UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

EXCHANGE ACT OF 1934

or

EXCHANGE ACT OF 1934

For the transition period from _______to_______

CAUTIONARY STATEMENTS REGARDING CERTAIN FORWARD-LOOKING INFORMATION

Statements made in this report that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to the anticipated merger transaction of Great Plains Energy and Westar Energy, Inc. (Westar),our strategic plan, including, those that relate to the expected financial and operational benefits of the merger to the companies and their shareholders (including cost savings, operational efficiencies and the impact of the anticipated merger onwithout limitation, earnings per share), the expected timing of closing,share and dividend growth targets, operating and maintenance expense savings goals and future capital allocation plans; the outcome of regulatory proceedings, cost estimates of capital projects, dividend growth, share repurchases, balance sheet and credit ratings, rebates to customers, employee issueslegal proceedings; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "should," "seeks," "intends," "proposed," "projects," "planned," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Great Plains Energy and KCP&Lthe Evergy Companies are providing a number of importantrisks, uncertainties and other factors that could cause actual results to differ materially from the provided forward-looking information. These importantrisks, uncertainties and other factors include: futureinclude, but are not limited to: economic and weather conditions in regional, national and international markets and their effectsany impact on sales, prices and costs; prices and availability of electricity in regional and national wholesale markets; market perception of the energy industry, Great Plains Energy, KCP&L and Westar; changes in business strategy operations or development plans;operations; the outcomeimpact of contract negotiations for goods and services; effects of current or proposedfederal, state and federallocal political, legislative, judicial and regulatory actions or developments, including but not limited to, deregulation, re-regulation and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates thatand the Companies can charge for electricity; adverseprudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including but not limited to, air and water quality;quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and reduced demand for coal-based energy; prices and availability of electricity in wholesale markets; market perception of the energy industry and the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including but not limited to, changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of terrorist acts, including but not limited to, cyber terrorism; ability to carry out marketing and sales plans; weather conditions including, but not limited to, weather-related damage and their effects on sales, prices and costs; cost, availability, quality and deliverabilitytimely provision of fuel; the inherent uncertainties in estimating the effects of weather, economic conditionsequipment, supplies, labor and other factors on customer consumption and financial results;fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays in the anticipated in-service dates and cost increases of generation, transmission, distribution or other projects; Great Plains Energy's and Westar'sthe Evergy Companies' ability to successfully manage their transmission and integrate their respectivedistribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including but not limited to, environmental, health, safety, regulatory and financial risks; workforce risks, including but not limitedthose related to increased costs of, or changes in, retirement, health care and other benefits; the ability of Great Plains Energydisruption, costs and Westar to obtain the regulatory approvals necessary to complete the anticipated mergeruncertainties caused by or the imposition of adverse conditions or costs in connection with obtaining regulatory approvals; the risk that a conditionrelated to the closingactions of the anticipated merger may not be satisfiedindividuals or entities, such as activist shareholders or special interest groups, that the anticipated merger may failseek to close; the outcome of any legal proceedings, regulatory proceedingsinfluence our strategic plan, financial results or enforcement matters that may be instituted relating to the anticipated merger; the costs incurred to consummate the anticipated merger;operations; the possibility that the expected value creation from the anticipated merger of Great Plains Energy Incorporated (Great Plains Energy) and Evergy Kansas Central that resulted in the creation of Evergy will not be realized, or will not be realized within the expected time period; difficulties related to the integration, including the diversion of the two companies; the credit ratings of the combined company

This list of factors is not all-inclusive because it is not possible to predict all factors. Part I, Item 1A, Risk Factors included in this report should be carefully read for further understanding of potential risks for each of Great Plains Energy and KCP&L.the Evergy Companies. Other sections of this report and other periodic reports filed by each of Great Plains Energy and KCP&Lthe Evergy Companies with the Securities and Exchange Commission (SEC) should also be read for more information regarding risk factors. Each forward-looking statement speaks only as of the date of the particular statement. Great Plains Energy and KCP&LThe Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.otherwise, except as required by law.

The following is a glossary of frequently used abbreviations or acronyms that are found throughout this report.

Great Plains Energy IncorporatedEvergy, Inc., Evergy Kansas Central, Inc. and Kansas City Power & Light CompanyEvergy Metro, Inc. are separate registrants filing this combined annual report on Form 10-K. The terms "Great Plains Energy,"Evergy," "Company,"Evergy Kansas Central," "KCP&L""Evergy Metro" and "Companies""Evergy Companies" are used throughout this report. "Great Plains Energy" and the "Company" refer"Evergy" refers to Great Plains Energy IncorporatedEvergy, Inc. and its consolidated subsidiaries, unless otherwise indicated. "KCP&L""Evergy Kansas Central" refers to Evergy Kansas City Power & Light Company and its consolidated subsidiaries. "Companies" refers to Great Plains Energy IncorporatedCentral, Inc. and its consolidated subsidiaries, and KCP&Lunless otherwise indicated. "Evergy Metro" refers to Evergy Metro, Inc. and its consolidated subsidiaries.subsidiaries, unless otherwise indicated. "Evergy Companies" refers to Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the Evergy consolidated group.

Information in other Items of this report as to which reference is made in this Item 1 is hereby incorporated by reference in this Item 1. The use of terms such as "see" or "refer to" shall be deemed to incorporate into this Item 1 the information to which such reference is made.

Great Plains Energy, a Missouri corporation incorporated in 2001 and headquartered in Kansas City, Missouri,Evergy is a public utility holding company incorporated in 2017 and does not own or operate any significant assets other thanheadquartered in Kansas City, Missouri. Evergy operates primarily through the stock of its subsidiaries and cash and cash equivalents. Great Plains Energy's wholly ownedfollowing wholly-owned direct subsidiaries with significant operations arelisted below. In September 2019, these wholly-owned direct subsidiaries were rebranded and renamed under the Evergy brand name.

