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) 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.
American Electric Power (Nasdaq: AEP) announced an agreement to sell its distributed resources business, AEP OnSite Partners, to Basalt Infrastructure Partners. The sale is projected to net AEP $315 million in cash after taxes and fees, with the transaction expected to close in Q3 2024 pending regulatory approvals. The sale will impact 45 employees, all of whom Basalt plans to retain. AEP will use the proceeds to support its financing plan and invest in regulated operations to enhance reliable and affordable energy services. RBC Capital Markets acted as AEP's financial advisor, and Morgan Lewis & Bockius LLP served as legal counsel.
AEP Ohio filed a proposal to create a new rate category for data center customers and cryptocurrency mining operations, aiming to address the increasing demand for electricity fueled by new technologies like artificial intelligence. The proposal requires data centers to commit to paying for a minimum of 90% of the energy they need each month over a 10-year period, even if they use less. The plan also highlights the need for investments in new transmission lines to accommodate the growing electricity demand in Central Ohio. This initiative provides clarity for long-term planning and obligations for data center and cryptocurrency mining customers.
American Electric Power (AEP) has appointed Chris Brathwaite as its Chief Communications Officer. Brathwaite will oversee employee and external communications, reputation management, marketing, social media, and more. His extensive experience in public relations will help AEP connect with stakeholders and advance its energy initiatives. AEP is investing heavily in clean energy and aims to reduce carbon emissions by 80% by 2030. Brathwaite's appointment is strategic in shaping AEP's communication and growth.
American Electric Power (AEP) released its 2024 Corporate Sustainability Report, showcasing its commitment to sustainable business practices, stakeholder engagement, and long-term value creation. The report emphasizes AEP's growth strategy, environmental compliance, and employee well-being. The company's $43 billion investment plan aims to meet energy needs while transitioning to a cleaner energy economy. AEP's goal is to achieve net-zero emissions by 2045.
American Electric Power (AEP) reported strong first-quarter 2024 earnings with GAAP earnings of $1.91 per share and operating earnings of $1.27 per share. The company reaffirmed its 2024 operating earnings guidance of $5.53 to $5.73 per share with a focus on economic development driving 10.5% commercial load growth. AEP's strategic investments in grid modernization and renewable energy demonstrate long-term growth potential.
American Electric Power (AEP) has scheduled a quarterly earnings conference call with financial analysts on April 30, 2024. The webcast will be live on their website and include audio, charts, and graphics. AEP is a major electricity producer investing in cleaner energy solutions and aims to reduce carbon emissions significantly by 2030 and achieve net zero by 2045.
FAQ
What is the current stock price of American Electric Power Company (AEP)?
What is the market cap of American Electric Power Company (AEP)?
What services does American Electric Power (AEP) provide?
What are AEP's key business units?
How is AEP investing in renewable energy?
What is AEP's financial outlook for 2024?
What recent business transactions has AEP completed?
Where is AEP headquartered?
How does AEP contribute to sustainability?
What is AEP's market position in the energy industry?
How does AEP support economic growth in its service areas?
What recognition has AEP received for its efforts?
