The following is a summary of the Evergy, Inc. (EVRG) Q1 2024 Earnings Call Transcript:
Financial Performance:
Evergy reported Q1 2024 adjusted earnings of $0.54 per share, compared to $0.59 per share a year ago, primarily due to higher operations and maintenance expense, depreciation and amortization expense, and interest expense, slightly offset by new retail rates and transmission margin.
Unusually warm weather caused heating degree days to be 11% below normal, impacting results negatively by approximately $0.07 per share.
The company reaffirmed its 2024 EPS guidance range of $3.73 to $3.93 per share and its target long-term annual adjusted EPS growth of 4% to 6% from 2023 to 2026.
Business Progress:
Evergy's Integrated Resource Plan (IRP) includes updated forecasts considering the newly announced Google data center in Missouri and other factors like construction cost estimates and commodity price forecasts.
The company aims to reduce carbon emissions using renewable and natural gas additions and is reviewing the impact of new environmental rules issued by the EPA.
Nearly half of the energy generated for customers in 2023 came from carbon-free resources, and the company is closing in on its 26 Wolf Creek nuclear refueling outages.
Major economic development projects with Google, Panasonic, and Meta are expected to contribute around 750 megawatts of load, making them the largest in their jurisdictions.
Evergy has extended its weather-normalized demand growth forecast to 2% to 3% until 2028, driven by positive economic developments including the Google data center.
Plans to accelerate investments in its system are underway to meet increasing customer demands while maintaining affordability, reliability, and sustainability.
The team at Evergy is assessing new gas sites and their impact on existing gas and grid infrastructure, with plans to introduce gas plants in the 2028 to 2030 timeframe.
More details: Evergy IR
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