Since the rebranding in September 2019, Evergy Kansas Central, Evergy Kansas South, Evergy Metro, and Evergy Missouri West have been conducting business segment isin their respective service territories using the electric utility segment (Electric Utility)name Evergy. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operates in one segment). For information regarding the revenues, income and assets attributable to Electric Utility, see Note 22 to the consolidated financial statements. Comparative financial information and discussion regarding Electric Utility can be found in Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A).

Merger with Westar Energy, Inc.

Evergy was incorporated in 2017 as of May 29, 2016, by and among Great PlainsMonarch Energy Westar and GP Star,Holding, Inc. (GP Star) (Original Merger Agreement) in which Great Plains Energy would have acquired Westar for(Monarch Energy), a combination of cash and shareswholly-owned subsidiary of Great Plains Energy common stock. In April 2017, The State Corporation CommissionIncorporated (Great Plains Energy). Prior to the closing of the State of Kansas (KCC) issued an order denying Great Plains Energy's, KCP&L'smerger transactions, Monarch Energy changed its name to Evergy and Westar's joint applicationdid not conduct any business activities other than those required for the approval of the acquisition citing concerns with the purchase price, Great Plains Energy's capital structure, quantifiableits formation and demonstrable customer benefits and staffing levels in Westar's service territory, among other items.

On June 4, 2018, Evergy completed the mergers contemplated by the Amended Merger Agreement, subject toAgreement. As a result of the satisfaction or waiver of certain conditions,mergers, Great Plains Energy will mergemerged into Evergy, with and into Holdco, with HoldcoEvergy surviving suchthe merger and Merger Sub will mergeKing Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. Following the completion of these mergers, Evergy Kansas Central and into Westar, with Westar surviving such merger. Pursuant to the Amended Merger Agreement, at closing each outstanding sharedirect subsidiaries of Great Plains Energy'sEnergy, including Evergy Metro and Westar's common stock will be converted into the right to receive 0.5981 and 1.0, respectively,Evergy Missouri West, became wholly-owned subsidiaries of validly issued, fully paid and nonassessable shares of common stock, no par value, of Holdco. Following the mergers, Holdco, with a new name that has yet to be established, will be the parent of Great Plains Energy's direct subsidiaries, including KCP&L, and Westar.Evergy.

The anticipated merger with Westar has beenwas structured as a merger of equals in a tax-free exchange of shares that involvesinvolved no premium paid or received with respect to either Great Plains Energy or Westar. Following the completionEvergy Kansas Central. As a result of the anticipatedclosing of the merger Westar shareholders will own approximately 52.5 percent andtransaction, each outstanding share of Great Plains Energy shareholders will own approximately 47.5 percentcommon stock was converted into 0.5981 shares of Evergy common stock and each outstanding share of Evergy Kansas Central common stock was converted into 1 share of Evergy common stock.

Evergy Kansas Central was determined to be the accounting acquirer in the merger and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to amounts for periods after the closing of the combined company. merger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from June 4, 2018, the date of the closing of the merger, and thereafter.

See Note 2 to the consolidated financial statements for additionalmore information concerningregarding the anticipated merger with Westar.

KCP&LEvergy Kansas Central's and GMOEvergy Metro's Kansas operations are regulated by the State Corporation Commission of the State of Kansas (KCC) and Evergy Metro's Missouri operations and Evergy Missouri West are regulated by the Public Service Commission of the State of Missouri (MPSC) and KCP&L is also regulated by KCC, in each case with respect to retail rates, certain accounting matters, standards of service and, in certain cases, the issuance of securities, certification of facilities and

service territories. KCP&L and GMOThe Evergy Companies are also subject to regulation by Thethe Federal Energy Regulatory Commission (FERC) with respect to transmission, wholesale sales and rates and other matters. KCP&LEvergy has a 47%an indirect 94% ownership interest in Wolf Creek Generating Station (Wolf Creek), which is subject to regulation by the Nuclear Regulatory Commission (NRC) with respect to licensing, operations and safety-related requirements.

The table below summarizes the rate orders in effect for KCP&L'sEvergy Kansas Central's, Evergy Metro's and GMO'sEvergy Missouri West's retail rate jurisdictions.

MissouriEvergy expects its 2020 Kansas and KansasMissouri jurisdictional retail revenues averagedto be approximately 70%60% and 30%40%, respectively, based on historical averages of Electric Utility'sEvergy Kansas Central's, Evergy Metro's and Evergy Missouri West's total retail revenues over the last three years.revenues.

See Item 7 MD&A, Critical Accounting Policies section, and Note 65 to the consolidated financial statements for additional information concerning regulatory matters.

Missouri and Kansas continue to operate on the fully integrated and regulated retail utility model. As a result, KCP&L and GMOthe Evergy Companies do not compete with others to supply and deliver electricity in itstheir franchised service territory, although other sourcesterritories in exchange for agreeing to have their terms of energy can provide alternatives to retail electric utility customers.service regulated by state regulatory bodies. If Missouri or Kansas were to pass and implement legislation authorizing or mandating retail choice, Electric UtilityEvergy may no longer be able to apply regulated utility accounting principles to deregulated portions of its operations, andwhich may be requiredrequire a surcharge to write offrecover certain costs from legacy customers or could lead to a write-off of certain regulatory assets and liabilities.

Electric UtilityEvergy competes in the wholesale market to sell power in circumstances when the power it generates is not required for retail customers in its service territory. This competition primarily occurs within the Southwest Power Pool, Inc. (SPP)SPP Integrated Marketplace, in which KCP&LEvergy Kansas Central, Evergy Metro and GMOEvergy Missouri West are participants. Similar to other Regional Transmission Organization (RTO) or Independent System Operator (ISO) markets currently operating, thisThis marketplace determines which generating units among market participants should run, within the operating constraints of a unit, at any given time for maximum regional cost-effectiveness.

In this regard, Electric Utility competes with other regional power suppliers, principally other utilities within theThe SPP Integrated Marketplace onis similar to other Regional Transmission Organization (RTO) or Independent System Operator (ISO) markets currently operating in other regions of the basis of availability and price. Electric Utility's wholesale revenues averaged approximately 5% of its total revenues over the last three years.United States.

Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and GMOsubsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kV double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.

