Utilities
Utilities - Regulated Electric
$13.95B
4.7K
Key insights and themes extracted from this filing
Net income attributable to Evergy, Inc. decreased $19.9 million YoY to $122.7 million, primarily due to higher depreciation and taxes other than income tax expense. This was partially offset by new Evergy Kansas Central retail rates effective in December 2023, lower pension non-service costs and lower income tax expense.
Evergy's gross margin (GAAP) decreased $21.6 million YoY, driven by a $11.0 million decrease due to 2023 mark-to-market gains related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC.
Evergy's utility gross margin (non-GAAP) increased $20.5 million YoY, driven by a $31.5 million net increase primarily from new retail rates in Kansas effective in December 2023, partially offset by a $6.7 million decrease primarily from lower Evergy Metro retail rates.