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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 (Nasdaq: AEP) has appointed Janelle N. Coleman as vice president of Corporate Philanthropy and Community Engagement, effective Nov. 30, and as president of the AEP Foundation starting Jan. 1, 2021. Coleman, who has over 20 years of experience, will oversee philanthropic efforts across AEP's 11-state service area. The foundation donated nearly $30 million in 2019 and provided $4 million in emergency funds during the COVID-19 crisis. She reports to Dale Heydlauff until his retirement on Dec. 31.
American Electric Power (AEP) has appointed three new leaders to its information technology group as part of its strategy to enhance technology and innovation. Joe Brenner is now vice president of Application Development & Business Solutions, Sanjay Terakanambi is vice president of Technology Infrastructure, Operations & Support, and Christopher D. Johnson is managing director of Enterprise Innovation & Technology. These appointments aim to optimize AEP's services and drive down operational costs, with the new leaders bringing extensive experience from previous roles in major companies.
American Electric Power (AEP) announced plans to invest $37 billion in capital from 2021 to 2025, focusing on regulated businesses and renewable energy. AEP's operating earnings guidance for 2021 is set at $4.51 to $4.71 per share, indicating a growth rate of 5% to 7%. The investment includes $26.7 billion for transmission and distribution, $2.8 billion for regulated renewables, and $2.1 billion for competitive projects. AEP is also enhancing its environmental footprint, aiming for all company vehicles to be EVs by 2030.
American Electric Power (AEP) plans to retire 1,633 megawatts (MW) of coal-fueled generation by the end of 2028 due to new EPA regulations. This includes closing the Pirkey Plant (580 MW) in 2023 and ceasing coal operations at the Welsh Plant (1,053 MW) in 2028. AEP will also upgrade systems at other plants to comply with environmental standards. The company has retired nearly 13,500 MW of coal generation in the past decade and aims to diversify its energy mix with renewables and natural gas, enhancing its environmental commitment.
AEP Energy Partners (AEPEP), a subsidiary of American Electric Power Company (AEP), is seeking proposals for renewable energy supply from new solar and wind facilities in Ohio and ERCOT. AEPEP aims for renewable energy purchase agreements lasting 10 to 15 years for Ohio projects and up to 12 years for ERCOT solar projects, effective between 2021 and 2023. This initiative intends to support the company's growing energy demands, particularly due to the recent City of Columbus Electric Service Aggregation Program. Bids must be submitted by Nov. 23, 2020.
American Electric Power (AEP) has appointed Timothy J. Wells as vice president of Sales, Economic and Business Development, effective Nov. 2, 2020. He replaces Mark James, who retired last month. Wells will lead initiatives to attract new commercial and industrial customers while enhancing services for current clients. His extensive experience in economic development includes significant roles in AEP Ohio, where he established partnerships with the data center sector. The Economic Development team will include two new directors focusing on AEP's eastern and western territories.
American Electric Power (Nasdaq: AEP) announced significant leadership changes effective January 1, 2021, aimed at enhancing executive experiences. Lisa M. Barton was appointed executive vice president and chief operating officer, while Julie Sloat became executive vice president and chief financial officer. Brian X. Tierney transitioned to executive vice president – Strategy. AEP's chairman noted that these moves would strengthen the company's strategic focus, leveraging the leaders' operational expertise to advance investment in cleaner energy infrastructure.
American Electric Power's (AEP) subsidiary, AEP Energy Partners, has entered into a long-term power purchase agreement (PPA) with the Atlanta Farms Solar Project in Ohio, which is set to deliver 200 MW of renewable energy. Construction will begin in mid-to-late 2021, pending permit approval, with operations expected by the end of 2022. AEP Energy aims to supply clean energy to residential and business customers, enhancing sustainable energy solutions. This initiative reflects AEP's commitment to integrating carbon-free energy sources and supporting local economies.
AEP Energy Partners, a subsidiary of American Electric Power (Nasdaq: AEP), has signed a letter of intent with BQ Energy Development to purchase the offtake of the Columbus Solar Park in Ohio. This solar facility, designed to produce 50 MW of power, aims to be operational by December 2022 and can supply electricity to 5,000 homes. The partnership supports AEP’s commitment to sustainability and local energy supply, especially if Columbus implements a renewable energy aggregation initiative. This project enhances the renewable energy landscape in Central Ohio.
American Electric Power (AEP) reported third-quarter 2020 earnings of $749 million, or $1.51 per share, up from $734 million, or $1.49 per share in Q3 2019. Operating earnings were $728 million, reflecting a slight increase from $722 million in the same quarter last year. Revenue decreased to $4.1 billion, down from $4.3 billion year-over-year. AEP reaffirmed its operating earnings guidance of $4.25 to $4.45 per share for 2020, supported by efficient operations and cost management. The company also reported a 2.6% increase in adjusted residential sales year-to-date.
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