Evergy Sets Goal for Net-Zero Carbon Emissions by 2045, Interim Carbon Reduction Target of 70 percent by 2030
Goals Outlined in Evergy’s Integrated Resource Plan
Balance Lower Carbon Future, Reliable Service, and Competitive Prices
KANSAS CITY, Mo., April 30, 2021 – Evergy’s Integrated Resource Plan (IRP) was filed with the Missouri Public Service Commission today, accelerating the company’s carbon reduction timeline. As part of the plan, Evergy will retire nearly 1,200 megawatts of coal-based fossil generation and add 3,200 MW of renewable generation in the next 10 years. Within the next three years, the company will retire its Lawrence (KS) Energy Center and add 700 MW of solar energy. The plan prioritizes sustainability, reliability and cost competitiveness, while advancing Evergy’s goal to reduce carbon emissions 70 percent by 2030 (relative to 2005 levels) and achieve net-zero carbon emissions by 2045.
“Today’s net-zero carbon emissions goal announcement is a significant step forward for our customers, communities and shareholders,” said David Campbell, president and chief executive officer. “We’re on a journey to a cleaner energy future, while balancing the highest priorities of reliability and affordability for our customers. Our coal-fired fossil plants are now more flexible than ever and frequently operate as a backup to renewable generation sources. This flexibility allows us to adapt to real-time needs – running fossil plants more when renewable availability is low or customer demand is high. This measured transition toward more sustainable resource options maintains the reliability our customers need.”
The company expects a combination of supportive energy policies and evolving technology to enable the goal of net-zero carbon emissions by 2045. To continue progress toward that goal, Evergy plans to cease operations at Lawrence Energy Center, a 487 MW coal-fired plant near Lawrence, Kan., at the end of 2023. The company expects to add 350 MW of solar in 2023 and another 350 MW in 2024 and continue its energy efficiency investments. Within the longer planning horizon, Evergy will continue to operate its Wolf Creek Nuclear Generating Station and anticipates investing in additional renewable energy and zero-carbon generation, as well as retiring nearly all of its remaining coal generation by 2040. “The announcement of significant growth in renewable energy will bring economic benefits to our region through more cost-competitive generation and investment in rural communities,” Campbell added. “We’re hearing more often from current and prospective commercial and industrial customers about their desire to move to more sustainable operations. This plan helps us help them achieve their carbon goals, as well as advancing Evergy’s emissions targets.”
As market conditions continue to change the mission of fossil plants, Evergy coal plants will run for fewer hours as their energy is increasingly displaced by lower cost renewable resources. At the same time, the reliability challenges driven by the extreme weather of February 2021 demonstrated the value of dispatchable generation with fuel on the ground. The phased transition approach in the IRP provides Evergy the ability to adjust planned additions and retirements based on evolving market, technology, and policy dynamics. As the company’s older fossil-fueled plants near the end of their useful lives, Evergy will continue to responsibly manage these assets for the benefit of customers while allowing advancing and emerging technology to develop. Evergy will also continue its focus on people, offering opportunities for employees at retiring generation facilities to learn new skills and fill different roles at the company.
Today’s IRP is a triennial filing that establishes a clear implementation plan through April 1, 2024, and describes expectations for meeting longer-term customer energy needs through 2040. The Plan was developed through an extensive regulatory stakeholder process to meet the diverse needs of the company’s customers and communities. The IRP is central to Evergy’s Sustainability Transformation Plan (STP), the company’s strategic plan guiding decisions through 2024, and continues the company’s transition toward a more sustainable energy company. An overview of the IRP was also submitted today as a preliminary filing to the Kansas Corporation Commission (KCC). In the next few weeks, Evergy will complete its full IRP filing with the KCC. Click here to read Evergy’s 2021 IRP Overview.
About Evergy, Inc.
Evergy, Inc. (NYSE: EVRG) serves approximately 1.6 million customers in Kansas and Missouri. We generate nearly half the power we provide to homes and businesses with emission-free sources. We support our local communities where we live and work and strive to meet the needs of customers through energy savings and innovative solutions.
Media Contact: Investor Contact:
Gina Penzig
Manager, External Communications
Phone: 785.508.2410
Gina.Penzig@evergy.com
Cody VandeVelde
Director, Investor Relations
Phone: 785-575-8227
Cody.VandeVelde@evergy.com