Since the rebranding in September 2019, Evergy Kansas Central, Evergy Kansas South, Evergy Metro, and Evergy Missouri West have enteredbeen conducting business in their respective service territories using the name Evergy. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operates in one segment). Evergy serves approximately 1,604,300 customers located in Kansas and Missouri. Customers include approximately 1,407,700 residences, 189,600 commercial firms and 7,000 industrials, municipalities and other electric utilities. Evergy is significantly impacted by seasonality with approximately one-third of its retail revenues recorded in the third quarter.

On June 4, 2018, Evergy completed the mergers contemplated by the Amended Merger Agreement. As a result of the mergers, Great Plains Energy merged into coal-purchase contractsEvergy, with various suppliersEvergy surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. Following the completion of these mergers, Evergy Kansas Central and the direct subsidiaries of Great Plains Energy, including Evergy Metro and Evergy Missouri West, became wholly-owned subsidiaries of Evergy.

The merger was structured as a merger of equals in Wyoming's Powder River Basin (PRB),a tax-free exchange of shares that involved no premium paid or received with respect to either Great Plains Energy or Evergy Kansas Central. As a result of the nation's principal supply regionclosing of low-sulfur coal,the merger transaction, each outstanding share of Great Plains Energy common stock was converted into 0.5981 shares of Evergy common stock and with local suppliers. The coaleach outstanding share of Evergy Kansas Central common stock was converted into 1 share of Evergy common stock.

Evergy Kansas Central was determined to be provided under these contracts is expectedthe accounting acquirer in the merger and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to satisfy approximately 95%amounts for periods after the closing of the projected coal requirements formerger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from June 4, 2018, and approximately 40% for 2019. The remainderthe date of the coal requirementsclosing of the merger, and thereafter.

service territories. The Evergy Companies are also subject to regulation by the Federal Energy Regulatory Commission (FERC) with respect to transmission, wholesale sales and rates and other matters. Evergy has an indirect 94% ownership interest in Wolf Creek Generating Station (Wolf Creek), which is expectedsubject to regulation by the Nuclear Regulatory Commission (NRC) with respect to licensing, operations and safety-related requirements.

Evergy expects its 2020 Kansas and Missouri jurisdictional retail revenues to be fulfilled through additional contracts or spot market purchases.

See Item 7 MD&A, Critical Accounting Policies section, and Note 5 to the consolidated financial statements for additional information regarding nuclear plant.

Available Information

Great Plains Energy's website is www.greatplainsenergy.comThe SEC maintains an internet site that contains reports, proxy and KCP&L's website is www.kcpl.com. Information contained on these websites is not incorporated herein. Theinformation statements and other information regarding issuers that file electronically with the SEC at sec.gov. Additionally, information about the Evergy Companies, make available, free of charge, on or throughincluding their websites, theircombined annual reports on Form 10-K, combined quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) ofwith the Securities Exchange Act of 1934, as amended (Exchange Act),SEC, is also available through the Evergy Companies' website, www.evergy.com. Such reports are accessible at no charge and are made available as soon as reasonably practicablepractical after the companies electronically file such material is filed with or furnish itfurnished to the SEC. In addition, the Companies make available on or through their websites all other reports, notifications and certifications filed electronically with the SEC.

Investors should note that the Evergy Companies announce material financial information in SEC filings, press releases and public conference calls. Based on guidance fromIn accordance with SEC guidelines, the SEC, theEvergy Companies mayalso use the Investor Relations section of Great Plains Energy'stab on their website, (www.greatplainsenergy.com)www.evergy.com, to communicate with investors about Great Plains Energy and KCP&L.investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Great Plains Energy'sEvergy's website is not part of this document.

The valuefollowing is a glossary of frequently used abbreviations or acronyms that are found throughout this report.

Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. are separate registrants filing this combined annual report on Form 10-K. The terms "Evergy," "Evergy Kansas Central," "Evergy Metro" and "Evergy Companies" are used throughout this report. "Evergy" refers to Evergy, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Kansas Central" refers to Evergy Kansas Central, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Metro" refers to Evergy Metro, Inc. and its consolidated subsidiaries, unless otherwise indicated. "Evergy Companies" refers to Evergy, Evergy Kansas Central, and Evergy Metro, collectively, which are individual registrants within the sharesEvergy consolidated group.

Information in other Items of Holdco common stockthis report as to which reference is made in this Item 1 is hereby incorporated by reference in this Item 1. The use of terms such as "see" or "refer to" shall be deemed to incorporate into this Item 1 the information to which such reference is made.

Merger of Great Plains Energy and Evergy Kansas Central

On June 4, 2018, Evergy completed the mergers contemplated by the Amended Merger Agreement. As a result of the mergers, Great Plains Energy merged into Evergy, with Evergy surviving the merger and King Energy merged into Evergy Kansas Central, with Evergy Kansas Central surviving the merger. A significant amountFollowing the completion of time will have elapsed betweenthese mergers, Evergy Kansas Central and the dates when the shareholdersdirect subsidiaries of Great Plains Energy, votedincluding Evergy Metro and Evergy Missouri West, became wholly-owned subsidiaries of Evergy.

The merger was structured as a merger of equals in a tax-free exchange of shares that involved no premium paid or received with respect to approveeither Great Plains Energy or Evergy Kansas Central. As a result of the Amended Merger Agreement atclosing of the shareholders' meeting on November 21, 2017, and the date when the anticipated merger is completed. The absolute and relative price of sharestransaction, each outstanding share of Great Plains Energy common stock may vary significantly betweenwas converted into 0.5981 shares of Evergy common stock and each outstanding share of Evergy Kansas Central common stock was converted into 1 share of Evergy common stock.

Evergy Kansas Central was determined to be the accounting acquirer in the merger and thus, the predecessor of Evergy. Evergy had separate operations for the period beginning with the quarter ended June 30, 2018, and references to amounts for periods after the closing of the merger relate to Evergy. The results of Great Plains Energy's direct subsidiaries have been included in Evergy's results of operations from June 4, 2018, the date of the meetings, the date of this report and the dateclosing of the completionmerger, and thereafter.

