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DATE

Nov. 6, 2025, at 9 a.m. ET

CALL PARTICIPANTS

  • President & CEO — David Campbell
  • Executive Vice President & CFO — Bryan Buckler

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TAKEAWAYS

  • Adjusted EPS -- $2.03 per share (non-GAAP) for the third quarter, up from $2.02 per share a year ago, driven by recovery of regulated investments and weather-normalized demand growth, partially offset by higher interest and depreciation expenses, and convertible debt dilution.
  • Year-to-date adjusted EPS -- $3.41 per share (non-GAAP), compared to $3.46 per share a year ago, reflecting weather headwinds offset by cost mitigation actions.
  • 2025 adjusted EPS guidance -- Narrowed to $3.92-$4.02 from $3.92-$4.12, with the lower midpoint reflecting a $0.13 per share negative impact from below-normal cooling degree days in the second and third quarters.
  • Dividend increase -- 4% raise to $2.78 per share annualized, targeting the midpoint of a 60%-70% payout ratio.
  • Weather-normalized demand growth -- 2% increase in the third quarter, following a 1.4% increase in the second quarter, supported by both residential and commercial usage, including the Meta data center in Missouri.
  • Operational metrics -- Year-to-date through September, generation forced outage rate and grid reliability (SAIDI) are both favorable to target, reflecting the impact of infrastructure investment.
  • Load growth forecast -- Baseline projection calls for 2%-3% annual load growth through 2029; this could rise to a 4%-5% CAGR if two new data center agreements, representing 600 megawatts by 2029, are finalized. Further upside is possible from two to three gigawatts of advanced discussions not included in current guidance.
  • Tier one large customer pipeline -- Four to six gigawatts of opportunity identified as key to the ten-year growth plan, with active projects including Lambda (potential 100 megawatts), Panasonic, Meta, and a third major customer, forecasted to deliver 1.2 gigawatts peak demand and 500 megawatts online by 2029.
  • Capital expenditure plan -- $17.5 billion capital plan supports 8.5% rate base growth through 2029, enabling grid modernization and incremental generation capacity for new and existing customers.
  • Large Load Power Service (LLPS) tariff -- Pending regulatory approval in Kansas and Missouri, the tariff establishes a higher rate for new large customers, includes minimum bill and long-term commitment requirements, and is designed to directly mitigate rate increases for existing customers.
  • Regulatory settlements -- Recent Kansas Central rate case and multiple Missouri generating resource approvals achieved via constructive settlements, advancing cost recovery for major investments.
  • Equity needs and financing -- Equity and hybrid financing to support the capital plan and maintain FFO to debt at 14%; ramp in large customer contributions beginning in 2026 may reduce future equity requirements.
  • Dividend policy -- Maintaining a targeted payout ratio of 60%-70%, with planned payout growth aligned to the updated EPS growth outlook.
  • Outlook update timing -- Comprehensive five-year outlook, including revised load forecast and capital plan, will be detailed on the year-end call in February.

SUMMARY

Evergy (EVRG 0.94%) reported a slight year-over-year increase in third quarter adjusted EPS, with management narrowing full-year guidance due to weather-related headwinds. The company outlined a $17.5 billion capital plan through 2029 to support grid modernization and new generation, and highlighted a significant pipeline of large load customers that could drive higher-than-expected demand growth. Regulatory progress in Kansas and Missouri has enabled timely cost recovery for major investments, while the pending LLPS tariff is designed to ensure new large customers bear a fair share of system costs. The board approved a 4% dividend increase for 2025, consistent with the updated growth outlook.

