Evergy reports November 5 before Missouri hearings on its 710-megawatt gas plant
Evergy reports Q3 on November 5, three weeks before Missouri hearings on its 710-megawatt gas plant. Data centers are supposed to pay for the buildout through an extra charge; Kansas counties are still writing the rules, and the street is split.
Vincent Jiang · 3 min read
Evergy−0.61% — Evergy, down 0.61 percent today reports third-quarter results before the market opens on November 5, and three weeks later the real test begins: Missouri's Public Service Commission opens local hearings on the utility's request to build a 710-megawatt gas plant and a 109-megawatt battery 7. The $19.2 billion utility serving 1.7 million Kansas and Missouri customers has made the data-center boom its growth story 7. Both states are now deciding whether the neighbors pay for it or get paid. 7
On August 31, Evergy asked the Missouri PSC for permission to build the Buchanan Bluffs Energy Center Unit 2, a 710-megawatt combined-cycle gas plant in Buchanan County, plus the Foxtrot battery storage project in Jasper County 1. Hearings start November 16 in St 1. Joseph, with two virtual sessions the next day, under docket EA-2026-0343 1. Comments may be time-limited, and the record is public. 1
The surcharge is the whole case
Evergy's own man made the bull argument in Wichita. Zach Gladhill, the utility's vice president of strategy and long-term planning, told Sedgwick County planners that data centers buying Evergy power pay an extra charge that pushes rates down for everyone else. The county's planning subcommittee declined to require projects to bring their own energy and returns on November 12. 2
In De Soto, Kansas, the load is already queued: Beale Infrastructure's four-building campus is expected on Evergy's Large Load Tariff at over 75 megawatts, with total capacity and water use undisclosed 3. Rival Digital Realty+0.84% — Digital Realty, up 0.84 percent today is buying goodwill, committing $20 million for up to $1,000 a year in tax and utility credits per household for a decade, while the city waits on a Black & Veatch noise study due March 2027 3. A neighbor petition already opposes both projects. 3
Two camps, one stock, one week
October 19: Jefferies−1.84% — Jefferies, down 1.84 percent today cut Evergy to $93 from $103 and Barclays−1.45% — Barclays, down 1.45 percent today to $86 from $92 456. October 22: HSBC initiated Buy at $92, TD Cowen at $95, BMO raised to $89, BTIG trimmed to $94 456. The mean target of $89.77 sits 5.7% above the $84.95 close, a stock up 17% this year. 456
Two new Buy initiations sit at the top of the target list, above the stock
Data
| Value | |
|---|---|
| TD Cowen | 95 |
| BTIG | 94 |
| Jefferies | 93 |
| HSBC | 92 |
| BMO | 89 |
| Barclays | 86 |
Who carries the debt if the load waits
Evergy funds the buildout first: $600 million of 6.40% junior subordinated notes due 2057 went out in August, ahead of any approved plant. 5
The quarter itself was clean. Evergy beat in Q2 at $0.88 adjusted EPS on $1.50 billion of revenue and reaffirmed full-year guidance of $4.14 to $4.34. 56 If the surcharge holds and the PSC clears Buchanan Bluffs, the load-growth math works. If counties keep writing rules into 2027, Evergy owns the gas plant, the battery and the debt while the megawatts wait 17. The November 5 call and the November 16 hearing are the dates that price it. 17
Revenue has crept up for four straight quarters while net income grew year over year
- Revenue
- Net income (x10)
Data
| Revenue | Net income (x10) | |
|---|---|---|
| Q3 '24 | $1.81B | $0.05B |
| Q4 '24 | $1.26B | $0.01B |
| Q1 '25 | $1.38B | $0.01B |
| Q2 '25 | $1.44B | $0.02B |
| Q3 '25 | $1.81B | $0.05B |
| Q4 '25 | $1.34B | $0.01B |
| Q1 '26 | $1.44B | $0.02B |
| Q2 '26 | $1.5B | $0.02B |
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