A new, five-year plan now being called a Sustainability Transformation Plan was announced by Evergy, Inc. on Wednesday, a plan that resulted from a review by a committee with Elliot Management Corp.
Evergy’s plan is designed to provide a speedy transition to cleaner energy, creating a great reliance on renewable energy sources.
Kansas City-based utility investor Elliott Management had originally cut a deal with Evergy back in February, the committee recommending greater investment in Evergy’s infrastructure and an increased reliance on renewable energy to increase shareholder value.
Included in the plan is an investment from Evergy of around $4.8 billion which will be used to upgrade its electrical grid, improve customer service platforms and increase access to renewable energy.
Moving closer to a reliance on sustainable energy has been one of Evergy’s goals, expected to lead to more investment in wind and solar power, as well as battery storage.
A large part of the plan will be an effort put toward Missouri and Kansas, asking for assistance in bringing to a retirement of Evergy’s coal-fueled power plants. The company would also ask the each state to issue bonds to pay off all debt owed on the plants. The bonds would then be paid through a line on customer’s bills.