, focusing on sustainability, reliability, and innovation. The company envisions a future where energy is clean, affordable, and accessible to all, while also committing to environmental stewardship and community engagement.

1. Commitment to Sustainability

Evergy is dedicated to reducing its carbon footprint through investments in renewable energy sources. By 2024, the company plans to significantly increase its generation from renewable sources, targeting a total of 30% from wind and solar combined. Evergy's sustainability initiatives include:

• Investment of approximately $1.2 billion in renewable projects over the next five years.
• Construction of the Kansas Sky solar facility, expected to generate 159 MW by 2027.
• Development of two combined-cycle natural gas plants with a capacity of 705 MW, expected to start operations by 2029.

2. Ensuring Reliability

Evergy prioritizes the reliability of its energy supply to enhance customer satisfaction. The company has set ambitious goals to improve its service reliability metrics:

• Aim to achieve a System Average Interruption Duration Index (SAIDI) of less than 90 minutes by 2024.
• Investment in grid modernization projects totaling $500 million over the next three years.
• Implementation of advanced metering infrastructure to enhance service delivery and outage management.

3. Innovation in Energy Solutions

Evergy is committed to innovation and leveraging technology to enhance energy efficiency and customer engagement. The company’s initiatives include:

• Deployment of smart grid technologies to optimize energy distribution.
• Development of customer-centric programs aimed at promoting energy efficiency.
• Collaboration with technology partners to explore advancements in battery storage solutions.

4. Community Engagement and Support

Evergy's vision emphasizes strong community ties and support. The company plans to:

• Invest $10 million annually in community development and educational initiatives.
• Launch programs to assist low-income customers with energy bills.
• Enhance partnerships with local organizations to promote energy literacy.

Through these strategic components, Evergy, Inc. seeks to fulfill its vision of leading the energy industry into a sustainable and reliable future, aligning its operations with the needs and values of the communities it serves.

Core Values of Evergy, Inc. (EVRG)

Integrity

Integrity is a fundamental core value at Evergy, Inc. It reflects the company's commitment to honesty, transparency, and ethical conduct in all business practices. This value is crucial for building trust with customers, employees, and stakeholders.

Evergy has demonstrated integrity through its rigorous compliance programs and transparency in reporting. For example, in 2024, Evergy implemented a new ethics training program for all employees, ensuring that they understand the importance of ethical decision-making in their roles. This program included a series of workshops and online courses, reaching over 90% of the workforce.

Customer Commitment

Customer commitment is another core value that signifies Evergy's dedication to providing reliable and responsive service to its customers. This value is essential for maintaining customer satisfaction and loyalty.

In 2024, Evergy launched a new customer service initiative, which included the introduction of a 24/7 customer support hotline. This service resulted in a 15% increase in customer satisfaction ratings, as reported in the company's quarterly survey. Additionally, Evergy has invested $200 million in upgrading its infrastructure to enhance service reliability, aiming to reduce outage times by 20% over the next three years.

Innovation

Innovation is a core value that drives Evergy to continuously improve and adapt to the changing energy landscape. This value is vital for fostering a culture of creativity and forward-thinking.

In 2024, Evergy invested $150 million in research and development for renewable energy technologies. This investment includes projects focused on solar and wind energy, with the goal of increasing renewable energy generation by 30% by 2027. Evergy also launched a pilot program for smart grid technology, which is expected to improve energy efficiency for over 100,000 customers.

Safety

Safety is a core value that underscores Evergy's commitment to the health and well-being of its employees and the communities it serves. This value is critical in the utility industry, where safety is paramount.

In 2024, Evergy reported a 25% reduction in workplace accidents following the implementation of a comprehensive safety training program. The program included regular safety drills and enhanced safety protocols, which have been recognized by industry standards. Moreover, Evergy's community engagement efforts included safety workshops for local residents, focusing on electrical safety and emergency preparedness.

Community Engagement

Community engagement is a core value that emphasizes Evergy's responsibility to give back to the communities it serves. This value is essential for fostering strong relationships and enhancing community well-being.

In 2024, Evergy committed $10 million to community development projects, focusing on education, sustainability, and economic development. The company partnered with local organizations to provide scholarships for students pursuing careers in energy and environmental sciences. Additionally, Evergy organized volunteer days, where employees contributed over 5,000 hours of service to various community initiatives.

Updated on 16 Nov 2024

Resources:

1. Evergy, Inc. (EVRG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Evergy, Inc. (EVRG)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Evergy, Inc. (EVRG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.