  • President & CEO Campbell said, "Our fundamental long-term outlook remains very strong, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it."
  • Executive Vice President & CFO Buckler said, "Large load customers in [the] pipeline could significantly improve cash flows from operations beginning in 2026, providing an opportunity to moderate equity needs."
  • President & CEO Campbell said, "Wolf Creek [nuclear plant] achieved strong safety and overall performance" as it nears completion of its 27th refueling outage, supporting operational excellence objectives.
  • President & CEO Campbell said, "New large customers will pay a higher rate than that paid by [the] existing large customers. As a result, the revenues from new customers will directly mitigate future rate increases for [the] existing customers."
  • Legislative and regulatory advances in Kansas and Missouri establish mechanisms that expedite cost recovery and encourage infrastructure investment, as evidenced by multi-party settlements and recently secured plant-in-service provisions and construction work in progress (CWIP) mechanisms.

INDUSTRY GLOSSARY

  • SAIDI: System Average Interruption Duration Index; a reliability metric quantifying the average outage duration per customer served over a set period.
  • LLPS tariff: Large Load Power Service tariff; a special rate class and contractual structure for customers with electricity demand exceeding 75 megawatts, including premium pricing and long-term commitments.
  • SPP: Southwest Power Pool; the regional transmission organization responsible for grid reliability and transmission oversight in the region served by Evergy.
  • CWIP: Construction Work in Progress; an accounting mechanism allowing utilities to include capital costs of certain projects in rate base prior to completion, reducing regulatory lag.
  • PISA: Plant-in-Service Accounting; a regulatory mechanism enabling timely recovery of investment once assets are placed in service, minimizing earnings lag between project completion and rate recognition.

Full Conference Call Transcript

David Campbell: Thanks, Pete, and good morning, everyone. I will begin on Slide five. This morning, we reported third quarter adjusted earnings of $2.03 per share compared to $2.02 per share a year ago. The increase over last year was driven by recovery of regulated investments and growth in weather-normalized demand, partially offset by higher interest and depreciation expense, and dilution from convertible debt. Our year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago. With these results year-to-date, we are narrowing our 2025 adjusted EPS guidance range to $3.92 to $4.02 per share from our original 2025 adjusted EPS guidance range of $3.92 to $4.12 per share.

The lower midpoint is primarily due to weather headwinds from below-normal cooling degree days in the second and third quarters, which negatively impacted our results by 13¢ per share. I would like to compliment the team for implementing mitigating actions across the business, offsetting more than half the weather headwind. However, we have not been able to offset the full magnitude in what has otherwise been a strong year of regulatory and operational execution while advancing our strategic objectives. Our fundamental long-term outlook remains very strong, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it. Bryan will discuss the quarterly drivers and our earnings outlook in more detail in his remarks.

We've achieved strong operational and reliability performance through September. Year-to-date, our generation availability, as measured by the forced outage rate, as well as our overall grid reliability, as measured by SAIDI, are both favorable to target. These results demonstrate the benefits of our continued infrastructure investments and the hard work of our operations teams. I'd also like to recognize Wolf Creek as it nears completion of our 27th refueling outage with strong safety and overall performance. Wolf Creek generates around 1,200 megawatts of non-carbon-emitting energy, enough to power more than 800,000 homes. I'd like to thank everyone on our nuclear team for their hard work and focus on sustaining the excellent operational performance of the plant.

I'm happy to announce a 4% increase in our quarterly dividend, or $2.78 per share on an annualized basis. This increase is consistent with our updated growth outlook and working toward the midpoint of our 60% to 70% target payout ratio. Looking ahead, we will provide a comprehensive financial outlook update on our year-end call in February. We will include refreshed views on our load forecast based on large customer impacts, our five-year capital investment plan, the related financing plan, and our long-term adjusted EPS growth outlook. The five-year capital plan will incorporate expected generation investments to serve load and meet SPP's increasing reserve margin requirements, as well as transmission and distribution projects to support reliability.

As Bryan will discuss with respect to the long-term update, we believe there are noteworthy tailwinds to our earnings power as we advance our plans to support growth and economic development that will benefit our Kansas and Missouri customers and communities. Slide six outlines our economic development pipeline and opportunities over 15 gigawatts, which relative to our size, represents one of the most robust backlogs in the country. Reflecting the geographic advantages of our region, the overall pipeline is strong in both Kansas and Missouri, and we are well-positioned to continue to attract new business. Large customer interest in the Evergy, Inc. service territory remains very strong.

