Americn Electric Stock Price, News & Analysis

American Electric Power (AEP) has announced significant organizational changes to align with its strategic goals. Peggy Simmons has been appointed executive vice president – Utilities, overseeing utility company presidents and customer service. Chris Beam becomes executive vice president – Energy Services. Leigh Anne Strahler will replace Simmons as president and COO of Public Service Company of Oklahoma, while Aaron Walker succeeds Beam at Appalachian Power. The executive vice president and COO role is being eliminated, with Lisa Barton transitioning until November 1. AEP aims for cleaner energy solutions and enhanced customer satisfaction.

American Electric Power (AEP) announced a request for proposal (RFP) for coal supply to its generating stations across multiple regions, including the Central Appalachian, Illinois, Powder River, and Northern Appalachian Basins. Proposals are requested for the balance of 2022 through 2025, and submissions must be received by 5 p.m. ET on September 28, 2022. The proposals will remain open until 5 p.m. ET on November 4, 2022. This initiative aligns with AEP's plans to enhance its energy portfolio, which includes a commitment to 50% renewable energy by 2030 and an 80% reduction in carbon emissions by 2030.

American Electric Power (Nasdaq: AEP) has announced a leadership transition with Julie A. Sloat appointed as president and CEO effective January 1, 2023. She succeeds Nicholas K. Akins, who will become executive chair after serving as CEO since 2011. Sloat has been CFO since January 2021 and is credited with enhancing financial performance. AEP plans to invest in clean energy technologies and aims for 50% renewable generation by 2030, targeting 80% carbon dioxide emission reductions from 2000 levels. AEP serves 5.5 million customers across 11 states.

American Electric Power (Nasdaq: AEP) has finalized the sale of the 595-megawatt Cardinal Plant Unit 1 in Brilliant, Ohio, to Buckeye Power, completing its exit from competitive generation ownership in Ohio. The deal, approved by the Federal Energy Regulatory Commission on May 19, includes a power purchase agreement allowing AEP Generation Resources to buy 100% of Unit 1's output through 2028. This move emphasizes AEP's focus on regulated operations and future renewable energy growth, with plans to increase renewable generation capacity to 50% by 2030.

American Electric Power (AEP) has appointed Renee V. Hawkins as vice president – Finance & Treasury, effective Aug. 6, 2022. Previously managing director of Corporate Finance, Hawkins brings over 26 years of experience in the energy sector. Her responsibilities will include cash management and corporate finance, reporting to Julie Sherwood, senior VP – Treasury & Risk. AEP aims for an 80% reduction in carbon emissions by 2030 and plans to grow its renewable capacity to approximately 50% of total capacity by the same year.

American Electric Power (AEP) reported second-quarter 2022 GAAP earnings of $1.02 per share, down from $1.16 in Q2 2021. However, operating earnings rose to $1.20 per share from $1.18 year-over-year. Revenue increased to $4.6 billion, up 21% from last year. AEP reaffirmed its 2022 operating earnings guidance of $4.87 to $5.07 per share. Key developments include a focus on renewable energy investments and closing the sale of its Kentucky operations this summer.