AEP Increases Quarterly Dividend To 78 Cents A Share

Rhea-AI Summary

The Board of Directors of American Electric Power Co. (AEP) has declared a quarterly cash dividend of 78 cents per share, marking an increase of 4 cents. This rise reflects AEP's commitment to a 5% to 7% operating earnings growth range. The dividend will be paid on Dec. 10, 2021, to shareholders of record as of Nov. 10, 2021, representing the 446th consecutive quarterly dividend. AEP aims for a substantial increase in its renewable energy portfolio, targeting 50% of its capacity by 2030.

Positive

• Quarterly dividend increased by 4 cents to 78 cents per share.
• Maintained a consistent dividend payment record since 1910.
• Targeting 50% renewable energy capacity by 2030.

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• None.

COLUMBUS, Ohio, Oct. 19, 2021 /PRNewswire/ -- The Board of Directors of American Electric Power Co. (Nasdaq: AEP) today declared a regular quarterly cash dividend of 78 cents a share on the company's common stock, an increase of 4 cents per share. The increase is in line with the company's 5% to 7% operating earnings growth range.

The dividend is payable Dec. 10, 2021, to shareholders of record as of Nov. 10, 2021, and is the company's 446th consecutive quarterly common stock cash dividend.

"AEP continues to innovate and transform to build a brighter energy future for the customers and communities we serve," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "Our company's history of strong financial performance has allowed us to pay a cash dividend on our common stock every quarter since 1910, and we're proud to continue this tradition of delivering increased returns to our valued shareholders."

American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP's approximately 16,800 employees operate and maintain the nation's largest electricity transmission system and more than 223,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,900 megawatts of renewable energy. The company's plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to achieve an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and has committed to achieve net zero by 2050. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity and inclusion. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.

WEBSITE DISCLOSURE

AEP may use its website as a distribution channel for material company information. Financial and other important information regarding AEP is routinely posted on and accessible through AEP's website at https://www.aep.com/investors/. In addition, you may automatically receive email alerts and other information about AEP when you enroll your email address by visiting the "Email Alerts" section at https://www.aep.com/investors/.

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SOURCE American Electric Power

FAQ

What is the new dividend amount for AEP shareholders?

The new dividend amount is 78 cents per share.

When will the AEP dividend be paid?

The AEP dividend will be paid on December 10, 2021.

What is the record date for AEP's dividend?

The record date for AEP's dividend is November 10, 2021.

How frequently does AEP pay dividends?

AEP pays dividends quarterly.

What are AEP's targets for renewable energy capacity?

AEP aims for 50% of its total capacity to come from renewable sources by 2030.