Focusing on the top three categories of the pipeline, we outline a four to six gigawatt opportunity, large new customer load, that represents the most active part of our queue. This tier one demand represents a transformative ten-year growth opportunity for Evergy, Inc. When executed, we expect these projects will deliver significant regional benefits across our states, supporting a leading-edge digital economy, creating jobs, and expanding the tax base, while enabling us to spread system costs over more megawatt hours, helping to maintain affordability for all customers. We continue to work closely with tier one large load to develop and implement transmission and distribution solutions to serve their expected ramp rates over the coming year.

We are confident that we will be successful in winning and serving a large portion of this queue, which would in turn transform the size and growth of our company and enhance the economic prosperity of our region. The remaining pipeline, totaling well over 10 additional gigawatts, highlights the robust activity and sustained interest in Kansas and Missouri. Many customers have already secured land or land rights, finalized site plans, and are actively participating in capacity studies. While not all of this load will ultimately be addressable, the ongoing dialogue underscores the depth of engagement and the readiness of customers to step in should others exit the queue.

Slide seven expands upon the four to six gigawatt tier one large customer load opportunity. Beginning with the actively building category, I'm happy to report that last week, Lambda announced its plan to transform an unoccupied data center located in Kansas City, Missouri, into a state-of-the-art AI factory and data center. Their facility is expected to launch in early 2026, with 24 megawatts of capacity, and has the potential to scale up to more than 100 megawatts in the future. This project is a great example of a data center leveraging existing infrastructure with an ability to ramp load relatively quickly with minimal grid investment required, and exemplifies why Missouri is an attractive destination for projects of all sizes.

For the balance of our actively building customers, Panasonic and Meta are up and running, and our third large customer is making good progress through its heavy construction phase. Inclusive of Lambda, we now anticipate peak demand of 1.2 gigawatts for these customers, with over 500 megawatts online by 2029, supporting our demand growth forecast of 2% to 3%. Moving to the finalizing agreements category, we remain in the final stages of negotiation with large customers for two data center projects.

Subject to final agreements and project announcements, we expect to see an impact on our demand growth from these customers in 2027 and 2028, and into the next decade, which would raise the overall company demand forecast to 4% to 5% load growth through 2029. Approval of the LLPS tariffs in both states is a key next step for finalizing these negotiations. Additionally, we recently added a third data center to this category, reflecting significant progress and initial executed agreements. This project was previously in our advanced discussions category and demonstrates the high interest for large customers in advancing their projects.

We also remain in advanced discussions with multiple customers whose load will represent approximately two to three additional gigawatts of peak demand. These customers have secured land or land rights, secured site plans, and in some cases, reached letters of agreement and provided financial commitments to move the evaluations forward. Load from these customers is not contemplated in our upside view of 4% to 5% annual load growth, therefore, would be incremental. Overall, we continue to see an incredible level of interest in our service territories, and we're making progress with potential new large customers across all stages of discussion. Each category reflects potential new entrants that will empower growth, investment, and drive prosperity for our region.

Now moving to Slide eight, I'll touch on our latest regulatory developments. 2025, as you know, has been a busy year for our regulatory team, and we've demonstrated considerable progress in advancing our strategic objectives. The team's results this year reflect the constructive policy framework and economic development opportunities in both states, as well as our ability to find alignment with broad groups of stakeholders and achieve constructive settlements. Beginning with Kansas, we filed for and received approval of predetermination to own partial shares of two new combined cycle natural gas units and a solar farm, both are all at Kansas Central.

These projects were identified in our IRP preferred plan and reflect our all-of-the-above approach to meeting growing customer demand and higher capacity margin requirements in the SPP. The Kansas Corporation Commission issued an order approving a unanimous settlement agreement for Kansas Central rate case on September 25. The settlement achieved a balanced outcome for all parties, including adequate recovery from the investments needed to provide reliable, affordable electric service. A key open agenda item in Kansas is the unanimous settlement agreement we filed in our large load power service tariff docket on August 18.

