Evergy signs 3 GW of large-load agreements and files a 5 GW generation plan to match

Evergy has executed electric service agreements covering 3 GW of large-load demand - 2.5 GW under its large-load power service tariff across five data center customers, plus roughly 500 MW of smaller loads outside the tariff - and filed integrated resource plans in Kansas and Missouri calling for more than 5 GW of new generation through 2032^[1]. CEO David Campbell disclosed the figures on the company's Q2 2026 earnings call on 7 August 2026.

What has been signed

Digital Realty was the fifth and final customer to execute an electric service agreement under Evergy's large-load tariff, bringing the data-center-only tranche to approximately 2.5 GW of steady-state peak demand^[1]. The signed agreements carry minimum monthly billing commitments spanning 16 to 17 years, whether or not the contracted capacity is fully utilised^[1].

The 3 GW total includes:

• Projects already in operation, progressing toward a steady-state of 1.3 GW
• 1.7 GW of additional projects with executed ESAs but not yet at full load
• Roughly 500 MW of large customers served outside the formal large-load tariff

Campbell said Evergy is in "advanced discussions" with customers representing another 1 to 2 GW^[1], and the company is "highly confident" it will execute at least one more ESA before the end of 2026. The broader prospect queue exceeds 10 GW.

The generation plan

The 2026 IRPs filed in both states set out a preferred resource portfolio of more than 5 GW of additions through 2032. The mix is weighted heavily toward firm capacity:

• Approximately 3.9 GW of natural gas
• Close to 800 MW of solar
• 450 MW of battery storage

That build-out sits outside Evergy's existing $21.6 billion five-year capital plan and is expected to add roughly $1 billion of incremental capital, lifting the projected rate base compound annual growth rate to approximately 12%. Campbell was explicit that any load beyond the 3 GW already signed will require further incremental generation investment and additional capex on top of that.

Load growth and rate implications

The signed agreements support a revised retail load growth forecast of 7% to 8% annually through 2030 - up from a prior estimate of 6% - driven almost entirely by data center and industrial demand. Q2 2026 adjusted earnings per share came in at $0.88, up from $0.82 a year earlier, with management attributing roughly $0.10 per share of quarterly benefit to data center and Panasonic-driven load.

Missouri West customers may face above-inflation rate increases over the next five years as new generation assets are built and rolled into rates. Most residential customers elsewhere are expected to see increases at or below inflation, according to management.

What to watch

The next milestone is a third-quarter earnings call in November 2026, when Evergy has said it expects to provide further detail on any additional ESA executed in the interim. The more consequential question is whether the 1 to 2 GW of customers in advanced discussions convert to signed agreements - each gigawatt of incremental load triggers a fresh round of generation procurement and capex revision. Regulators in Kansas and Missouri will also need to approve the IRP preferred plans before construction can begin on the bulk of the 3.9 GW gas programme.