AEP Releases 2024 Corporate Sustainability Report

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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.

Positive

• AEP's commitment to sustainable business practices and stakeholder engagement
• Investment plan to meet energy needs and transition to cleaner energy
• Focus on environmental compliance and employee well-being

Negative

• None.

News Market Reaction

+2.46%

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+2.46% News Effect

On the day this news was published, AEP gained 2.46%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

COLUMBUS, Ohio, May 1, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) issued the 2024 Corporate Sustainability Report, an annual assessment of its sustainable business practices, strategy, performance and impact. This report marks AEP's 18th year of providing a comprehensive view of AEP's progress as a business and community partner and highlights the company's longstanding commitment to stakeholder engagement, transparency and long-term value creation.

The report's theme, "Our Journey Forward," reflects AEP's sustainable growth strategy, which is focused on a safe, reliable and just transition; environmental compliance and stewardship; employee well-being and engagement; social justice and equity; and strong and effective corporate governance.

In 2023, AEP refreshed its company values to reinforce a commitment to customers and a safe, sustainable energy future. The company's $43 billion, five-year capital investment plan is designed to meet customers' energy needs by strengthening its regulated business and supporting growth.

"Safe, affordable and reliable power has never been more important for our customers and the communities we serve," said Ben Fowke, AEP's interim president and chief executive officer. "As we work to achieve our net-zero goal, we're equally committed to working with regulators, policymakers, investors and other stakeholders to balance the transition. We understand the importance of a diverse portfolio of resources especially during a time of unprecedented growth in electricity demand. We will deliver on our purpose and commitment by always prioritizing the needs of our customers and communities."

The company also implemented new Just Transition principles that focus on customers and communities, its workforce and the future. These principles include Our Customers and Communities, striving to provide customers and communities with safe, reliable and affordable power; Each Other, treating the company's workforce respectfully; and The Future, continuously improving the Just Transition processes and sharing updates with key stakeholders. A Just Transition enables people and communities to thrive during the transition to a cleaner energy economy.

"Our customers, communities and investors count on us to fulfill our purpose to deliver safe, reliable and affordable electricity. The 2024 Corporate Sustainability Report is one way we show our commitment to our stakeholders by highlighting what we've accomplished and outlining the future of AEP," said Sandy Nessing, vice president and chief sustainability officer.

The report also provides access through AEP's ESG Data Center to the most requested metrics about the company's performance.

View the 2024 Corporate Sustainability Report and learn more about AEP's sustainable development strategy.

At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable and affordable power. Our nearly 17,000 employees operate and maintain more than 40,000 miles of transmission lines, the nation's largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity, including nearly 6,000 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. We are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement and inclusion. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.

 

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SOURCE American Electric Power