The proposed tariff applies to customers with demand exceeding 75 megawatts and establishes a rate structure with a focus on large customers paying their fair share and being subject to additional protections that I'll describe later in my remarks. We believe the LLPS establishes a competitive rate that positions Evergy, Inc. to attract and serve large new loads, enabling growth and prosperity for our communities. We anticipate an order from the KCC on the settlement agreement as part of the commission's business meeting later today. Pivoting to Missouri, we've successfully advanced plans to construct new generating resources.

The MPSC approved settlement agreements in our CCN applications for two solar farms, partial ownership in two combined cycle natural gas units, and full ownership of a simple cycle natural gas plant. We believe these projects form a cost-effective package of reliable energy solutions for our customers, and this outcome demonstrates alignment with the Public Service Commission's interest in securing additional generation resources for our Missouri utilities. Similar to Kansas, the large load power service tariff proceeding continues to advance in Missouri.

Parties filed a non-unanimous settlement agreement earlier this fall with terms similar to those filed in Kansas, including contractual protections, provisions to ensure that large customers pay their fair share of system costs, and a competitive rate that supports economic development. We anticipate an order from the MPSC by the end of the year. Last, the planning process for the upcoming Missouri Metro rate case is underway, and we expect to file the case in February 2026. Slide nine highlights legislation and regulatory mechanisms that support growth in our region and help to position Kansas and Missouri as premier destinations for infrastructure investment to ensure reliability and new advanced manufacturing facilities, data centers, and other large projects.

These mechanisms are the product of broad-based alignment between Evergy, Inc., the governor's office, state legislators, regulatory commissions, and key stakeholders, as well as our shared commitment to seize on the growth opportunities ahead of us for our customers and communities. Constructive regulatory frameworks that enable timely infrastructure investment to meet the needs of both existing and new customers are critical to our success, and the bills passed over the past two years in both states advance these priorities. This supportive landscape reinforces our region's position as a top destination for growth. Evergy, Inc. is committed to delivering safe, affordable, and reliable service to our 1.7 million customers.

As large new customers join our system, all stakeholders benefit from broader cost sharing and unprecedented economic development. I'll conclude my remarks with Slide 10, which highlights the core tenets of our strategy. I'll focus specifically on affordability. Since the merger that created Evergy, Inc., we have achieved tremendous progress on affordability and regional rate competitiveness, driven by significant reductions through our cost structure and investing at a slower pace than peer utilities. Over that time, our rate trajectory has remained well below regional peers and far below inflation. This required hard decisions and the full focus and dedication of everyone in our company.

I'm very proud of the results that these activities enable us to deliver for all of our customers. It is critical that we sustain this momentum as we enter a new era of growth in demand and economic development. This new era will require the same level of dedication and focus from our company, and that's exactly what we intend to deliver. As part of that focus, we will continue to invest in infrastructure and operate our business in a way that maintains reliability and benefits all of our communities. Higher levels of investment to serve new large customers must be fairly borne by those customers, and we designed our large load power service tariffs to do exactly that.

Under the proposed LLPS tariff, new large customers will pay a higher rate than that paid by our existing large customers. As a result, the revenues from new customers will directly mitigate future rate increases for our existing customers, as we're able to spread the fixed cost of our system over a broader base. In short, new large customers will pay a reasonable premium to the cost to serve them while also maintaining a competitive rate, and all customers will benefit from a modernized grid and new highly efficient generation resources.

The tariffs are also designed with key safeguards in place, including, among others, customer commitments of twelve to seventeen-year terms, an 80% minimum monthly bill requirement, exit fees upon early termination, and collateral posting. It's important to note this tariff structure is consistent with the intent of our large new customers to be good stewards as part of our Kansas and Missouri communities. In the LLPS dockets, they were active participants throughout the process and, along with many other stakeholders, contributed to and signed on to the settlement. As I noted earlier, these agreements are currently pending approval by the Kansas Corporation Commission and Missouri Public Service Commission, with the KCC's decision expected later today.

