This report does not constitute a rating action. Overview Key strengths Key risks Fully regulated, vertically integrated electric utility. Limited geographic and regulatory diversity due to operations in only one state. More than 85% of customer base is residential, which supports cash flow stability. Fossil- and nuclear-based generation fleet exposes it to operating risks. The company benefits from a credit-supportive regulatory framework established by the Kansas Corp. Commission (KCC), which fosters predictable rate outcomes and reliable cost recovery mechanisms. The KCC utilizes a ?predetermination? process enabling electric utilities to establish ratemaking principles for specific utility investments before they are included in the rate base. The construction work in progress (CWIP) rider provides for EKC to recover up to 100% of
