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.
American Electric Power (AEP) announced leadership changes within its External Affairs organization, effective July 2, 2022. Matthew Satterwhite has been promoted to senior vice president of Regulatory Services, while Philip Dion becomes vice president of Federal Affairs. Stacey Gabbard has been elevated to vice president of Customer Operations. These appointments aim to strengthen AEP's advocacy for effective legislation and enhance customer experiences. AEP operates the largest electricity transmission system in the U.S. and aims to increase its renewable generation capacity to 50% by 2030, with a goal for net-zero emissions by 2050.
American Electric Power (Nasdaq: AEP) has appointed Donna A. James to its Board of Directors. James, a corporate governance expert and founder of Lardon & Associates, brings over 25 years of experience from her tenure at Nationwide Mutual Insurance. The company aims to enhance service and drive growth with her insights. David Anderson resigned after 11 years, reaching retirement age. AEP operates the largest electricity transmission system in the U.S. and plans to increase its renewable energy portfolio to 50% by 2030, targeting an 80% reduction in carbon emissions from 2000 levels.
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.