EVERGY KANSAS CENTRAL, INC.

4. RATE MATTERS AND REGULATION

State Corporation Commission of the State of Kansas (KCC) Proceedings

Earnings Review and Sharing

As part of the settlement agreement in Evergy Kansas Central's 2025 KCC rate case, Evergy Kansas Central agreed to participate in an earnings review surveillance report for each calendar year beginning 2025 through the time Evergy Kansas Central files its next general rate case and new base rates become effective as a result of that case. Under this mechanism, Evergy Kansas Central’s jurisdiction is required to refund customers 50% of annual earnings in excess of a 9.7% return on equity.

Evergy Kansas Central filed its 2025 earnings calculation with the KCC in March 2026, which reflectedno refund obligation. In July 2026, the KCC issued an order accepting Evergy Kansas Central's 2025 earnings calculation and determined that there wasno refund obligation for 2025. As of September 30, 2026, Evergy Kansas Central estimates its 2026 earnings willnot result in a refund obligation. The final refund obligation for 2026 will be decided by the KCC and could vary from current estimates.

Evergy Kansas Central 2026 Transmission Delivery Charge (TDC)

In March 2026, the KCC issued an order adjusting Evergy Kansas Central's retail prices to include updated transmission costs as reflected in the Federal Energy Regulatory Commission (FERC) transmission formula rate (TFR). The new prices became effective in May 2026 and are expected to increase Evergy Kansas Central's annual retail revenues by $16.8 million when compared to 2025.

Evergy Metro 2026 Transmission Delivery Charge

In March 2026, the KCC issued an order adjusting Evergy Metro's retail prices to include updated transmission costs as reflected in the FERC TFR. The new prices became effective in May 2026 and are expected to decrease Evergy Metro's annual retail revenues by $4.3 million when compared to 2025.

Applications for Predetermination

The KCC uses a process referred to as 'predetermination' to establish ratemaking principles and treatments for certain utility investments before they are included in a utility's rate base. The process helps balance the interests of utilities and customers by ensuring broad agreement on the reasonableness of the investment and regulatory certainty regarding the recovery of costs associated with the investment. Investment in utility projects is dependent on acceptable regulatory treatment determined in the predetermination process.

In September 2026, Evergy Kansas Central and Evergy Metro filed an application with the KCC requesting predetermination for certain planned generation investments. The filing requests a determination of the ratemaking principles and treatment that would apply to the following proposed portfolio of generation resources, with a KCC order expected in April 2027:

•Buchanan Bluffs Energy Center Unit 1, a 710 MW CCGT electric generating facility to be located in Buchanan County, Missouri. The facility is proposed to be wholly-owned by Evergy Kansas Central and is expected to begin operations in 2031;

•Iron Horse Solar, a 200 MW solar generating facility, and Iron Horse Storage, a 200 MW four-hour battery energy storage system (BESS), both to be located in Labette County, Kansas. The facilities are proposed to be jointly-owned by Evergy Kansas Central and Evergy Metro, with each utility owning a 50% interest. Iron Horse Solar is expected to begin operations in 2028 and Iron Horse Storage is expected to begin operations in 2029; and

•Pixley II Hybrid, a combined facility consisting of a 120 MW solar generating facility and a 120 MW four-hour BESS, in addition to Pixley Storage, a 95 MW four-hour BESS, all to be located in Barber County, Kansas. These facilities are proposed to be wholly-owned by Evergy Kansas Central and are expected to begin operations in 2028.

Large Load Power Service Customer Affordability Enhancement Plan

In October 2026, Evergy Kansas Central and Evergy Metro filed an application with the KCC requesting approval of a Customer Affordability Enhancement Plan that supplements the existing LLPS rate plan and would apply to newly signed LLPS customers. The proposed plan preserves the existing LLPS rate plan as the governing framework for qualifying large load customers and further distinguishes the cost responsibility of future large load customers. Evergy Kansas Central and Evergy Metro requested expedited treatment of the application and that the KCC issue an order in February 2027.

