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.
AEP Energy, part of American Electric Power (AEP), has signed a long-term renewable energy purchase agreement with Doral LLC for the Mammoth Solar project in Indiana. The first phase, Mammoth Solar 1, will produce 480 MWdc and is part of a larger 1.65 GWdc initiative. Construction is set to begin in Q4 2021, with commercial operation expected by Q2 2023. This agreement is one of the largest in the PJM market and will significantly reduce greenhouse gas emissions and save water. The project is projected to create jobs and invest hundreds of millions into the local economy.
American Electric Power (AEP) reported Q1 2021 earnings of $575 million or $1.16 per share, a significant increase from $495 million or $1.00 per share in Q1 2020. Operating earnings rose to $571 million or $1.15 per share, compared to $504 million or $1.02 per share a year earlier. Revenue increased to $4.3 billion from $3.7 billion, reflecting strong performance in their Transmission Holding Co. business, contributing 35 cents per share. AEP reaffirmed its 2021 operating earnings guidance between $4.55 to $4.75 per share.
American Electric Power (AEP) declared a quarterly cash dividend of 74 cents per share on April 20, 2021. This dividend, which will be paid on June 10, 2021, is for shareholders recorded as of May 10, 2021. This marks AEP's 444th consecutive quarterly dividend, highlighting its long-standing commitment to returning value to shareholders since July 1910. AEP delivers power to nearly 5.5 million customers across 11 states and operates the largest electricity transmission system in the U.S.
AEP Energy, a subsidiary of American Electric Power (Nasdaq: AEP), has entered into a long-term agreement with Crown Battery Manufacturing Company to supply clean energy through its Integrated Renewable Energy (IRE) solution. Starting January 2023, AEP Energy will provide renewable energy for over 12 years, supporting local wind and solar projects. Until the renewable supply begins, Crown Battery will purchase 100% National Green-e Renewable Energy Credits (RECs). This partnership aims to enhance sustainability and economic benefits in northwest Ohio.
American Electric Power (AEP) has scheduled its quarterly earnings conference call for April 22, 2021, at 9 a.m. ET. The call will be available via webcast at aep.com/webcasts, including visual aids. AEP operates the largest electricity transmission system in the U.S., serving nearly 5.5 million customers across 11 states and generating approximately 30,000 megawatts of diverse capacity, including over 5,500 megawatts in renewable energy.
American Electric Power's Sundance Wind Energy Center, a 199-megawatt facility in Oklahoma, has commenced commercial operations. This project is part of the North Central Energy Facilities, which will collectively provide 1,485 megawatts of clean energy to customers of AEP's subsidiaries in Arkansas, Louisiana, and Oklahoma. The projects are projected to save customers $3 billion in electricity costs over 30 years, with a total investment of $2 billion in job creation and local revenues.
AEP Energy has entered a 12-year agreement with Opdenergy to develop an 80-MW solar plant in Jefferson County, West Virginia. This project will supply clean energy to AEP Energy customers through its Integrated Renewable Energy solution. Scheduled for connection by late 2022, the plant is projected to generate over 153,000 megawatt hours of renewable energy annually. AEP Energy aims to enhance its renewable portfolio and provide economic benefits to the local community.
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American Electric Power (AEP) has released its Climate Scenario Analysis report, assessing the impacts of climate change on its operations and the transition to a clean energy economy. AEP aims for net zero carbon emissions by 2050 and plans to reduce emissions by 80% by 2030. The analysis indicates AEP is on track to reduce carbon emissions by over 90% by the mid-2030s. AEP has retired or sold nearly 13,500 MW of coal generation, with another 5,600 MW expected to retire by 2030.
AEP Energy Partners, a subsidiary of American Electric Power (AEP), is actively seeking proposals for renewable energy projects including solar, wind, and Battery Energy Storage Systems (BESS) in the PJM region. The proposals are aimed at securing renewable energy purchase agreements for durations of 10, 12, or 15 years, with projects expected to commence operations between 2021 and 2024. Interested parties must submit their notices of intent by March 10, 2021, and completed proposal packages by March 26, 2021.