Regulators have approved a settlement agreement giving Westar Energy and Great Plains Energy, the parent company of Kansas City Power and Light, approval to merge as equals. Under the agreement, the two companies will become wholly owned subsidiaries of a new parent company and serve more than 1.5 million customers in Kansas and Missouri.

The merger that will create a new power company that serves more than a million and a half people in Kansas and Missouri.

Westar Energy and Great Plains Energy are combining in a 14-billion-dollar deal that company officials say will stabilize bills for the customers. The Missouri Public Service Commission approved the merger first on Thursday. Kansas’ Corporation Commission quickly followed suit.

A new company, called Every, will start operations sometime next year.