This report does not constitute a rating action. Missouri Senate Bill (SB) 4 could support Every Missouri West’s (EMW) credit quality. In April 2025, Missouri enacted SB 4, requiring the Missouri Public Service Commission (MPSC) to establish rates for large-load customers consuming over 100 megawatts for utilities with over 250,000 customers. Under the new bill, large-load rates are expected to reflect the costs large-load customers impose on the system and prevent cost-shifting to residential and small commercial customers. Following enactment of SB 4, MPSC approved a large-load power service (LLPS) tariff for EMW. The tariff requires long-term contracts, minimum demand charges, collateral requirements, exit fees, and cost-recovery mechanisms designed to ensure data-center and other large-load customers bear their share of
