Evergy Missouri West Inc.

Overview Key strengths Key risks Fully regulated, vertically integrated electric utility. Fossil-based generation fleet exposes the company to operating risks. Effective management of regulatory risk in Missouri. Geographic and regulatory diversity limited to one state. Credit facility provides $700 million of liquidity through 2026. Operating cash flow deficit after capital spending and dividends. Missouri West incurred about $278 million in fuel and purchased power costs during the February 2021 winter storm that led to much of the central and southern U.S. experiencing extremely cold temperatures over a multiday period. The utility is seeking to utilize securitization legislation to recover the costs over a 15-year period. We expect Missouri West will account for 20% of the $10.4 billion in consolidated capital

... utility. Fossil-based generation fleet exposes the company to operating risks. Effective management of regulatory risk in Missouri. Geographic and regulatory diversity limited to one state. Credit facility provides $700 million of liquidity through 2026. Operating cash flow deficit after capital spending and dividends. We expect Evergy Missouri West Inc. (Missouri West) to recover costs incurred due to a February 2021 winter storm. Missouri West incurred about $278 million in fuel and purchased power costs during the February 2021 winter storm that led to much of the central and southern U.S. experiencing extremely cold temperatures over a multiday period. The utility is seeking to utilize securitization legislation to recover the costs over a 15-year period. With elevated capital spending, Missouri West's credit quality depends on timely rate increases and funding access. We expect Missouri West will account for 20% of the $10.4 billion in...

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