Evergy Kansas Central's and Evergy Metro's Kansas operations are regulated by the State Corporation Commission of the anticipated merger. These variations may be causedState of Kansas (KCC) and Evergy Metro's Missouri operations and Evergy Missouri West are regulated by among other things, changes in the businesses, operations, results or prospects of Great Plains Energy and Westar, market expectationsPublic Service Commission of the likelihood thatState of Missouri (MPSC), in each case with respect to retail rates, certain accounting matters, standards of service and, in certain cases, the anticipated merger will be completedissuance of securities, certification of facilities and

service territories. The Evergy Companies are also subject to regulation by the timing of completion, the prospects of post-merger operations, general marketFederal Energy Regulatory Commission (FERC) with respect to transmission, wholesale sales and economic conditionsrates and other factors. In addition, it is impossible to predict accurately the market price of the Holdco common stock to be received by Great Plains Energy shareholders after the completion of the anticipated merger. Accordingly, the price of Great Plains Energy common stock on the date of this report and on the date of the meetings may not be indicative of the price immediately prior to completion of the anticipated merger and the price of Holdco common stock after the anticipated merger is completed.

Missouri and Kansas continue to operate on the fully integrated and regulated retail utility model. As a result, the Evergy Companies do not compete with others to supply and deliver electricity in their respective subsidiaries, (4) there cannotfranchised service territories in exchange for agreeing to have their terms of service regulated by state regulatory bodies. If Missouri or Kansas were to pass and implement legislation authorizing or mandating retail choice, Evergy may no longer be any laws or judgments, whether preliminary, temporary or permanent,able to apply regulated utility accounting principles to deregulated portions of its operations, which may prevent, make illegalrequire a surcharge to recover certain costs from legacy customers or prohibitcould lead to a write-off of certain regulatory assets and liabilities.

Evergy competes in the completionwholesale market to sell power in circumstances when the power it generates is not required for retail customers in its service territory. This competition primarily occurs within the SPP Integrated Marketplace, in which Evergy Kansas Central, Evergy Metro and Evergy Missouri West are participants. This marketplace determines which generating units among market participants should run, within the operating constraints of a unit, at any given time for maximum regional cost-effectiveness.

The SPP Integrated Marketplace is similar to other Regional Transmission Organization (RTO) or Independent System Operator (ISO) markets currently operating in other regions of the anticipated merger, (5) subjectUnited States.

Evergy has 14,700 MWs of owned generating capacity and renewable purchased power agreements. Evergy's owned generation and purchased power from others, as a percentage of total MWhs generated and purchased, was approximately 71% and 29%, respectively, over the last two years. Evergy purchases power to certain materiality exceptions,meet its customers' needs, to satisfy firm power commitments or to meet renewable energy standards. Management believes Evergy will be able to meet its future purchased power needs due to the representationscoordination of planning and warranties madeoperations in the SPP region and existing power purchase agreements; however, price and availability of power purchases may be impacted during periods of high demand.

Evergy's total capacity by Great Plains Energyfuel type, including both owned generating capacity and Westar, respectively, mustpurchased power agreements, is detailed in the table below.

There have been, and management believes there will continue to be, accuratepolicy, legal and regulatory efforts to influence climate change, such as efforts to reduce greenhouse gas emissions (GHG), impose a tax on emissions and create incentives for low-carbon generation and energy efficiency. These efforts, and climate change itself, have the parties must comply with their respective obligations underpotential to adversely affect the Amended Merger Agreement, (6) Great Plains EnergyEvergy Companies' results of operations, financial position and Westar must receive certain tax opinions, (7) there cannot be any sharescash flows. See Part I, Item 1A, Risk Factors, for additional information.

The Evergy Companies have taken, and will continue to take, proactive measures to mitigate the impact of Great Plains Energy preference stock outstanding and (8) Great Plains Energy must have not less than $1.25 billion in cash or cash equivalentsclimate change on its balance sheet. Ifbusinesses. For example, the foregoingEvergy Companies regularly conduct preparedness exercises for a variety of disruptive events, including storms, which may become more frequent or intense due to climate change. In addition, the Evergy Companies have invested, and will continue to invest, in grid resiliency. Much of the Evergy Companies' infrastructure is aged, and grid resiliency efforts include building additional transmission and distribution lines, replacing aged infrastructure and proactively managing the vegetation that can damage systems during severe weather. The Evergy Companies also monitor water conditions at their generating facilities and focus on water conservation at these facilities to address resource depletion.

Since 2005, the Evergy Companies have added over 3,500 megawatts of renewables, while retiring more than 2,400 megawatts of fossil generation. The transition of their generation fleet has allowed the Evergy Companies to reduce carbon emissions by almost 40% since 2005. The Evergy Companies are also committed to transparency. On its website, www.evergy.com, Evergy provides quantitative and qualitative data regarding various environmental, social and governance matters, including information related to emissions, waste and water. The contents of the website and report are not satisfiedincorporated into this filing.

Evergy Kansas Central, a Kansas corporation incorporated in 1924 and approvals required to complete the anticipated merger. Governmental or regulatory agencies could seek to block or challenge the anticipated merger or could impose restrictions they deem necessary or desirableheadquartered in Topeka, Kansas, is an integrated, regulated electric utility that engages in the public interest as a condition to approvinggeneration, transmission, distribution and sale of electricity. Evergy Kansas Central serves approximately 716,200 customers located in central and eastern Kansas. Customers include approximately 624,400 residences, 87,300 commercial firms, and 4,500 industrials, municipalities and other electric utilities. Evergy Kansas Central's retail revenues averaged approximately 76% of its total operating revenues over the anticipated merger. Great Plains Energylast three years. Wholesale firm power, bulk power sales, transmission and Westar will be unable to completemiscellaneous electric revenues accounted for the anticipated merger until the consents and approvals have been received from KCC, the MPSC, the NRC, FERC and The Federal Communication Commission (FCC) (collectively referred to as the “required governmental approvals”). Regulatory authorities may impose certain requirements or obligations as conditions for their approval. The Amended Merger Agreement may require Great Plains Energy and/or Westar to accept conditions from these regulators that could adversely impact the combined company. If the required governmental approvals are not received, or they are not received on terms that satisfy the conditions set forthremainder of Evergy Kansas Central's revenues. Evergy Kansas Central is significantly impacted by seasonality with approximately one-third of its retail revenues recorded in the Amended Merger Agreement, then neither Great Plains Energy nor Westar will be obligated to completethird quarter.

