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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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On January 24, 2023, American Electric Power (AEP) announced a quarterly cash dividend of 83 cents per share on its common stock. This dividend, marking the company's 451st consecutive quarterly payment, will be payable on March 10, 2023, to shareholders of record by February 10, 2023. AEP has consistently provided cash dividends since July 1910. The company operates the largest electricity transmission system in the U.S., serving 5.5 million customers across 11 states, and has plans to increase its renewable generation portfolio to 50% by 2032 while aiming for an 80% reduction in carbon dioxide emissions by 2030.
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AEP Ohio has filed an Electric Security Plan (ESP) application with the Public Utilities Commission of Ohio, committing to invest $2.2 billion in reliability-focused projects over six years. The plan includes upgrading aging equipment, improving circuits with frequent outages, and building new lines and substations. Residential energy efficiency programs and a Senior Discount Program are also proposed. If approved, customers may see a 2% average monthly increase, approximately $4 annually. The proposal aims to enhance electric grid reliability amid growing demands.
AEP Energy Partners, a subsidiary of American Electric Power (AEP), is seeking proposals for renewable energy projects in the PJM and ERCOT regions. The company aims to secure long-term renewable energy purchase agreements, with terms ranging from 5 to 15 years, to support the growing retail and wholesale loads in Texas and Ohio. Notice of intent to bid is due by December 30, 2022, with proposal packages required by January 13, 2023. The initiative aligns with AEP's commitment to a clean energy future and expanding its renewable energy capacity.
On November 17, 2022, Public Service Company of Oklahoma (PSO) submitted a proposal to the Oklahoma Corporation Commission for a fuel-free power plan involving a $2.47 billion investment in renewable energy. The plan includes three wind farms and three solar facilities that will generate 995.5 megawatts of energy, aiming to stabilize electricity costs for customers. The average residential monthly bill is projected to rise by $3.48 (2.6%). This initiative aims to protect against market volatility in natural gas prices and is expected to save customers $1 billion in fuel costs over 30 years.
American Electric Power (AEP) reaffirmed its 2022 operating earnings guidance of $4.97 to $5.07 per share, with a midpoint of $5.02, and projected 2023 earnings of $5.19 to $5.39. The company unveiled a $40 billion five-year capital plan, focusing on wires and renewables. AEP aims for nearly 15,700 MW of renewable generation and energy storage by 2032, supporting a 2045 net zero target. They raised quarterly dividends to $0.83 per share, marking 450 consecutive quarterly cash dividends. AEP expects to sell its Kentucky operations by January 2023 and complete renewables sales by mid-2023.
American Electric Power (Nasdaq: AEP) has appointed Ann P. Kelly as the new executive vice president and chief financial officer (CFO), effective November 30, 2022. Kelly, who previously served as CFO at AmeriGas Propane, will oversee AEP's accounting, treasury, risk, corporate planning, budgeting, and investor relations. She will report to Nicholas K. Akins, AEP's CEO, until January 1, when Julie Sloat transitions to CEO. AEP operates the largest electricity transmission system in the U.S. and aims for significant renewable energy growth by 2030.
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American Electric Power (AEP) reported third-quarter 2022 GAAP earnings of $1.33 per share, a decline from $1.59 in Q3 2021. Operating earnings increased to $1.62 from $1.43. Revenue rose to $5.5 billion, up $0.9 billion year-over-year, while operating earnings year-to-date reached $2.065 billion. AEP reaffirmed its 2022 operating earnings guidance, now narrowed to $4.97 to $5.07 per share. The firm plans significant investments, including $40 billion in capital expenditures over the next five years, focusing on renewable energy and grid improvements.