What Evergy, Inc. told the SEC could break it.

Coal was 47% of Evergy's 2025 fuel mix (37% of 2026 capacity), with ~16 million tons of coal projected for 2026, plus natural gas/oil and uranium; fuel price/availability and power-purchase costs drive generation costs.

“Coal During 2026, Evergy's generating units, including jointly-owned units, are projected to use approximately 16 million tons of coal.”

A new EPA CCR (coal-ash) regulation expanding the 2015 rule to legacy impoundments and inactive landfills drove $72.8M of asset retirement obligations for Evergy in 2024, with further compliance costs likely as coal units operate.

“In 2024, Evergy, Evergy Kansas Central and Evergy Metro recorded $ 72.8 million, $ 44.8 million and $ 24.1 million of ARO liabilities, respectively, related to the new Environmental Protection Agency (EPA) CCR regulation focused on legacy surface impoundments and historic placements of CCR. This regulation expands applicability of the 2015 CCR regulation to inactive landfills and beneficial use sites not previously regulated.”

Evergy's Wolf Creek nuclear plant relies on a sole supplier for nuclear fuel assembly fabrication and related services; the supplier has previously been in Chapter 11, and a failure to perform could force an extended Wolf Creek outage since switching suppliers takes time and needs NRC approval.

“In addition, Wolf Creek is reliant on a sole supplier for nuclear fuel assembly fabrication and related services. The supplier has in the past been the subject of Chapter 11 reorganization proceedings, and an extended outage of Wolf Creek could occur if the supplier is not able to perform under its contracts with Wolf Creek. Switching to another supplier could take an extended amount of time and would require NRC approval.”