Evergy Metro, a Missouri corporation incorporated in 1922 and headquartered in Kansas City, Missouri, is an integrated, regulated electric utility that engages in the anticipated merger.generation, transmission, distribution and sale of electricity. Evergy Metro serves approximately 558,200 customers located in western Missouri and eastern Kansas. Customers include approximately 493,300 residences, 62,900 commercial firms, and 2,000 industrials, municipalities and other electric utilities. Evergy Metro's retail revenues averaged approximately 92% of its total operating revenues over the last three years. Wholesale firm power, bulk power sales and miscellaneous electric revenues accounted for the remainder of Evergy Metro's revenues. Evergy Metro is significantly impacted by seasonality with approximately one-third of its retail revenues recorded in the third quarter. Missouri and Kansas jurisdictional retail revenues for Evergy Metro averaged approximately 56% and 44%, respectively, of total retail revenues over the last three years.

At December 2017,31, 2019, the Federal Trade Commission (FTC) granted Great Plains Energy's request for early terminationEvergy Companies had 4,617 employees, including 2,520 represented by five local unions of the waiting period under the Hart-Scott-Rodino (HSR) Act.

Set forth below is information relating to blockthe executive officers of Evergy, Inc. Each executive officer holds the same position with each of Evergy Kansas Central, Inc., Evergy Metro, Inc., Evergy Kansas South, Inc. and Evergy Missouri West, Inc. as he or challengeshe does with Evergy, Inc. Executive officers serve at the anticipated mergerpleasure of the board of directors. There are no family relationships among any of the executive officers, nor any arrangements or understandings between any executive officer and other persons pursuant to which he or she was appointed as they deem necessary or desirable in the public interest. In addition, in some jurisdictions, a private party could initiate an action under the antitrust laws challenging or seeking to enjoin the anticipated merger, before or after it is completed. Great Plainsexecutive officer.

Utility Regulatory Risks:

The prices that the FERC, KCC and MPSC authorize the utility regulation could adversely affectsubsidiaries of Evergy to charge significantly influence the Evergy Companies' results of operations, financial position and cash flows.

The Evergy Companies are also exposed to cost-recovery shortfalls due to the inherent "regulatory lag" in the rate-setting process, especially during periods of significant cost inflation or declining retail usage, as KCP&L's and GMO'sprocess. This is because utility rates are generally based on historical information and, except for certain situations where regulators allow for recovery of expenses through use of a formula that tracks costs, are not subject to adjustment between rate cases, other than principallycases. In connection with the merger, Evergy Kansas Central and Evergy Metro agreed

to a five-year base rate moratorium in Kansas beginning in December 2018. See Note 2 to the consolidated financial statements for fuel, purchased power, transmissionadditional information. In addition, effective as of January 1, 2019, Evergy Metro and property taxesEvergy Missouri West elected into plant-in service accounting (PISA), which, by law, requires each company to keep base rates constant for KCP&L in Kansas; fuel, purchased power, certain transmission coststhree years following Evergy Metro's and demand-side investments for KCP&L in Missouri;Evergy Missouri West's last general rate case and fuel, purchased power, certain transmission costs, demand-side investments and renewable energy (solar rebates) for GMO.limits the extent to which prices can increase thereafter. These and other factors may result in under-recovery of costs or failure to earn the authorized return on investment, or both.

Failure to timely recover the full investment costs of capital projects, the impact of renewable energy and energy efficiency programs, other utility costs and expenses due to regulatory disallowances, regulatory lag or other factors could lead to lowered credit ratings, reduced access to capital markets, increased financing costs, lower flexibility due to constrained financial resources and increased collateral security requirements or reductions or delays in planned capital expenditures.  In response to competitive, economic, political, legislative, public perception (including, but not limited to, the Companies' environmental reputation) and regulatory pressures, the CompaniesEvergy's utility subsidiaries may be subject to rate moratoriums, rate refunds, limits on rate increases, lower allowed returns on investments or rate reductions, including phase-in plans designed to spread the impact of rate increases over an extended period of time for the benefit of customers. Any of these results could have a material adverse effect on the results of operations, financial condition and cash flows of the Evergy Companies.

RegulatoryLegislative and regulatory requirements regarding utility operations may increase costs and may exposeresult in compliance penalties.

FERC, the Companies to compliance penalties or adverse rate consequences.

Environmental Risks:

Compliance with these laws, regulations and permits authorizerequirements requires significant capital and operating resources, and the imposition offailure to comply could result in substantial penalties for noncompliance, including fines, injunctive relief and other sanctions.  There is also a risk that new environmental laws and regulations, new administrative or judicial interpretations of environmental laws and regulations, or the requirements in new or renewed environmental permits could adversely affect the Companies' operations.  In addition, there is also a risk of lawsuits brought by third parties alleging violations of environmental commitmentslaws, regulations or requirements, claiming creation of a public nuisance or other matters, and seeking injunctions or monetary damages or other damages. Certain federal courts have held that state and local governments and private parties have standing to bring climate change tort suits seeking company-specific emission reductions and damages.relief.

Environmental permits are subject to periodic renewal, which may result in more stringent permit conditions and limits.  New facilities, or modifications of existing facilities, may require new environmental permits or amendments to existing permits.  Delays in the environmental permitting process, public opposition and challenges, denials of permit applications, limits or conditions imposed in permits and the associated uncertainty may materially adversely affect the cost and timing of projects, and thus materially adversely affect the Companies' results of operations, financial position and cash flows.

