Evergy, Inc. (NASDAQ:EVRG) Q1 2024 Earnings Call Transcript

Michael Sullivan: And then when I just think about this upcoming CapEx refresh. I think you usually do that for 5 years and the IRP is kind of more like a 10-plus year outlook. If I just — I know you’re talking about capacity upside over 10 years. But if I just look at like the next 5 plan over plan, I think we’re in a similar spot, a different mix of generation, but just wanted to try to reconcile that as we think about CapEx plan refresh and what changed in this IRP.

David Campbell: It’s a good question, Mike. You’ll see that we’ve also got some incremental. If you look at — I anticipate our CapEx refresh will be through ’28. We probably won’t introduce ’29 until February, but Kirk and the planning team may decide that they — I’ll leave it to them and where we approach that. Because we’ve got a lot of gas that’s coming in the ’28 to ’30 time frame, that will lead to some earlier spend. A lot of renewable spend, you can time a little more closely to when the online date is, but the gas plants will have an earlier spend trajectory. Part of why we’re really very pleased with the construction work in progress provisions in the legislation in HB 2527. So between that, between the evaluation that we’re doing relating to economic development between other grid modernization efforts we’re going to look at, there are some factors that we think create an upward bias in the capital plan.

But again, we’ll lay those all out when we get to the third quarter. But the IRP, just looking at a stand-alone basis, if you think about the amount of gas that we’ll be bringing on in ’29 and ’30, we do expect it will be the IRP in and of itself will also — there will be incremental investments, really reflecting the demand growth that we’re that we’ve seen in the generation we’re adding to Meta.

Operator: This now concludes the question-and-answer session. I would now like to turn it back to David Campbell for closing remarks.

David Campbell: Thank you, Brie, and thank you, everyone, for your interest in Evergy. Be safe and have a great day. This now concludes our call.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.