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) has appointed Joseph F. Moore IV as senior vice president of Business Transformation, effective immediately. Reporting to AEP President and CEO Bill Fehrman, Moore will lead process improvements across AEP's key business units and seven operating companies.
With over 33 years of experience in the energy industry, Moore brings extensive knowledge in various areas, including customer service, electric and gas delivery, and business analytics. His most recent role was senior vice president of Business Transformation at Berkshire Hathaway Energy. Moore's appointment aligns with AEP's focus on enhancing customer experience, improving reliability, and delivering world-class operational performance.
American Electric Power (Nasdaq: AEP) has successfully completed the sale of its distributed resources business, OnSite Partners, to funds advised by Basalt Infrastructure Partners The transaction, which was initially announced in May 2024, has resulted in AEP netting approximately $318 million in cash after accounting for taxes, transaction fees, and other customary adjustments.
The sale received all necessary regulatory approvals, including clearance from the Federal Energy Regulatory Commission and federal clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976. This divestment marks a significant move for AEP in streamlining its business operations.
American Electric Power (AEP) has been recognized as one of the Top Utilities in Economic Development by Site Selection magazine for the 12th time in 13 years. In 2023, AEP's economic development efforts helped attract projects resulting in over $35 billion in capital investment and the creation of more than 10,400 new direct jobs across its service territory.
Key highlights include:
- Nucor's $2.7 billion steel manufacturing facility in West Virginia, creating 800+ jobs
- SLB's $18.5 million investment in Louisiana, bringing nearly 600 new jobs
- TekniPlex's $45 million facility in Ohio, creating 100 jobs
AEP also provided an e-learning course on economic development, benefiting over 250 community leaders.
American Electric Power (AEP) has announced organizational changes effective Sept. 1, 2024, to improve customer service and enhance local execution. Key changes include:
1. Seven operating company leaders and the Chief Nuclear Officer will report directly to CEO Bill Fehrman.
2. Peggy Simmons appointed as executive vice president of Regulatory and Chief Administrative Officer, overseeing safety, regulatory, procurement, sustainability, customer operations, and economic development.
3. Shane Lies promoted to executive vice president and Chief Nuclear Officer, reporting to Fehrman.
These changes aim to strengthen AEP's focus on customer needs, regulatory relationships, and local community partnerships while supporting the company's strategy to improve reliability, support economic growth, and maintain affordable energy for customers.
American Electric Power (Nasdaq: AEP) has been ranked first in the utility industry on Forbes magazine's America's Best Employers for Women 2024 list. This marks the fifth consecutive year AEP has been included in this prestigious ranking. The recognition highlights AEP's commitment to creating an inclusive work environment that supports women and ensures their professional growth.
The list was compiled by Forbes in partnership with Statista, based on an independent survey of over 150,000 women working for companies with at least 1,000 employees in the United States. Participants rated their employers on various criteria, including working conditions, diversity, salary, and likelihood of recommendation. The survey also focused on parental leave, family support, discrimination, and pay equity. AEP's top ranking reflects its dedication to fostering a diverse workforce and promoting gender equality in the workplace.
American Electric Power (Nasdaq: AEP) reported second-quarter 2024 earnings with GAAP earnings of $0.64 per share and operating earnings of $1.25 per share. The company reaffirmed its 2024 operating earnings guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7%. AEP saw strong growth in commercial load, particularly in data processing facilities, with a 12.4% increase over Q2 2023. The company has commitments for over 15 gigawatts of incremental load by 2030 and plans to add more than 20 gigawatts of new resources in the next decade. AEP also implemented a voluntary workforce reduction program, with approximately 1,000 employees participating, to address inflationary pressures.
American Electric Power (AEP) has declared a quarterly cash dividend of 88 cents per share on its common stock, payable on Sept. 10, 2024, to shareholders of record as of Aug. 9, 2024. This marks AEP's 457th consecutive quarterly dividend, maintaining a tradition dating back to July 1910. AEP, headquartered in Columbus, Ohio, serves 5.6 million customers across 11 states and operates the nation's largest electric transmission system. The company is investing $43 billion over five years to enhance grid reliability and cleanliness, aiming for an 80% reduction in CO2 emissions by 2030 and net-zero emissions by 2045.
Centuri Holdings (NYSE: CTRI) announced that Bill Fehrman will step down as President and CEO to become CEO of American Electric Power (Nasdaq: AEP). Fehrman will continue in his current role until July 31, 2024, and remain on Centuri’s Board of Directors until a permanent CEO is appointed. Paul Caudill, former CEO of NV Energy and a Centuri advisory board member, will serve as Interim CEO. The transition comes after Centuri’s successful launch as a public company earlier this year, positioning it for growth in the utility infrastructure services market. Centuri remains focused on customer growth, cost optimization, and strategic capital allocation.
American Electric Power (Nasdaq: AEP) has appointed William J. 'Bill' Fehrman as its new president and CEO, effective August 1, 2024. Fehrman, an industry veteran, previously led Centuri Holdings and Berkshire Hathaway Energy. He will succeed interim CEO Ben Fowke, who will continue as a senior advisor and board member. Fehrman brings extensive experience in utility operations, finance, regulatory matters, and renewable energy. His appointment is expected to drive operational excellence and strong financial results. Additionally, Linda A. Goodspeed will retire from AEP's Board of Directors on July 31, 2024.
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.
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