Westar Energy
 | |
| Investor Owned Utility | |
| Traded as | NYSE: WR |
| Industry | Electric utility |
| Founded | 1909 |
| Headquarters | Topeka, Kansas |
Area served |
Eastern 1/3 of Kansas 690,000 customers |
Key people | Mark Ruelle |
| Products | Electricity generation, transmission and distribution, |
| Website |
www |
Westar Energy is an investor owned electric utility headquartered in Topeka, Kansas. Westar is the largest electric company in Kansas, serving 690,000 residential, commercial and industrial customers[1] in the eastern third of the state. Westar Energy generates more than 27,000,000 megawatt-hours of electricity per year at its 12 power plants. Westar Energy service territory covers 10,130 square miles (26,200 km2) in east and east-central Kansas. Westar Energy owns more than 6,300 miles (10,100 km) of transmission lines and about 28,100 miles of distribution lines.
History
In 1909, The American Power & Light Company organized Kansas Gas and Electric Company to operate utilities in Wichita, Pittsburg and Frontenac. KG&E grew rapidly. At the end of 1910, it served three communities and 5,525 customers. By 1925, service extended to 50 communities and 48,773 customers. At one time, KG&E also provided natural gas to Hutchinson, Newton, Pittsburg and Wichita.[2]
With financial backing from Illinois Power and Light Corporation, The Kansas Power and Light Company was founded in 1924 in Tecumseh. Transmission lines ran to Topeka and Atchison. The company immediately began acquiring customers and the assets of area electric and natural gas utilities. In 1983, KPL acquired The Gas Service Company and rights to serve its one million natural gas customers in Kansas] Missouri, Nebraska and Oklahoma.[2]
In 1992, KPL merged with KG&E to become Western Resources. It served 560,000 electric customers and 1.06 million natural gas customers in three states. In 1996, an agreement gave Tulsa, Oklahoma-based ONEOK, Inc. ownership of Western Resources’ natural gas business. In return, Western Resources received approximately 45 percent ownership in ONEOK. This investment was sold in 2002 and 2003 as part of the company's renewed focus on being a pure electric utility.[2]
In 2002, Western Resources shareholders approved changing the company’s name to Westar Energy.[2]
Company timeline
- 1910 – KG&E authorized to begin operation
- 1922 – Kansas Electric Power Co. is incorporated
- 1924 – Kansas Power and Light Co. is incorporated. Neosho Plant is built
- 1935 – United Power and Light merges with KPL
- 1943 – KPL acquires Kansas Electric Power Company
- 1955 – KG&E common stock listed on the New York Stock Exchange
- 1967 – KG&E requests water rights at John Redmond Reservoir for a nuclear plant
- 1973 – LaCygne Energy Center goes on line
- 1978 – Jeffrey Energy Center begins commercial operation
- 1985 – Wolf Creek Nuclear Generating Station begins commercial operation Sept. 3
- 1992 – KPL and KG&E merger completed. Western Resources introduced
- 1999 – Westar Wind becomes the first commercially operated wind turbine project in Kansas
- 2002 – Westar Energy is introduced. The KPL, KGE and Western Resources names are retired.
Generation portfolio
- Abilene Energy Center – Abilene, Kansas
- Central Plains Wind Farm – Leoti, Kansas
- Emporia Energy Center – Emporia, Kansas
- Flat Ridge Wind Energy – Nashville, Kansas
- Gordon Evans Energy Center – Colwich, Kansas
- Hutchinson Energy Center – Hutchinson, Kansas
- Jeffrey Energy Center – St. Marys, Kansas
- La Cygne Energy Center – La Cygne, Kansas
- Lawrence Energy Center – Lawrence, Kansas
- Meridian Way Wind Farm – Concordia, Kansas
- Murray Gill Energy Center – Wichita, Kansas
- Neosho Energy Center – Parsons, Kansas
- Rolling Meadows Landfill Gas to Energy Plant – Topeka, Kansas
- Spring Creek Energy Center – Logan County, Oklahoma
- State Line Combined Cycle Plant – Joplin, Missouri
- Tecumseh Energy Center – Tecumseh, Kansas
- Wolf Creek Nuclear Generating Station – Burlington, Kansas
Controversies
In 1999, Westar Energy restated its consolidated financial statements for 1999, 1998 and 1997 and for each of the periods of 2000, related to the Westinghouse Security Systems (WSS)acquisition.[3]
On January 14, 2003, Westar Energy Inc was charged for transactions involved power sales from one Cleco Corporation affiliate to Westar and then back to another or the same Cleco affiliate,[4] and paid $30,000,000 USD for settlement.
On Nov 1, 2002, Westar Energy announced to restate results for its first and second quarter, to account for additional impairment at its Protection One Inc.(POI) unit.[5]
On March 25, 2004, Westar Energy said to restate its 2003 annual financial results, after realizing that it might have understated its cash flow from operations for the year.[6]
References
- ↑ Westar Energy summary, Reuters, October 8, 2013
- 1 2 3 4 http://www.westarenergy.com/wcm.nsf/content/company%20history
- ↑ "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS".
- ↑ "Westar Energy, Inc. : Common Stock and Western Resources Capital I Cumulative Quarterly Income".
- ↑ "WESTAR ENERGY TO RESTATE 2002 FINANCIAL RESULTS".
- ↑ "Westar might have to restate 2003 results".