Costs of compliance or noncompliance with environmental laws, regulations and requirements, remediation costs, adverseor fines, penalties or negative lawsuit outcomes, of lawsuits, or failure to timely recover environmental costsif not recovered in rates from customers, could have a material adverse effect on the Companies' results of operations, financial position and cash flows.  Certain of these matters are discussed in more detail below.  See Note 15 to the consolidated financial statements for additional information regarding certain significant environmental matters and Great Plains Energy's and KCP&L's current estimates of capital expenditures to comply with environmental regulations.

Financial Risks:

Financial market disruptions andor declines in the Evergy Companies' credit ratings may increase financing costs and/orand limit access to the credit markets, which may adversely affect liquidity and financial results.

The Evergy Companies rely on funds from operations and access to short-term money markets, revolving credit facilities provided by financial institutions and long-term capital markets as significant sources of liquidity for capital requirements not satisfied by cash flows from operations.  The Companies also rely on bank-provided credit facilities for credit support, such as letters of credit, to support operations.  The amount of credit support required for operations varies and is impacted by a number of factors.  

Great Plains EnergyEvergy is a holding company with no significant operations of its own.  The primary source of funds for payment of dividends to its shareholders and its other financial obligations is dividends paid to it by its direct subsidiaries, particularly KCP&LEvergy Kansas Central, Evergy Metro and GMO.Evergy Missouri West.  Evergy's subsidiaries are separate legal entities and have no obligation to provide Evergy with funds. The ability of Great Plains Energy'sEvergy's subsidiaries to pay dividends or make other distributions, and accordingly, Great Plains Energy'sEvergy's ability to pay dividends on its common stock and meet its financial obligations, principally depends on the actual and projected earnings and cash flow,flows, capital requirements and general financial position of its subsidiaries, as well as regulatory factors, financial covenants, general business conditions and other matters.

In addition, Great Plains Energy, KCP&L and GMOthe Evergy Companies are subject to certain corporate and regulatory restrictions and financial covenants that could affect their ability to pay dividends.  Great Plains Energy's articles of incorporation restrict the payment of common stock dividends in the event common equity is 25% or less of total capitalization. Under the Federal Power Act, KCP&LEvergy Kansas Central, Evergy Metro and GMOEvergy Missouri West generally can pay dividends only out of retained earnings. The revolvingIn connection with approval of the merger in Missouri, each of Evergy Metro and Evergy Missouri West agreed to not pay dividends to Evergy if its credit agreementsrating falls below BBB- for S&P Global Ratings or Baa3 for Moody's Investor Services. In connection with approval of Great Plains Energy, KCP&Lthe merger in Kansas, each of Evergy Kansas Central and GMOEvergy Metro agreed to not pay dividends to Evergy if (i) the payment would result in an increase in the utility's debt level (excluding short-term debt and debt due within one year) above 60 percent of its total capitalization, absent approval from the note purchase agreementKCC or (ii) if its credit rating falls below BBB- for GMO's Series A, B and C Senior Notes contain a covenant requiring each companyS&P Global Ratings or Baa3 for Moody's Investor Services. As described elsewhere in this Form 10-K, the Evergy Companies are also required to maintain a

consolidated indebtedness to consolidated total capitalization ratio of not more than 0.65 to 1.00, at all times. Underwhich could restrict the Amended Merger Agreement, Great Plains Energy is also restricted from paying a quarterly common stock dividend in excessamount of $0.275 per share withoutdividends the consent of Westar. See Note 11Evergy Companies are permitted to the consolidated financial statements for additional information.  The Great Plains Energy Board of Directors (Great Plains Energy Board) regularly evaluates the common stock dividend policy and determines an appropriate dividend each quarter, after taking into account such factors as, among other things, earnings, financial condition and cash flows from KCP&L and GMO, as well as general economic conditions.  Great Plains Energypay. Evergy cannot assure common shareholders that the dividendguarantee dividends will be paid in the future or that, if paid, dividends will satisfy announced targets or investor expectations or be at the same amount orpaid with the same frequency as in the past.

Increasing costs associated with defined benefit retirement and postretirement plans, health care plans and other employee retirementsbenefits could adversely affect Evergy's financial position and retirement plan regulations could significantly impact retirement plan funding requirements and associated cash needs and expenses.liquidity.

Substantially all of the Companies' and WCNOC's employees participate inEvergy maintains defined benefit retirement and other post-retirement plans.  Former employees also have accrued benefits in definedemployee benefit retirementplans for certain current and other post-retirement plans.former employees. The costs of these plans depend on a number of factors, including the rates of return on plan assets, the level and nature of the provided benefits, discount rates, the interest rates used to measure required minimum funding levels, changes in benefit design, changes in laws or regulations and the Companies'amount of any required or voluntary contributions to the plans.  The Evergy Companies currently have substantial unfunded liabilities under these plans.  Also, if the rate of retirements exceeds planned levels, or if these plans experience adverse market returns on investments or if interest rates materially fall, the Companies'required or voluntary contributions to the plans could rise substantially over historical levels.be material.  In addition, changes in accounting rules and assumptions related to future costs, returns on investments, interest rates and other actuarial assumptions, including projected retirements, could have a significant adverse impact on the Companies' results of operations, financial position and cash flows.flows of the Evergy Companies.

The usecosts of derivative contractsproviding health care benefits to employees and retirees have increased in recent years and may continue to rise in the normal course of businessfuture. Future legislative changes related to health care could result in losses thatalso cause significant changes to benefit programs and costs. The increasing costs associated with health care plans could negativelyhave a significant adverse impact on the Companies' results of operations, financial position and cash flows.flows of the Evergy Companies.

The use of derivative contracts could result in financial losses and impair liquidity.

