TOPEKA, Kan. (AP) — The Latest on Great Plains Energy’s plan to acquire Westar Energy (all times local):
Kansas regulators have rejected the proposed sale of the state’s largest electric company to a Missouri-based utility for $12.2 billion.
The Kansas Corporation Commission issued an order Wednesday against the proposal from Great Plains Energy of Kansas City, Missouri, to buy Topeka-based Westar Energy.
Critics of the deal argued that Great Plains would be paying as much as $4.9 billion too much. They said the combined company would be so economically fragile that utility regulators would be forced to boost rates for its 1.5 million customers from central Kansas to central Missouri.
Both companies said the acquisition would create nearly $2 billion in efficiencies over the next decade and keep electric rates in check.
Great Plains is the parent of Kansas City Power & Light Co.
Kansas regulators are preparing to decide whether the state’s largest electric company can be acquired by a Missouri-based utility in a $12.2 billion deal.
The Kansas Corporation Commission planned to issue its order Wednesday afternoon.
Great Plains Energy of Kansas City, Missouri, says its acquisition of Westar Energy of Topeka would create nearly $2 billion in efficiencies over the next decade to keep electric rates in check.
Critics of the deal contend that Great Plains is paying too much for Westar. They argue that the combined company would be so fragile that regulators would be forced to boost rates to keep it stable.
The combined company would serve 1.5 million customers from central Kansas to central Missouri. Great Plains is the parent of Kansas City Power & Light Co.
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