This report does not constitute a rating action. 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. Limited geographic and regulatory diversity. Stable customer base, mostly residential and commercial, reducing industrial exposure. Continuing discretionary cash flow deficit, driven by robust capital spending. EMW operates within a low-risk environment for its electric operations, particularly in Missouri, where the regulatory landscape established by the Missouri Public Service Commission (MPSC) is notably credit-supportive. This framework fosters predictable rate outcomes and reliable cost recovery mechanisms, which are essential for maintaining financial stability. Earlier this year, the Senate Bill 4 (SB 4) Construction Work in Progress (CWIP) was
