Kansas utility Evergy, Inc. announced its first quarter 2021 earnings were $192 million or 84 cents a share. The total was nearly three times the $69 million and 31 cents a share for the first quarter a year earlier.
The harsh February winter storm was credited for the large jump in earnings. The company said the earnings per share were driven higher primarily by favorable power marketing margins gained during the storm.
Evergy’s adjusted earnings and adjusted earnings per share were $125 million and $0.55, respectively, in the first quarter of 2021 compared with $94 million and $0.41, respectively, in the first quarter of 2020.
“We are off to a solid start in 2021,” said David Campbell, Evergy president and chief executive officer. “Our team continues to execute – delivering strong financial results in the first quarter and advancing several key regulatory and legislative objectives.”
Evergy recently announced its Integrated Resource Plan (IRP), which outlines and accelerates the company’s carbon reduction timeline. Evergy plans to add 3,200 megawatts of renewable generation and retire nearly 1,200 megawatts of coal-based generation in the next 10 years.
The plan balances sustainability, reliability, and affordability, and outlines Evergy’s goal to achieve net-zero carbon emissions by 2045, enabled by a combination of supportive energy policies and ongoing technology developments. As part of the plan, Evergy also announced an interim target to reduce its carbon emissions 70 percent by 2030, relative to 2005 levels.
“Our net-zero carbon emission goal establishes a vision of accelerating our transition toward cleaner energy, benefitting our customers, communities and stakeholders,” said Campbell. “The growth of renewable energy will bring economic benefits to our region through cost-competitive generation and investment in rural communities. Our plan will also assist our customers in meeting their own sustainability goals.”
Source: Business Wire