Overview Key strengths Key risks Fully regulated, vertically integrated electric utility. Fossil-based generation fleet exposes the company to environmental risks. Effective management of regulatory risk in Missouri. Geographic and regulatory diversity limited to one state. Stable customer base, mostly residential and commercial, supports cash flow stability. Cash flow deficit after capital spending and dividends. Reliance on Southwest Power Pool (SPP) and other group entities to bridge capacity deficit increases operational risk. EMW received the financing order in October 2022, authorizing the utility to issue about $300 million in securitization financing to refund the extraordinary fuel and purchased power costs incurred during the severe winter storm of February 2021. However, in January 2023, the Office of the Public Counsel (OPC) filed
