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 (Nasdaq: AEP) appointed Steven Martin as vice president of Infrastructure Engineering, IT Operations & Support effective May 30, 2022. He will report to Therace Risch, executive vice president and chief information & technology officer. Martin will oversee technology planning and operations, focusing on streamlining business processes. Previously, he served as vice president at JCPenney and held various roles at Target and Dell. AEP aims to enhance technology solutions to support its transition to clean and affordable energy.
Southwestern Electric Power Company (SWEPCO), a subsidiary of American Electric Power (AEP), plans to invest $2.2 billion in three renewable energy projects totaling 999 megawatts (MW). This includes the 200-MW Mooringsport solar project in Louisiana, the 200.6-MW Diversion wind project in Texas, and the 598.4-MW Wagon Wheel wind project in Oklahoma. SWEPCO seeks regulatory approvals in Arkansas, Louisiana, and Texas, with operational dates set for December 2024 and December 2025. AEP aims for 16 gigawatts of regulated renewables by 2030, targeting net-zero carbon emissions by 2050.
American Electric Power (AEP) appointed Shane Lies as the new senior vice president and chief nuclear officer of the Donald C. Cook Nuclear Plant, effective July 1, 2022. Lies, who has been with AEP for 26 years and currently serves as site vice president at Cook, takes over from Joel Gebbie, who is retiring after 36 years. Kelly Ferneau will be promoted to replace Lies. The company emphasizes its commitment to operational excellence and safety in nuclear energy production, supporting its clean energy goals and reliability for customers in Michigan and Indiana.
American Electric Power (AEP) reported first-quarter 2022 GAAP earnings of $715 million ($1.41 per share), up from $575 million ($1.16) in 2021. Operating earnings reached $616 million ($1.22 per share), a slight increase from $571 million ($1.15). Revenue for the quarter was $4.6 billion, up by $0.3 billion year-over-year. AEP reaffirmed its operating earnings guidance for 2022 at $4.87 to $5.07 per share and is advancing strategic initiatives in renewable energy and infrastructure. The company aims for net zero emissions by 2050 and an increased renewable capacity by 2030.
The Board of Directors of American Electric Power (AEP) declared a quarterly cash dividend of 78 cents per share on April 26, 2022. This dividend is payable on June 10, 2022, to shareholders on record as of May 10, 2022. AEP has maintained consistent dividend payments since July 1910, marking its 448th consecutive payment. AEP serves over 5.5 million customers across 11 states and aims to achieve 50% renewable energy generation by 2030, with plans for net zero emissions by 2050.
American Electric Power (AEP) has announced a scheduled quarterly earnings conference call on April 28, 2022, at 9 a.m. ET. This call will be accessible via live webcast on the AEP website, including audio and visual presentations. AEP, serving 5.5 million customers across 11 states, aims for a 50% renewable generation by 2030 and 80% reduction in carbon emissions from 2000 levels by the same year. The company is committed to achieving net zero emissions by 2050. For those unable to attend, the webcast will also be archived on the AEP site.
American Electric Power (AEP) has issued a request for proposal (RFP) for coal supply to its generating stations across various coal regions. The proposal is for coal supplies in the Central Appalachian, Illinois, Powder River, and Northern Appalachian Basins for the years 2022 through 2025. Proposals must be submitted by 5 p.m. ET on April 22, 2022, and will remain open until May 27, 2022. AEP continues to focus on sustainability, aiming for a 50% renewable generation portfolio by 2030 and an 80% reduction in carbon emissions from 2000 levels. Further details can be found at their website.
AEP Energy Partners, a subsidiary of American Electric Power (Nasdaq: AEP), is soliciting proposals for renewable energy purchase agreements from new and existing solar and wind facilities in the PJM service region. This initiative aims to meet the rising retail and wholesale energy demands in Ohio, particularly aligned with the new Columbus Electric Service Aggregation Program. Proposals are sought for durations of 10 to 15 years for new projects and 5 to 15 years for existing projects. Deadline for bid submissions is April 28, 2022.
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