The Evergy Companies use derivative instruments, such as swaps, options, futures and forwards, to manage commodity and financial risks.  Losses could be recognized as a result of volatility in the market values of these contracts, if a counterparty fails to perform or if the underlying transactions, which the derivative instruments are intended to

Tax laws and regulations can adversely affect, among other things, financial results, liquidity, credit ratings and the valuation of assets, such as deferred income tax assets. Over the last several years, income tax obligations have been reduced due to the use of bonus depreciation provisions that allow for an acceleration of deductions for tax purposes and IRS guidance on tax deductions for repairs. The Tax Cuts and Jobs Act of 2017 (TCJA) eliminates bonus depreciation for regulated utilities on new capital investments. The Evergy Companies regularly assess their ability to utilize tax benefits, including those in the form of net operating loss, tax credit and other tax carryforwards, that are recorded as deferred income tax assets on its balance sheets to determine whether a service provider to GMO, KCP&L may have exposure to GMO's financial performance and operations.

In addition, the Evergy Companies construct and Weather-Related Risks:operate renewable energy facilities that generate tax credits that reduce federal income tax obligations. The amount of tax credits is dependent on several factors, including the amount of electricity produced and the applicable tax credit rate. A variety of operating and economic parameters, including transmission constraints, adverse weather conditions and breakdown or failure of equipment, could

The anticipated benefits of the merger may not be realized.

No assurance can be given that these benefits will be achieved or achieved in a timely manner. Integration costs could have a material adverse impact on the results of the Evergy Companies, and a failure to achieve the anticipated benefits of the merger could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies. In addition, the Evergy Companies may encounter difficulties in integrating the operations of the companies, including inconsistencies in standards, systems and controls, and management's focus and resources may be diverted from ordinary business activities and opportunities in order to focus on integration efforts. Any of the foregoing could have a material adverse effect on the Evergy Companies.

Evergy's results of operations, financial position and cash flows can be materially affected by changes in customer electricity consumption.

ChangesChange in customer electricity consumption duebehaviors in response to sustained financial market disruptions, downturnsenergy efficiency programs, changing conditions and preferences or sluggishnesschanges in the economy, technological advances, energy efficiency or other factors may adverselyadoption of technologies could affect the Companies'consumption of energy by customers. Federal and state programs exist to influence the way customers use energy and regulators have mandates to promote energy efficiency. Conservation programs and customers' level of participation in the programs could impact the financial results of operations, financial position and cash flows.  the Evergy Companies in adverse ways.

Technological advances, energy efficiency orand other energy conservation measures couldhave reduced and will continue to reduce customer electricity consumption. KCP&L and GMOThe Evergy Companies generate electricity at central station power plants to achieve economies of scale and produce electricity at a competitive cost. There areSelf-generation and distributed generation technologies, that produce electricity, including microturbines, wind turbines, fuel cells and solar cells, as well as those related to the storage of energy produced by these systems, have become economically competitive with the manner and price at which the Evergy Companies sell electricity. There is also a perception that have recently becomegenerating or storing electricity through these technologies is more cost competitive.environmentally friendly than generating electricity with fossil fuels. Increased adoption of these technologies could reduce electricity demand and the pool of customers from whom fixed costs are recovered, resulting in under recovery of the fixed costs of the Evergy Companies. Increased self-generation and the related use of net energy metering, which allows self-generating customers to receive bill credits for surplus power, could put upward price pressure on remaining customers. If this trend continues, the Companies'Evergy Companies are unable to adjust to reduced electricity demand and increased self-generation and net energy metering, their financial condition and results of operations could be adversely affected.

Changes in customer electricity consumption could be reduced. Changesdue to sustained financial market disruptions, downturns or sluggishness in technology couldthe economy or other factors may also alteradversely affect the channels through whichresults of operations, financial position and cash flows of the Companies' customers purchase or use electricity, which could reduce the Companies' customer electricity consumption.Evergy Companies.

Weather is a major driver of the Companies' results of operations, financial position and cash flow.flows of the Evergy Companies and the Evergy Companies are subject to risks associated with climate change.

Weather conditions directly influence the demand for electricity and natural gas and affect the price of energy commodities.  Great Plains Energy and KCP&Lelectricity. The Evergy Companies are significantly impacted by seasonality, with approximately one-third of their retail electricand, due to energy demand created by air conditioning load, highest revenues are typically recorded in the third quarter. Unusually mild winter or summer weather can adversely affect sales.  In addition, severe weather and events, including but not limited to tornados, snow, fire, rain, flooding and ice storms, can be destructive causingand cause outages and property damage that can potentially result in additionalincreased expenses, lower revenues and additional capital restoration costs.  KCP&L'sStorm reserves established by the Evergy Companies may be insufficient and GMO's rates may not always be adjusted in a timely and adequatelymanner, or at all, to reflectrecover these increased costs. SomeAdditionally, because many of the Evergy Companies' generating stations utilize water from the Missouri River for cooling, purposes.  Lowlow water and flow levels can increase maintenance costs at these stations, result in limited power production and if these levels were to get low enough, could require modifications to plant operations.  The possible effectsHigh water conditions can also impair planned deliveries of climatefuel to generating stations. Climate change (such as increased temperatures, increased occurrence ofmay produce more frequent or severe weather events, such as storms, droughts or reduced precipitation, among other possible results)floods and could potentiallyalso impact the economic health of Evergy's service territories. An increase the volatility of demand and prices for energy commodities, increasein the frequency and impact of severe weather, increase the frequency of flooding or decrease water and flow levels. To the extent the frequencyseverity of extreme weather events increases, thisor a deterioration in the economic health of Evergy's service territories could increasehave a material adverse effect on the Companies' costresults of operations, financial position and cash flows of the Evergy Companies.

In addition, policy, legal and regulatory efforts to influence climate change, such as efforts to reduce GHG emissions, impose a tax on emissions and create incentives for low-carbon generation and energy efficiency, could result in providing service.

Operational Risks:

Operational risks may adversely affect the Companies' results of operations, financial position and cash flows.Evergy Companies.