Collaboration with large customers does not stop at paying their fair share. Their projects will create construction jobs, permanent jobs, and expanded property tax base, and community health development benefits. As an example, one of our customers announced it will bring its skilled trades and readiness or STAR program to the Kansas City area. The company is collaborating with Missouri Works Initiative and the Urban League to help increase the entry-level pipeline in the skilled trades, with a focus on underrepresented communities. All STAR pre-employment programs are paid training programs and offer networking opportunities to help participants move directly to employment on local construction projects. We hope and expect that this example will be just one of many.

The vitality of our region has made it an attractive destination for advanced manufacturing and data center customers, and their investments, in turn, have tremendous potential to drive a cycle of growth and prosperity in Kansas and Missouri for years to come. I will now turn the call over to Bryan.

Bryan Buckler: Thank you, David. Thank you, Pete. Good morning, everyone. Let's begin on Slide 12 with a review of our results for the quarter. For the third quarter of 2025, Evergy, Inc. delivered adjusted earnings of $475 million or $2.03 per share compared to $465 million or $2.02 per share in the third quarter of 2024. As shown on the slide from left to right, the year-over-year drivers are as follows. First, the 2% increase in weather-normalized demand growth drove the majority of the increase of $0.06 per share in the margin shown on the slide, and recovery of and return on regulated investments contributed an additional $0.11 of EPS.

Offsetting these favorable drivers are higher depreciation and interest expense related to our infrastructure investments, leading to a $0.07 decrease in EPS, and dilution from our convertible notes led to a $0.03 decrease for the quarter. Turning to Slide 13, I'll provide more detail on our sales trends. On the left-hand side of the page, you'll see weather-normalized demand increased by 2% in the third quarter as compared to last year, following the 1.4% year-over-year increase we experienced in the second quarter. This continued strong momentum was driven by increases in both residential and commercial usage, including the load from the Meta data center in Missouri that is reflected in our commercial customer class.

At a macro level, the continued robust customer demand in our service areas is supported by a strong labor market. As the Missouri, Kansas, and 4.3%. Moving to Slide 14, I'll provide some further detail on our expectations for full-year 2025 results. As David mentioned, we are narrowing our guidance range to $3.92 to $4.02, as compared to the original guidance range of $3.92 to $4.12. Our mitigation efforts of approximately $0.10 of EPS benefit are expected to offset a substantial portion of the $0.13 of headwinds experienced by below-normal cooling degree days in the second and third quarters. In addition, we now anticipate an incremental $0.02 of dilution related to our convertible notes given our recent strong stock performance.

We have forecasted incremental dilution from the convertible notes in our 2026 EPS modeling and continue to expect to achieve the top half of 4% to 6% growth in EPS in 2026, off of the midpoint of our 2025 original guidance range. As I'll discuss shortly, Evergy, Inc.'s fundamental long-term outlook remains stronger than it has been in decades, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it, which will benefit all future years in our financial plan. Slide 15 outlines a recap of our long-term financial expectations and considerations for our comprehensive growth update we will share with you during our fourth quarter call in February.

We highlight our Tier one customer opportunity of four to six gigawatts of peak load. As a reminder, our current five-year plan incorporates load growth of 2% to 3% annually through 2029, reflecting solid growth in our current customer base, and buoyed by the Panasonic, Meta, and Google projects. This load growth expectation is further bolstered by rapid development data centers such as the Lambda facility discussed by David earlier, which is able to scale more quickly than the mega data centers via their use of existing buildings and existing electric infrastructure.

