Welcome to our dedicated page for American Electric Power Company news (Ticker: AEP), a resource for investors and traders seeking the latest updates and insights on American Electric Power Company stock.
American Electric Power Company, Inc. (AEP), headquartered in Columbus, Ohio, stands as one of the largest electric utilities in the United States. Delivering electricity to more than 5 million customers across 11 states, AEP is integral to the nation's power infrastructure. The company owns nearly 38,000 megawatts of generating capacity and the largest electricity transmission system in the U.S., boasting a 39,000-mile network. AEP’s operations span various subsidiaries including AEP Ohio, AEP Texas, Appalachian Power, Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company.
In terms of energy generation, about 42% of AEP's capacity is derived from coal, 27% from natural gas, 21% from renewable sources and hydro, 8% from nuclear, and 2% from demand response. The company is actively enhancing its generation portfolio by focusing on renewable energy to meet growing customer demands sustainably. AEP is also committed to reducing its carbon footprint, targeting an 80% reduction in CO2 emissions from 2005 levels by 2030, and achieving net zero by 2045.
AEP is investing $43 billion over the next five years to modernize the grid and ensure reliable, affordable power. Their strategic initiatives include de-risking the business, controlling costs, and fostering economic growth through energy infrastructure investments.
American Electric Power's financial performance has been robust despite economic challenges. The company reaffirmed its 2024 operating earnings guidance range of $5.53 to $5.73 per share, reflecting a solid long-term growth rate of 6% to 7%, and a targeted FFO/Debt ratio of 14% to 15%.
Recently, AEP has engaged in significant business transactions, including the sale of its distributed resources business, AEP OnSite Partners, and the completion of its sale of New Mexico Renewable Development assets, netting considerable capital to support its strategic goals. Furthermore, AEP’s emphasis on sustainability and community engagement continues to earn the company recognition and strengthen its market position.
American Electric Power (AEP) reported third-quarter 2022 GAAP earnings of $1.33 per share, a decline from $1.59 in Q3 2021. Operating earnings increased to $1.62 from $1.43. Revenue rose to $5.5 billion, up $0.9 billion year-over-year, while operating earnings year-to-date reached $2.065 billion. AEP reaffirmed its 2022 operating earnings guidance, now narrowed to $4.97 to $5.07 per share. The firm plans significant investments, including $40 billion in capital expenditures over the next five years, focusing on renewable energy and grid improvements.
American Electric Power Co. (Nasdaq: AEP) announced on October 25, 2022, a quarterly cash dividend of 83 cents per share, marking a 5 cents increase. This dividend is payable on Dec. 9, 2022, to shareholders of record as of Nov. 10, 2022. This increase aligns with the company's projected operating earnings growth of 6% to 7%. AEP maintains a strong dividend tradition, having paid dividends every quarter since 1910, granting 450 consecutive dividends.
American Electric Power (AEP) will host a quarterly earnings conference call on Oct. 27, 2022, at 9 a.m. ET. The call will be streamed live on AEP's website, featuring audio and visuals from management. AEP operates the largest electricity transmission system in the U.S., serving 5.5 million customers across 11 states, with over 31,000 megawatts of generating capacity, including 7,100 megawatts from renewable sources. The company aims to increase its renewable generation to 50% of total capacity by 2030 and achieve net zero emissions by 2045.
American Electric Power (AEP) has issued a Request for Proposal (RFP) for firm physical natural gas storage service. The RFP is for a two-year term, starting April 1, 2023, and ending March 31, 2025. Interested parties must submit proposals by December 14, 2022. A technical conference will be held on October 25, 2022, at 1:30 p.m. CT. AEP aims for growth in its renewable energy capacity to approximately 50% by 2030, with a target of an 80% reduction in carbon emissions by 2030 and achieving net zero emissions by 2045.
American Electric Power (Nasdaq: AEP) has updated its operating earnings guidance for 2022, now projected between $4.97 and $5.07 per share, with a 2023 forecast of $5.19 to $5.39 per share. The company is prioritizing investments totaling $40 billion from 2023-2027, focusing on transmission, distribution, and renewable energy. AEP has also accelerated its carbon reduction goals, aiming for an 80% reduction in emissions by 2030 and achieving net-zero by 2045. Strategic divestitures are set to streamline the business, enhancing shareholder value.
American Electric Power (Nasdaq: AEP) appointed Juliet Majtenyi as vice president of Project Solutions, Generation, effective Oct. 22, 2022. She replaces Frank Pifer, who retires after over 35 years. Majtenyi will oversee project management and capital excellence activities, reporting to Paul Chodak, executive vice president. Her extensive experience in project controls since joining AEP in 2006 positions her to support AEP's shift toward a cleaner energy future, with plans to increase renewable generation capacity to 50% by 2030.
American Electric Power (AEP) has signed an amended agreement for the sale of its Kentucky operations to Liberty, with a closing expected in January 2023, pending Federal Energy Regulatory Commission (FERC) approval by December 16. Liberty will acquire Kentucky Power and AEP Kentucky Transco for $2.646 billion, with AEP receiving about $1.2 billion in cash after taxes and fees. AEP anticipates a pre-tax GAAP loss of $180 million to $220 million in Q3 2022 due to this amendment. The deal is expected to enhance customer benefits in Eastern Kentucky and support AEP's future investments.
American Electric Power (AEP) has announced significant organizational changes to align with its strategic goals. Peggy Simmons has been appointed executive vice president – Utilities, overseeing utility company presidents and customer service. Chris Beam becomes executive vice president – Energy Services. Leigh Anne Strahler will replace Simmons as president and COO of Public Service Company of Oklahoma, while Aaron Walker succeeds Beam at Appalachian Power. The executive vice president and COO role is being eliminated, with Lisa Barton transitioning until November 1. AEP aims for cleaner energy solutions and enhanced customer satisfaction.
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