TOPEKA, Kan. (KSNW) – Great Plains Energy and Westar filed a petition for reconsideration on a merger with the Kansas Corporation Commission.
Last month, the KCC rejected the proposed sale of the state’s largest electric company to a Missouri-based utility for $12.2 billion.
The petition requests additional time until May 31 to allow further discussions between Great Plains Energy and Westar to determine if a mutually agreeable revised transaction might be negotiated that resolves the concerns identified by the KCC.
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.