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American Electric Power Company, Inc. reports regulated-utility developments across electricity generation, transmission and distribution. The company serves more than 5 million customers in 11 states and operates through utility businesses that include AEP Ohio, Indiana Michigan Power, Appalachian Power, AEP Texas and Southwestern Electric Power Co.
Recurring AEP news covers earnings, operating guidance, common stock dividends, capital investment plans, high-voltage transmission projects, customer load growth and data center-related power demand. Company updates also address operating-company leadership, state regulatory and stakeholder matters, and infrastructure planning tied to reliability and system expansion.
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The Board of Directors of American Electric Power (AEP) has declared a quarterly cash dividend of 83 cents a share on its common stock. This dividend, payable on June 9, 2023, to shareholders of record as of May 10, 2023, marks the company's 452nd consecutive quarterly dividend since beginning cash payments in July 1910.
AEP serves approximately 5.6 million regulated customers across 11 states and operates the nation's largest electricity transmission system. The company aims to enhance its renewable generation portfolio to around 50% of total capacity by 2032 and achieve an 80% reduction in carbon dioxide emissions from 2005 levels by 2030, targeting net zero by 2045.
Ameresco, Inc. (NYSE: AMRC) has announced the appointment of Charles R. Patton to its Board of Directors. Patton brings over 30 years of experience in corporate sustainability and public policy, previously serving as Executive Vice President at American Electric Power Company (NASDAQ: AEP) until July 2022. His expertise includes overseeing compliance and sustainability initiatives and managing customer service and regulatory affairs.
Patton expressed enthusiasm about joining Ameresco, emphasizing the company's potential as a leader in energy solutions aimed at achieving net zero goals. Chairman and CEO George P. Sakellaris highlighted Patton's unique perspective and strategic planning skills as valuable assets to the company's growth.
American Electric Power (AEP) announced the termination of its planned sale of Kentucky operations to Liberty, reaffirming its commitment to Kentucky customers. The company aims to develop a strategic plan focusing on economic growth, reliability, and cost control. AEP's 2023 operating earnings guidance remains unchanged at $5.19 to $5.39 per share, with a long-term growth rate target of 6% to 7%. Key initiatives include a new base rate case in June 2023, right-sizing its rate base, and enhancing economic development in the region. AEP also named Cindy Wiseman as the new President and COO of Kentucky Power. The company anticipates proceeds of $1.2 billion from contracted renewables to support its financial forecast.
On April 17, 2023, Algonquin Power & Utilities Corp. (AQN) announced that its subsidiary Liberty Utilities has mutually terminated the stock purchase agreement with American Electric Power (AEP) regarding Kentucky Power Company and AEP Kentucky Transmission Company. This decision comes after careful consideration of the current macro environment, as stated by AQN's CEO, Arun Banskota. The company maintains its projected Adjusted Net Earnings per share for 2023 at $0.55 to $0.61 and plans to release its Q1 2023 financial results on May 11, 2023. AQN highlights its robust asset base and commitment to sustainable growth. Additional investor information is available on its website.
American Electric Power (AEP) has announced significant organizational and leadership changes effective April 6, 2023, to align with its strategic priorities. Antonio Smyth has been appointed as the executive vice president of Grid Solutions and Government Affairs, expanding his oversight for planning regulated infrastructure investment and federal government affairs. Julie Sloat, AEP's CEO, expressed confidence in Smyth's ability to advance the company’s policy and investment strategies. The executive vice president of External Affairs position has been eliminated, and Raja Sundararajan is leaving the organization. Other realignments include new reporting structures for Regulatory Services and Communications & Marketing. AEP remains committed to reducing its carbon footprint, aiming for an 80% reduction in CO2 emissions by 2030 and net zero by 2045, while continuing its growth in renewable energy investments.
EDF Renewables North America has entered into two agreements with Indiana Michigan Power (I&M), a subsidiary of American Electric Power (AEP), to enhance its clean energy portfolio with 554 MWdc of solar power. Under a 30-year Power Purchase Agreement, I&M will purchase 236 MWdc from the Sculpin Solar project and acquire 100% equity interests in the Lake Trout Solar project, totaling 318 MWdc. Both projects are expected to generate around 880,000 MWh of clean energy annually, equating to a reduction of over 624,000 metric tons of CO₂ emissions. Completion of both projects is anticipated by Q4 2025.
Indiana Michigan Power (I&M) is announcing plans for four new solar power plants in Indiana, set to generate power for over 200,000 homes by mid-2026. This initiative is part of I&M's commitment to diversify energy sources, including wind and battery storage, and aims to achieve net-zero carbon emissions by 2045. With an investment of approximately $1 billion in two of the facilities, I&M submitted detailed plans to state regulators. The new plants will replace coal generation as the Rockport Plant retires by 2028. I&M is also seeking further renewable energy proposals, emphasizing sustainability and community economic growth.
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