Evergy Signs 1.9 GW Data Center ESAs, Raises Long-Term EPS Growth Target
Evergy signed four data-center ESAs totaling 1.9 GW of peak demand and added 1,300 MW to its 2030 retail load forecast, boosting peak demand nearly 20%. The utility raised its long-term adjusted EPS growth target to 6%–8% through 2030, with annual growth expected to exceed 8% from 2028.
1. Data Center ESA Agreements
Evergy executed four electric service agreements (ESAs) tied to data centers, including two new facilities and expansions at two existing sites. These deals represent 1.9 GW of steady-state peak demand, nearly 20% of current system peak, and underpin the company's load growth strategy.
2. Updated Retail Load Forecast
Management added 1,300 MW of new data center load to its 2030 retail load forecast, with the remainder expected to ramp post-2030. This adjustment reflects strong load factors and ongoing demand acceleration from hyperscale data center customers.
3. EPS Growth Targets and 2026 Guidance
Evergy raised its long-term adjusted EPS growth target to 6%–8% through 2030, starting from a 2026 guidance midpoint of $4.24 per share. The company expects annual EPS growth to exceed 8% from 2028 through 2030, driven by data center ramp-ups and operational efficiencies.
4. Five-Year Capital Plan and Financing
The utility expanded its five-year (2026–2030) capital plan to $21.6 billion, projecting ~11.5% annual rate base growth. Financing will combine $13.5 billion of operating cash, $8.4 billion of debt and hybrids, $3.3 billion of common equity, and target a 50%–60% dividend payout ratio.