Also, we are nearing final agreements with two data center customers that could drive an incremental 600 megawatts by 2029, which would raise our load growth forecast substantially to 4% to 5% on a CAGR basis through 2029. We've also made great progress with customers in the advanced discussions category, which represents a two to three gigawatt opportunity driving even more load growth toward the back half of our five-year plan. We certainly believe we have one of the most compelling customer growth opportunities in the entire industry that we expect will drive robust growth not just in our five-year forecast, but into the next decade for Evergy, Inc. and for the communities we serve.

Next, I'll discuss our capital expenditure and rate-based growth forecast. The foundational earnings power of the company will be fortified by our capital investment program. Our levels of infrastructure investment are needed for grid modernization and incremental generation capacity to support the expansion of our existing customer base and new large load customers. These are tailwinds to our current $17.5 billion capital plan and corresponding 8.5% rate base growth through 2029. On the regulatory front, to maintain the credit profile of our utilities and to incorporate the affordability benefits of large loads, which allow us to spread system costs over a broader base, we plan to be on a somewhat regular cadence of rate case proceedings.

With the large infrastructure plan comes regulatory lag. Over the past couple of years, the states in which we operate have taken proactive steps to help utilities better manage elevated depreciation and interest expense through the use of plant and service accounting mechanisms. We also utilize natural gas sealant provisions in both Kansas and Missouri. These constructive mechanisms help to reinforce our solid credit profile. During this phase of significant infrastructure build-out, we will utilize equity and equity content financing options to fund a portion of our capital requirements and to support our strong investment-grade credit rating and FFO to debt threshold of 14%.

It is important for you all to know that we will continually evaluate the overall level of equity funding needs, recognizing that large load customers in our pipeline could significantly improve our cash flows from operations beginning in 2026 and accelerating throughout the next several years. Thus, there is a real opportunity to moderate our equity needs for the current $17.5 billion capital investment plan. Now, our company can only be successful when our communities thrive, and we maintain affordability for our customers. We are committed to staying laser-focused throughout the years ahead on affordability for our current customers, and we believe our long-term plan will be successful in doing so.

As we look to rolling out our updated five-year plan in February, I'll mention again the many tailwinds to our current adjusted EPS growth outlook and a transformational opportunity for us here at Evergy, Inc. We're excited for what's to come and look forward to sharing details with you on our year-end call. And with that, we will open up the call for your questions.

Operator: Thank you. At this time, I will conduct a question and answer session. As a reminder, to ask a question, you will need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Paul Zimbardo from Jefferies. Your line is now open.

Paul Zimbardo: Hi. Good morning, team. Thank you very much. Morning. Morning, Paul. You know, thank you for the time. The first one I wanted to touch on just as we think about 2026 in Missouri, legislative session, obviously, there's been a lot of progress. In recent years for all the different flavors of utilities. Have any priorities or anticipated efforts for 2026 could this influence the rate case cadence?

David Campbell: You know, Paul, we were pleased to work closely with many stakeholders last year in Missouri. It had a list, the commission chair Han, the governor's office, legislative leadership, the utility, the key stakeholders. So there's a lot of progress made in SP4. A lot of next year will be around implementing and following through on the elements of SP4 related rule makings. So I don't anticipate there's, you know, I always talk with the team. We always talk with the team about ways that we continue to advance constructive mechanisms. But after such a busy year and such consequential legislation last year, I think it might be a little lighter calendar in 2026.

But important steps, excuse me, to undertake to advance forward on the constructive mechanisms on SP4.

Paul Zimbardo: Okay. Understood. Thank you very much. And then obviously, you've got the big refresh coming ahead. Just maybe a little bit of a peek, not so much on the numbers, but even just the cadence. In the current plan, it's slower upfront and then accelerates. With whatever the extent you do change the growth rate, should we think about that as kind of a linear profile or also accelerating as you move towards the end of the decade?

David Campbell: That ball's hard to answer that question without getting into what will be in our year-end update. So you know, I think that Bryan did a nice job of describing the multiple tailwinds that make us so excited about the prospects for growth in our region and all that's going to bring for our customers and communities. And that both the load growth element, the investments needed to make sure that we can serve that load and meet SPP's higher reserve market requirements, and the beneficial impact it can have in the financing plan.

