Analysts Raise Concerns about $12B Westar Sale to KCP&L
Associated Press - December 20, 2016 7:59 am
State analysts say Westar Energy is putting shareholder enrichment ahead of reasonable electric rates for customers with its proposed sale to Kansas City Power & Light.
The Wichita Eagle reports that analysts representing the staff of the Kansas Corporation Commission and the Citizens’ Utility Ratepayer Board raised the concerns in hundreds of pages of testimony filed late last week. Also expressing concerns were several consumer intervenors in the case.
A Westar spokeswoman says the company remains confident of completing the merger next spring.
KCP&L’s parent company, Missouri-based Great Plains Energy, is seeking to buy Westar. The $12.2 billion transaction would involve taking on $3.6 billion in Westar debt.
If the merger’s approved, Westar and KCP&L will become a single electric company straddling the Kansas/Missouri border, with 1.5 million customers.