JEFFERSON CITY, Mo. – After months of work and discussion, the Missouri Public Service Commission has given their approval to the merger between Great Plains Energy and Westar.
After Kansas regulators denied a previous acquisition a little more than a year ago, the companies came forward with a new proposed deal, which would create a new Fortune 500 company in Missouri with a combined equity value of roughly $14 billion.
Great Plains and Westar to merge into Missouri Fortune 500 company
Months later, after the Federal Energy Regulatory Commission gave approval, the PSC also signed off on the merger with a 5-0 vote in Thursday’s agenda meeting.
Chairman Daniel Hall said he believed that the standard has been met to approve this merger, stating that it was a “win for ratepayers, utilities, shareholders, Kansas City and the state of Missouri.”
Hall said that, though they had all taken the long route to get to this decision, he said that “what we have here is a win-win-win-win”, as it should lead to a stronger utility with safe and reliable service at fair and reasonable prices.
Commissioner Bill Kenney thanked the companies for coming back with a better proposal for ratepayers, as well as all of those involved in getting the issue to the table.
Commissioner Scott Rupp said that the merger would allow the company to eventually lead the way in renewable energy.
“I’m very excited to see them continue down this path,” Rupp said. “They have a strong track of innovation and leadership.”
The order approved by the commission carries an effective date of June 3.
The KCC is expected to hold a special meeting on Thursday afternoon at 3:30 p.m. on the same subject.
The commission also approved five other orders and tariffs on Thursday, including a joint application by Farmers’ Electric Cooperative and the City of Cameron to change the supplier for an industrial park to the city. Cameron has asked to provide service instead so that it may construct a three-phase distribution system. The PSC signed off with a 5-0 vote.
The commission also approved KCPL and KCPL GMO’s application to modify their MEEIA program for Cycle 2, which would allow them to limit participation in certain MEEIA programs and apply it elsewhere. Hall said that the programs had overachieved, so he wondered why they would want to move away from that.The judge responded saying that they weren’t shutting the programs down, but instead applying those dollars to help elsewhere. It was passed with an unanimous vote.
The PSC also signed off on an order to start the rule making process for staff’s amendments to the fuel adjustment clause, sending the order to the Secretary of State.
A recent topic that has continued popping up in agenda meetings is the matter of Ameren Missouri’s Charge Ahead program, as the company wants approval of modifications. This week, the commission approved their filing of a proposed procedural schedule, evidentiary hearing set for Dec. 2018.
The commissioners also unanimously approved Spire Missouri’s request for a waiver from the ex party rule, which requires a 60-day notice in the matter of its application to change its ISRS surcharge. OPC objected, but Hall stated that he believes that rule is appropriate, and said he believes Spire has shown good cause and their request is in line with the rule.
The commission also gave their best wishes to Judge Daniel Jordan, who was serving his last day with the PSC, serving 10 years with the PSC and 32 years with the state.
“I can honestly say I’ve never met a more polite and congenial person,” Commissioner Rupp said. “It’s just a joy to be around your persona.”
Commissioner Coleman joked that she was apologetic that the arrival of Commissioner Silvey had forced him out.
“That’s how it is when you serve at the pleasure of the state,” Jordan replied with a laugh.
“We’re going to miss you,” Coleman replied.
Benjamin Peters was a reporter for The Missouri Times and Missouri Times Magazine and also produced the #MoLeg Podcast. He joined The Missouri Times in 2016 after working as a sports editor and TV news producer in mid-Missouri. Benjamin is a graduate of Missouri State University in Springfield.