So the, you know, our prior capital plan, you know, we laid it out by year, we'll lay it out by year in our upcoming capital plan. There's obviously a significant amount of investment. You can see what that is by year, but there's also load growth that helps to mitigate any regulatory lags. So you know, we're really excited about the tailwinds around, and I won't get ahead around that profile. I think Bryan did describe for 2026 itself. We got reaffirming our confidence in the top half of range '26, and then we'll be talking about how those tailwinds manifest themselves in the upgraded updated set of an updated financial plan that we'll outline here in the call.

Paul Zimbardo: Okay. I understand. Thank you. I had to try.

David Campbell: Yep. We're excited, Paul, if you know because it's we're excited because of the benefit it's going to bring to our region, our customers, communities, and it's, you know, the comprehensive set of factors that are driving that.

Paul Zimbardo: Absolutely. Thank you, team. Thank you.

Operator: Our next question comes from the line of Travis Miller from Morningstar. Your line is now open.

Travis Miller: Good morning.

Bryan Buckler: Thank you.

David Campbell: Morning. It seems like Kansas and Missouri have been working pretty well together here over the last few years. Wondering within your service territory, how much competition is there at the local level in terms of attracting some of these large loads? I got to think just the way all states work that there might be some competition here either legislatively, politically, local to try to get some of this economic development. Is that happening?

David Campbell: Yeah. You know, that's a great question. It's and as a person, I'm now nearly five years in this region, and I've been very impressed. And, of course, our service territory spans over to Central Kansas and Wichita, so it's much broader than just Kansas City or in their parts of the states that are more distant from the state line, but to ask the question narrowly about our region, I'm vice chair of a group called the Kansas City Area Development Council. It represents counties on both sides of the state line extending all the way to Topeka to Kansas City, and you're toward the northward southward. So it's and it's a collaborative approach.

There's actually been legislative truces in the past to mitigate potential poaching that might go on across state lines. So they really do a nice job of collaborating. You know, in the great state of Texas, I live 250 miles from the state lines, and I was reasonably close to them. Here, I'm a quarter mile from the state line, and it's the collaboration that all that happens when you've got that kind of seamless integration, I've been very impressed to see. I've got an older brother, there are times when within a family, you all you might have dynamics, and that can happen. But in general, the teamwork is strong and the collaboration's high.

Travis Miller: Okay. Okay. We'll hear more family stories later on.

David Campbell: Indeed. They offered him all the pork.

Travis Miller: Yeah. And then other question. In terms of that $17.5 billion CapEx, with assuming that you get the large load tariff there, you've got you'll have that. You'll have the PISA, the CWIP, how much of that 17 and a half would actually be subject to a typical rate case filing? Right? And suddenly, how much of that can you recover without going through a regular rate case, as you call the cadence of base rate cases?

David Campbell: Yeah. So there's ultimately, all of our investments are subject to reviews to make sure they're prudent and reasonable. There's a set of different mechanisms that help to mitigate the cash regulatory lag. You know, with PISA, in both states that mitigates the earnings lag, but, you know, we've got riders in place in both states. They just go all the way from property taxes to pension to other elements, the CWIP will help with our new natural gas plants. We lay out the different parts of our capital plan in the appendix. So the new generation component is shown like, I think it's on slide 21.

So that could give you a good measure for what which pieces of the capital plan are, you know, in the more traditional category versus what's in the new generation category. The CWIP mechanism is slightly different between Kansas and Missouri. But in both states, we were pleased to get those provisions introduced to us in Kansas 2024, and Missouri in 2025. Reflecting the support in both states. We're building new natural gas generation and recognizing that hey. That's the with the investment programs of that size, it's important to have somebody against the lag. So this out of our total capital plan, you'll see that new generation is about a third.

Two-thirds is in the traditional categories, grid modernization, ensuring reliability, keeping the lights on, and providing great service to our customers.

Travis Miller: Okay. That makes sense. So then the