Regulators Asked to Reconsider Rejection of Utility Sale
Associated Press - May 4, 2017 11:50 am
Westar Energy and Great Plains Energy have formally asked the Kansas Corporation Commission to approve a merger between the two utility companies.
Kansas regulators are being asked to reconsider their rejection of the proposed sale of the state’s largest electric company to a Missouri firm.
Kansas City, Missouri-based Great Plains Energy Inc. and Topeka-based Westar Energy Inc. announced Thursday that they made the request in a petition filed with the Kansas Corporation Commission
Regulators said last month in rejecting the proposed sale that the $12.2 billion price was too high and would leave the combined utility financially weaker than the separate companies. Great Plains and Westar argued the deal would create nearly $2 billion in operating efficiencies over the next decade to keep electric rates in check.
The utilities are asking to have until the end of May to determine whether a revised transaction can be negotiated that resolves the commission’s concerns.