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American Electric Power (Nasdaq: AEP) announced it will retain AEP Energy, reaffirming its 2024 operating earnings guidance of $5.53 to $5.73 per share, with a long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%. Management will present at the Citi 2024 Energy Conference, and the updated cash flow forecast is available on AEP's investor website. AEP also signed an agreement to sell AEP OnSite Partners, expecting to net $315 million in cash post-transaction. The sale should close in Q3 2024, pending regulatory approvals. AEP is investing $43 billion to improve grid reliability and reduce carbon emissions by 80% from 2005 levels by 2030, aiming for net zero by 2045.
American Electric Power (Nasdaq: AEP) announced an agreement to sell its distributed resources business, AEP OnSite Partners, to Basalt Infrastructure Partners. The sale is projected to net AEP $315 million in cash after taxes and fees, with the transaction expected to close in Q3 2024 pending regulatory approvals. The sale will impact 45 employees, all of whom Basalt plans to retain. AEP will use the proceeds to support its financing plan and invest in regulated operations to enhance reliable and affordable energy services. RBC Capital Markets acted as AEP's financial advisor, and Morgan Lewis & Bockius LLP served as legal counsel.
AEP Ohio filed a proposal to create a new rate category for data center customers and cryptocurrency mining operations, aiming to address the increasing demand for electricity fueled by new technologies like artificial intelligence. The proposal requires data centers to commit to paying for a minimum of 90% of the energy they need each month over a 10-year period, even if they use less. The plan also highlights the need for investments in new transmission lines to accommodate the growing electricity demand in Central Ohio. This initiative provides clarity for long-term planning and obligations for data center and cryptocurrency mining customers.
American Electric Power (AEP) has appointed Chris Brathwaite as its Chief Communications Officer. Brathwaite will oversee employee and external communications, reputation management, marketing, social media, and more. His extensive experience in public relations will help AEP connect with stakeholders and advance its energy initiatives. AEP is investing heavily in clean energy and aims to reduce carbon emissions by 80% by 2030. Brathwaite's appointment is strategic in shaping AEP's communication and growth.
American Electric Power (AEP) released its 2024 Corporate Sustainability Report, showcasing its commitment to sustainable business practices, stakeholder engagement, and long-term value creation. The report emphasizes AEP's growth strategy, environmental compliance, and employee well-being. The company's $43 billion investment plan aims to meet energy needs while transitioning to a cleaner energy economy. AEP's goal is to achieve net-zero emissions by 2045.
American Electric Power (AEP) reported strong first-quarter 2024 earnings with GAAP earnings of $1.91 per share and operating earnings of $1.27 per share. The company reaffirmed its 2024 operating earnings guidance of $5.53 to $5.73 per share with a focus on economic development driving 10.5% commercial load growth. AEP's strategic investments in grid modernization and renewable energy demonstrate long-term growth potential.
American Electric Power (AEP) has scheduled a quarterly earnings conference call with financial analysts on April 30, 2024. The webcast will be live on their website and include audio, charts, and graphics. AEP is a major electricity producer investing in cleaner energy solutions and aims to reduce carbon emissions significantly by 2030 and achieve net zero by 2045.