Public Service Commission of the State of Missouri (MPSC) Proceedings

Evergy Missouri West's 2026 Rate Case Proceeding

In November 2026, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of approximately $229.5 million. The requested increase was approximately $182.6 million before rebasing fuel and purchased power expense and $137.8 million when also excluding the removal of certain regulatory amortizations. Evergy Missouri West's request reflected a return on equity of 10.25% (with a capital structure composed of 52% equity) and increases related to the recovery of solar and infrastructure investments made to improve reliability and enhance customer service, and financing costs associated with natural gas plants under construction, partially offset by new large load revenues. New rates are expected to be effective in October 2027.

Evergy Metro's 2026 Rate Case Proceeding

In February 2026, Evergy Metro filed an application with the MPSC to request an increase to its retail revenues of approximately $140 million. Evergy Metro's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend. In October 2026, an evidentiary hearing on the case occurred and partial stipulations and agreements were reached on certain issues in the case. Several issues remain outstanding and an order is expected from the MPSC before the end of 2026, with new rates expected to be effective in January 2027.

Requests for Certificate of Convenience and Necessity (CCN)

Missouri utilities must request a CCN from the MPSC to authorize them to build certain utility projects. The CCN process authorizes utilities to build projects and can provide assurance that the project is prudent and necessary. Investment in projects is dependent upon the granting by the MPSC of a CCN with reasonably acceptable terms.

In May 2026, Evergy Metro filed an application with the MPSC for a CCN related to its planned natural gas generation investment to construct Mullin Creek Unit 2, a 440 MW simple-cycle gas turbine (SCGT) electric generating facility to be located in Nodaway County, Missouri. In October 2026, Evergy Metro, the MPSC Staff and certain intervenors filed a non-unanimous stipulation and agreement resolving all pending issues in the proceeding and recommending MPSC approval of the CCN. The stipulation and agreement remains subject to approval by the MPSC. In its application, Evergy Metro requested an order from the MPSC by December 2026. The facility is proposed to be wholly-owned by Evergy Metro and is expected to begin operations in 2030.

In August 2026, Evergy Missouri West and Evergy Metro filed an application with the MPSC requesting CCNs to construct Buchanan Bluffs Energy Center Unit 2, an approximately 710 MW combined-cycle gas turbine (CCGT) electric generating facility to be located in Buchanan County, Missouri. The facility is proposed to be jointly-owned by Evergy Missouri West and Evergy Metro, with each utility owning a 50% interest. The facility is expected to begin operations in 2032. The application also requests a CCN to construct the Foxtrot BESS, an approximately 109 MW four-hour lithium-ion battery facility to be located in Jasper County, Missouri. The BESS is proposed to be wholly-owned by Evergy Missouri West and is expected to begin operations in 2028. In their application, Evergy Missouri West and Evergy Metro requested that the MPSC issue an order by April 2027.

FERC Proceedings

Evergy Kansas Central and Evergy Metro TFR Annual Update

Each year, Evergy Kansas Central and Evergy Metro post an updated TFR that includes projected transmission capital expenditures and operating costs for the following year. This rate is the most significant component in the retail rate calculation for Evergy Kansas Central's and Evergy Metro's annual request with the KCC to adjust retail prices to include updated transmission costs through the TDC.

The most recently updated TFR is expected to increase Evergy Kansas Central's annual transmission revenues by approximately $37.0 million and increase Evergy Metro's annual transmission revenues by approximately $14.4 million, effective in January 2027.

Evergy Kansas Central TFR Formal Complaint

In February 2023, certain Evergy Kansas Central TFR customers submitted a formal complaint with FERC requesting the refund of over-collections related to the capital structure calculation in determining Evergy Kansas Central's Annual Transmission Revenue Requirement for the 2018 and 2019 rate years. In September 2026, a settlement agreement was filed with FERC, subject to FERC approval, that would resolve the complaint and related proceedings. Under the proposed settlement agreement, Evergy Kansas Central would make a one-time payment of $2.5 million to be distributed amongst certain TFR customers, after which the complaint would be withdrawn with prejudice. As of September 30, 2026, and December 31, 2025, Evergy and Evergy Kansas Central had recorded a regulatory liability of $2.5 million and $9.7 million, respectively, related to the 2018 and 2019 rate year refund request. Evergy and Evergy Kansas Central are awaiting FERC approval of the proposed settlement agreement.