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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.
Doral Renewables has secured $392 million in financing for the Mammoth North project in Starke County, Indiana, part of a larger solar initiative to produce 1.3 GWac of power. The funding includes a $157 million construction loan and a $170 million tax equity bridge loan, supported by Deutsche Bank and other financial institutions. Once operational, Mammoth North is expected to power around 75,000 homes through a Power Purchase Agreement with AEP Energy Partners, a subsidiary of American Electric Power (AEP).
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AEP Texas Inc., a subsidiary of American Electric Power (AEP), will redeem $400 million of its 2.40% Senior Notes, Series C, due July 1, 2022. The notes will be redeemed at 100% of their principal amount, which is $100 per note, plus accrued interest and a make-whole premium.
Notice of this redemption was issued on June 1, 2022, in compliance with the indenture terms. The Bank of New York Mellon Trust Company, N.A. acts as the redemption agent.
American Electric Power (AEP) has appointed Raja Sundararajan as executive vice president of External Affairs, effective July 1, 2022, following the retirement of Charles Patton. Sundararajan will oversee communications, marketing, customer relations, regulatory policies, and government affairs. He brings 20 years of experience at AEP, including leadership roles in commercial operations and regulatory services. AEP continues to emphasize its commitment to sustainability and aims for a renewable generation portfolio of 50% by 2030, along with a goal of net-zero emissions by 2050.
American Electric Power (Nasdaq: AEP) appointed Steven Martin as vice president of Infrastructure Engineering, IT Operations & Support effective May 30, 2022. He will report to Therace Risch, executive vice president and chief information & technology officer. Martin will oversee technology planning and operations, focusing on streamlining business processes. Previously, he served as vice president at JCPenney and held various roles at Target and Dell. AEP aims to enhance technology solutions to support its transition to clean and affordable energy.
Southwestern Electric Power Company (SWEPCO), a subsidiary of American Electric Power (AEP), plans to invest $2.2 billion in three renewable energy projects totaling 999 megawatts (MW). This includes the 200-MW Mooringsport solar project in Louisiana, the 200.6-MW Diversion wind project in Texas, and the 598.4-MW Wagon Wheel wind project in Oklahoma. SWEPCO seeks regulatory approvals in Arkansas, Louisiana, and Texas, with operational dates set for December 2024 and December 2025. AEP aims for 16 gigawatts of regulated renewables by 2030, targeting net-zero carbon emissions by 2050.
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American Electric Power (AEP) appointed Shane Lies as the new senior vice president and chief nuclear officer of the Donald C. Cook Nuclear Plant, effective July 1, 2022. Lies, who has been with AEP for 26 years and currently serves as site vice president at Cook, takes over from Joel Gebbie, who is retiring after 36 years. Kelly Ferneau will be promoted to replace Lies. The company emphasizes its commitment to operational excellence and safety in nuclear energy production, supporting its clean energy goals and reliability for customers in Michigan and Indiana.
American Electric Power (AEP) reported first-quarter 2022 GAAP earnings of $715 million ($1.41 per share), up from $575 million ($1.16) in 2021. Operating earnings reached $616 million ($1.22 per share), a slight increase from $571 million ($1.15). Revenue for the quarter was $4.6 billion, up by $0.3 billion year-over-year. AEP reaffirmed its operating earnings guidance for 2022 at $4.87 to $5.07 per share and is advancing strategic initiatives in renewable energy and infrastructure. The company aims for net zero emissions by 2050 and an increased renewable capacity by 2030.
The Board of Directors of American Electric Power (AEP) declared a quarterly cash dividend of 78 cents per share on April 26, 2022. This dividend is payable on June 10, 2022, to shareholders on record as of May 10, 2022. AEP has maintained consistent dividend payments since July 1910, marking its 448th consecutive payment. AEP serves over 5.5 million customers across 11 states and aims to achieve 50% renewable energy generation by 2030, with plans for net zero emissions by 2050.