This report does not constitute a rating action. Evergy Metro maintains strong financial cushion even with capital spending expanding. We expect funds from operations (FFO) to debt of 19%-21% through 2028. The company’s financial measures are supported by strong operating results from customer growth and large-load demand within its jurisdictions. Our base-case scenario assumes capital spending of about $6.5 billion through 2030--about a 35% expansion from the previous forecasts. Evergy Metro’s rapid capital spending growth stems from load growth within its service territory due to data centers, and it primarily includes investments in new generation and distribution, which accounts for approximately 70% of the total spending over those five years. Evergy Metro also funds ongoing dividends. However, it also faces
