We Continue Our Challenge of Hedge Funds’ Control Of Evergy, Inc.
By Tyson Slocum
We filed our latest challenge at the Federal Energy Regulatory Commission to protect consumers by classifying two activist hedge funds – Elliott Management and Bluescape Energy Partners – as legal affiliates of the utility Evergy, Inc.
Evergy agreeing to sell an ownership stake to Bluescape in a non-arm’s length transaction in exchange for placing Bluescape’s Executive Chairman on its board of directors makes it abundantly clear that Bluescape must be treated as an affiliate of Evergy, per 18 CFR § 35.36(a)(9)(iii). This Bluescape transaction was done in conjunction with a renewed cooperation agreement with Elliott Management. In addition, Elliott Management’s agreement to obtain material, non-public business information from Evergy at the same time that it has a similar agreement in place with a competing utility with MBR authority, CenterPoint, is a threat to competition and just and reasonable rates.
Read our full filing in FERC Docket Nos. ER20-67-001, ER20-116-001 and ER20-113-001 here: EvergyResponse