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) 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.
American Electric Power (AEP) has received the inaugural 2020 Pollinator Electric Power Award from the North American Pollinator Protection Campaign (NAPPC) for its initiatives in promoting pollinator habitats. The award recognizes AEP's efforts in implementing native vegetation projects on managed lands to support species like the Monarch butterfly. AEP is engaged in research to establish biodiverse prairie habitats along transmission lines while collaborating with Dawes Arboretum to document biodiversity. This award highlights AEP's commitment to sustainability and ecological improvement.
American Electric Power Co. (AEP) announced a quarterly cash dividend increase of 74 cents per share, up 4 cents from the previous rate. This dividend aligns with the company’s 5% to 7% operating earnings growth target. The dividend will be payable on Dec. 10, 2020, to shareholders recorded by Nov. 10, 2020, marking AEP's 442nd consecutive quarterly dividend. AEP emphasizes its commitment to delivering reliable energy while providing value to shareholders, underpinned by a long history of dividend payments since 1910.
American Electric Power (AEP) has scheduled a quarterly earnings conference call for 9 a.m. ET on Oct. 22. The conference will be broadcast live via the internet, allowing financial analysts and stakeholders to participate. The webcast will include audio and visuals of charts presented by AEP management and will be archived for later access. AEP operates the nation's largest electricity transmission system, serving nearly 5.5 million customers across 11 states, with significant renewable energy capacity.
American Electric Power (AEP) has been recognized in the Forbes JUST 100 2021 list, achieving the top position among utilities and earning the highest rank in the 'Workers' category. This recognition highlights AEP's commitment to corporate accountability and stakeholder treatment. The analysis by JUST Capital assessed 1,000 major companies based on labor practices, community support, and environmental impact, including COVID-19 responses. AEP, headquartered in Columbus, Ohio, serves approximately 5.5 million customers across 11 states and boasts a diverse generating capacity of about 30,000 megawatts.
American Electric Power (AEP) plans to fully transition its 2,300 cars and light-duty trucks to electric vehicles (EVs) by 2030, part of a larger strategy to electrify 40% of its vehicle fleet. This shift aims to reduce carbon emissions, with a target of over 80% reduction by 2050. By avoiding over 10 million gallons of fuel, AEP projects savings of $40 million in fuel costs. The company also promotes EV adoption through initiatives like deploying 375 charging stations and offering incentives for charging infrastructure.
American Electric Power (NYSE: AEP) has promoted Daniel L. Snider to vice president of Enterprise NERC Compliance, effective September 28, 2020. Snider, previously managing director of the same department since 2010, will lead AEP's corporate compliance efforts across its 11 utility subsidiaries. His promotion acknowledges the increasing complexity of compliance requirements in the energy sector. With over 33 years at AEP, Snider brings extensive experience in regulatory and transmission policy. AEP serves nearly 5.5 million customers and operates the largest electricity transmission system in the U.S.
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