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) is part of the Electric Highway Coalition, a group of six major utilities committed to creating a seamless network of DC fast chargers for electric vehicles (EVs) across the U.S. This initiative aims to facilitate long-distance travel for EV drivers, addressing concerns over charging station availability. AEP plans to replace 2,300 vehicles with EV models by 2030 and is working with regulators to promote EV adoption through various customer programs. The coalition anticipates significant growth in EV usage, with an estimated 18 million EVs on U.S. roads by 2030.
American Electric Power (AEP) announced its fourth-quarter 2020 results, showing GAAP earnings of $436 million ($0.88 per share), a substantial increase from $154 million ($0.31 per share) in Q4 2019. For the full year, GAAP earnings reached $2.2 billion ($4.44 per share), up from $1.921 billion ($3.89 per share) in 2019. The company raised its 2021 earnings guidance to $4.55 to $4.75 per share. AEP plans to add over 10,000 megawatts of renewable energy by 2030 and aims for an 80% reduction in carbon emissions by 2030, moving towards net-zero by 2050.
American Electric Power (AEP) has scheduled its quarterly earnings conference call for 9 a.m. ET on February 25, 2021. The call will be available via live webcast, featuring audio and visuals of charts referenced by AEP management. AEP operates the largest electricity transmission system in the U.S., serving nearly 5.5 million customers across 11 states, with significant generating capacity including over 5,300 megawatts from renewable sources. The recorded call will be archived for later access on the AEP website.
American Electric Power (AEP) has announced the impending sale of its 48-MW hydroelectric Racine Plant in Ohio to Eagle Creek Renewable Energy. This move is part of AEP's strategy to focus on regulated operations and invest in infrastructure and renewable energy. The deal is set to close in Q2 2021, pending Federal Energy Regulatory Commission approval, but the sale price remains undisclosed. AEP Generation Resources has retired or sold most of its capacity, with only the 595-MW Cardinal Plant Unit 1 expected to retire in 2030.
On January 19, 2021, American Electric Power Co. (Nasdaq: AEP) announced a quarterly cash dividend of 74 cents per share, marking its 443rd consecutive dividend. This dividend will be paid on March 10, 2021, to shareholders on record as of February 10, 2021. AEP has maintained dividend payments since July 1910, showcasing its long-standing financial commitment. With a robust energy infrastructure, AEP services nearly 5.5 million customers and has a generating capacity of around 30,000 megawatts, including over 5,300 megawatts from renewable sources.
American Electric Power (AEP) announces key leadership changes effective January 1, 2021. Julie A. Sherwood will become the senior vice president of Treasury & Risk, succeeding Julie Sloat, who will assume the role of executive vice president and chief financial officer. Melissa A. McHenry is appointed senior vice president of Communications & Marketing, replacing retiring Dale E. Heydlauff. These changes aim to strengthen AEP's financial management and enhance its communications strategy as the company focuses on delivering innovative energy solutions.
Daryl Roberts has been elected to the Board of Directors of American Electric Power (Nasdaq: AEP). With over 20 years in leadership roles at DuPont and Arkema, he brings extensive experience in operations and compliance. AEP's chairman, Nicholas K. Akins, noted that Roberts' insights will be valuable as the company pushes for cleaner energy technologies and an improved energy system. AEP serves 5.5 million customers across 11 states and is one of the largest electricity producers in the U.S., with significant renewable generation capabilities.
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