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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 second-quarter 2022 GAAP earnings of $1.02 per share, down from $1.16 in Q2 2021. However, operating earnings rose to $1.20 per share from $1.18 year-over-year. Revenue increased to $4.6 billion, up 21% from last year. AEP reaffirmed its 2022 operating earnings guidance of $4.87 to $5.07 per share. Key developments include a focus on renewable energy investments and closing the sale of its Kentucky operations this summer.
American Electric Power (AEP) has scheduled a quarterly earnings conference call for July 27 at 9 a.m. ET. This call will be broadcast live and include charts and visuals presented by AEP management. AEP, based in Columbus, Ohio, serves 5.5 million customers across 11 states, operating the largest electricity transmission network in the U.S. The company aims to grow its renewable energy capacity to 50% of its total by 2030, planning an 80% reduction in carbon emissions from 2000 levels by 2030 and a net-zero target by 2050.
The Board of Directors of American Electric Power Co. (AEP) has declared a quarterly cash dividend of 78 cents per share, set for payment on Sept. 9, 2022. Shareholders of record as of Aug. 10, 2022 will receive this dividend, marking the company's 449th consecutive quarterly dividend. AEP has a long-standing history of dividend payments, having paid out cash dividends quarterly since July 1910. The company is also focusing on sustainability, with plans to achieve an 80% reduction in carbon emissions by 2030 and net-zero emissions by 2050.
American Electric Power (AEP) announced leadership changes within its External Affairs organization, effective July 2, 2022. Matthew Satterwhite has been promoted to senior vice president of Regulatory Services, while Philip Dion becomes vice president of Federal Affairs. Stacey Gabbard has been elevated to vice president of Customer Operations. These appointments aim to strengthen AEP's advocacy for effective legislation and enhance customer experiences. AEP operates the largest electricity transmission system in the U.S. and aims to increase its renewable generation capacity to 50% by 2030, with a goal for net-zero emissions by 2050.
American Electric Power (Nasdaq: AEP) has appointed Donna A. James to its Board of Directors. James, a corporate governance expert and founder of Lardon & Associates, brings over 25 years of experience from her tenure at Nationwide Mutual Insurance. The company aims to enhance service and drive growth with her insights. David Anderson resigned after 11 years, reaching retirement age. AEP operates the largest electricity transmission system in the U.S. and plans to increase its renewable energy portfolio to 50% by 2030, targeting an 80% reduction in carbon emissions from 2000 levels.
Doral Renewables has secured $392 million in financing for the Mammoth North project in Starke County, Indiana, part of a larger solar initiative to produce 1.3 GWac of power. The funding includes a $157 million construction loan and a $170 million tax equity bridge loan, supported by Deutsche Bank and other financial institutions. Once operational, Mammoth North is expected to power around 75,000 homes through a Power Purchase Agreement with AEP Energy Partners, a subsidiary of American Electric Power (AEP).
AEP Texas Inc., a subsidiary of American Electric Power (AEP), will redeem $400 million of its 2.40% Senior Notes, Series C, due July 1, 2022. The notes will be redeemed at 100% of their principal amount, which is $100 per note, plus accrued interest and a make-whole premium.
Notice of this redemption was issued on June 1, 2022, in compliance with the indenture terms. The Bank of New York Mellon Trust Company, N.A. acts as the redemption agent.
American Electric Power (AEP) has appointed Raja Sundararajan as executive vice president of External Affairs, effective July 1, 2022, following the retirement of Charles Patton. Sundararajan will oversee communications, marketing, customer relations, regulatory policies, and government affairs. He brings 20 years of experience at AEP, including leadership roles in commercial operations and regulatory services. AEP continues to emphasize its commitment to sustainability and aims for a renewable generation portfolio of 50% by 2030, along with a goal of net-zero emissions by 2050.
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