Great Plains Reports Strong Results; Wester Merger Appears on Track Even With Missouri Involvement
We are reaffirming our $25 per share fair value estimate and no-moat and stable moat trend ratings after Great Plains Energy reported strong 2016 third-quarter earnings, increased its 2016 earnings guidance, and provided an update on its proposed acquisition of Westar Energy. Adjusted earnings for the recently ended quarter were $1 per share versus $0.82 per share in the same period last year, driven by warm weather and rate increases for Kansas City Power & Light in both Missouri and Kansas...Great Plains Energy is a public utility holding company. The company's wholly owned direct subsidiaries with operations are as follows: Kansas City Power & Light Co., a regulated electric utility that provides electricity to customers primarily in Missouri and Kansas; and KCP&L Greater Missouri Operations Co., a regulated electric utility that provides electricity to customers in Missouri and regulated steam service to certain customers in St. Joseph, MO. The company also wholly owns GPE Transmission Holding Company, LLC (GPETHC), which owns 13.5% of Transource Energy, LLC, and focuses on developing electric transmission projects.
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