The operation of the Companies' electric generation, transmission, distribution and information systems involves many risks, including breakdown or failure of equipment,equipment; aging infrastructure, processes and personnel performance;infrastructure; operator error or contractor or subcontractor failure; problems that delay or increase the cost of returning facilities to service after outages; limitations that may be imposed by equipment conditions or environmental, safety or other regulatory requirements; fuel supply or fuel transportation reductions or interruptions; labor disputes; difficulties with the implementation or continued operation of

information systems; transmission scheduling constraints; and catastrophic events such as fires, floods, droughts, explosions, terrorism, cyber threats, severe weather, pandemics or other similar occurrences. Furthermore, toMany of the extent that a cyber attack was successful, customer and employee information may be stolen, equipment may be destroyed or damaged and operations may be disrupted. Any such equipment or system outage or constraint can, among other things:

The Evergy Companies currently have general liability and property insurance in place to cover a portion of their facilities, in amounts that management considers appropriate.  Thesebut such policies however, do not cover the Companies' transmission or distribution systems, and the cost of repairing damage to these systems may adversely affect the Companies' results of operations, financial position and cash flows.  Such policies are subject to certain limits and deductibles and do not include business interruption coverage.  Insurance coverage may not be available in the future at reasonable costs or on commercially reasonable terms, and the insurance proceeds received for any loss of, or any damage to, any of the Companies' facilities may not be sufficient to restore the loss or damage.

These and other operating events may reduce the Companies' revenues or increase their costs, or both, and may materially affect theirthe results of operations, financial position and cash flows.flows of the Evergy Companies.

Electric utilities and other operators of critical energy infrastructure, like KCP&L and GMO, may face a heightened risk of cyber attack. The Companies' facilities could be direct targets or indirect casualties of any such cyber attacks. The Companies' business relies onEvergy Companies rely upon information technology fornetworks and systems to process, transmit and store electronic information, and to manage or support a variety of business processes and activities, including the generation, transmission and distribution of electricity, their primary business, as well as in secondary operational functions, including supply chain functions and the invoicing and collectingcollection of payments from customers. The Evergy Companies also use information technology networks and systems to record, process and summarize financial information and results of operations for internal reporting purposes and to comply with financial reporting, legal and tax requirements. These networks and systems are in some cases owned or managed by third-party service providers. In the ordinary course of business, the Evergy Companies collect, store and transmit sensitive data including operating information, proprietary business information belonging to the Companies and third parties and personal information belonging to customers and employees. To

The Evergy Companies' information technology networks and infrastructure, as well as the extent that a cyber attack was successful, customernetworks and employee information may be stolen, equipment may be destroyedinfrastructure belonging to third-party service providers are vulnerable to damage, disruptions or damaged and operationsshutdowns due to attacks or breaches by hackers or other unauthorized third parties; error or malfeasance by one or more employees or service providers; software or hardware upgrades; additions or replacements; malicious software code; telecommunication failures; natural disasters or other catastrophic events. The occurrence of any of these events could, among other things, impact the reliability or safety of the Evergy Companies' generation, fleet and/or reliability of the transmission and distribution systems; result in the erasure of data or render the Evergy Companies' equipment, or the equipment of third-party service providers, unusable; impact the Evergy Companies' ability to conduct business in the ordinary course; reduce sales; expose the Evergy Companies and their customers, employees and vendors to a risk of loss or misuse of information; and result in legal claims or proceedings, liability or regulatory penalties, damage the Evergy Companies' reputation or otherwise harm their business. The Evergy Companies can provide no assurance that they will be able to identify and remediate all security or system mayvulnerabilities or that unauthorized access or error will be disrupted. In such an event,identified and remediated.

The Evergy Companies are subject to laws and rules issued by multiple government agencies concerning safeguarding and maintaining the Companies may experience substantial lossconfidentiality of revenues, material responsetheir security, customer and business information. For example, NERC has issued comprehensive regulations and standards surrounding the security of bulk power systems and is continually in the process of developing updated and new requirements with which the utility industry must comply. The NRC also has issued regulations and standards related to the protection of critical digital assets at nuclear power plants. Compliance with NERC and NRC rules and standards, and rules and standards promulgated by other regulatory agencies from time to time or future legislation, will increase the Evergy Companies' compliance costs and their exposure to the potential risk of violations of these rules, standards or future legislation, which includes potential financial penalties. Furthermore, the non-compliance of other utilities with applicable regulations or the

occurrence of a serious security event at other utilities could result in increased regulation or oversight, both of which could increase the Evergy Companies' costs and impact their financial loss, includingresults.

Additionally, the increasedEvergy Companies cannot predict the impact that any future information technology or malicious attack may have on the energy industry in general. The electric utility industry, both within the United States and internationally, has experienced physical and cybersecurity attacks on energy infrastructure such as power plants, substations and related assets in the past, and there will likely be more attacks in the future. The Evergy Companies' facilities and systems could be direct targets or indirect casualties of such attacks. The effects of such attacks could include disruption to the Evergy Companies' generation, transmission and distribution systems or to the electrical grid in general, reduced sales and could increase the cost of insurance coverage. The Companies could also be subject to litigation, increased regulation and reputational damage.coverage or result in a decline in the U.S. economy. Any of the foregoing could have a material adverse impact on the Evergy Companies' results of operations or financial position and cash flows.

The cost and schedule of capital projects may materially change and expected performance may not be achieved.

Great Plains Energy'sThe Evergy Companies' business is capital intensive and KCP&L's businesses are capital intensive.  The Companies currently haveincludes significant capital projects pending and may also have significant capital projects in the future.construction projects.  The risks of any capital project include: that actual costs may exceed estimated costs due to inflationcosts; regulators may disallow, limit or other factors;delay the recovery of all or part of the cost of, or a return on, a capital project; risks associated with the incurrence of additional debt or the issuance of additional equitycapital and credit markets to fund such projects; delays that may occur in obtainingreceiving, or failure to receive, necessary permits, approvals and materials;other regulatory authorizations; unforeseen engineering problems or changes in project design or scope; the failure of suppliers and contractors to perform as required under their contracts; inadequate availability or increased cost of equipment,labor or materials, including commodities such as steel, copper and aluminum that may be subject to uncertain or qualified craft labor; delays related toincreased tariffs; inclement weather; the scope, cost and timing of projects may change due to new or changed laws, regulations and requirements, including environmental requirements,and health and safety laws, or other factors;regulations and requirements; and other events beyond the Evergy Companies' control may occur that may materially affect the schedule, cost and performance of these projects.