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 (NYSE: AEP) has announced a pricing of 15 million equity units, totaling $750 million. The offering, set to close on Aug. 14, 2020, features each unit priced at $50, with a 6.125% annual return. AEP intends to use projected net proceeds of approximately $732 million for capital expenditures, debt repayment, and corporate purposes. Underwriters have a 13-day option to purchase an additional 2 million units.
American Electric Power (AEP) announced plans to sell 15 million equity units, totaling approximately $750 million. Each unit priced at $50 includes a contract to purchase AEP common stock in 2023 and a 1/20 interest in a junior subordinated debenture due 2025. AEP anticipates net proceeds of about $732 million, to fund capital expenditures, repay debt, and for general corporate purposes. J.P. Morgan and Mizuho Securities will manage the offering, conducted under an effective shelf registration statement with the SEC.
American Electric Power (AEP) reported 2Q 2020 earnings with GAAP of $521 million or $1.05 per share, up from $461 million or $0.93 per share in 2Q 2019. Operating earnings were $534 million or $1.08 per share, compared to $494 million or $1.00 per share a year ago. Revenue declined to $3.5 billion from $3.6 billion year-over-year. AEP is reaffirming its 2020 operating earnings guidance of $4.25 to $4.45 per share despite challenges from COVID-19 and reports ongoing progress on renewable projects, including $2 billion in North Central wind developments.
AEP Energy Partners (AEPEP), a subsidiary of American Electric Power (NYSE: AEP), is inviting proposals for renewable energy purchase agreements from new solar and repowered wind facilities in the PJM region. The company aims to secure contracts ranging from 10 to 15 years for facilities operational between 2020 and 2023. This initiative supports AEPEP's retail and wholesale demands, including agreements with Google LLC and the Columbus Regional Airport Authority. Bids are due by Aug. 28, 2020, and further details can be found on their website.
American Electric Power (AEP) has announced a quarterly earnings conference call scheduled for 9 a.m. ET on August 6. The event will be broadcast live via the internet, allowing participation from financial analysts and shareholders. AEP operates the largest electricity transmission system in the U.S., serving nearly 5.5 million customers across 11 states with a generating capacity of approximately 30,000 megawatts, including over 5,200 megawatts of renewable energy. Archived access to the webcast will be available post-event.
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American Electric Power (AEP) CEO Nicholas K. Akins addressed the ongoing investigation related to Ohio House Bill 6, clarifying that AEP is not implicated in any wrongdoing. He stated that AEP participated in the legislative process ethically and legally. Akins emphasized that AEP and its subsidiaries did not contribute to Generation Now, although they did support other organizations promoting economic development in Ohio. AEP, which operates the largest electricity transmission system in the U.S., continues to focus on advancing energy infrastructure and customer solutions.
American Electric Power (AEP) will proceed with a $2 billion investment in renewable energy projects totaling 1,485 MW, despite the Texas Public Utility Commission's denial of a plan for Southwestern Electric Power Co. (SWEPCO) to add 309 MW of wind energy. AEP has secured necessary regulatory approvals in Arkansas, Louisiana, and Oklahoma, which will help save customers approximately $3 billion over the next 30 years. The North Central wind projects include three facilities in Oklahoma, expected to be completed in the next two years.
American Electric Power's AEP Energy has entered a long-term power purchase agreement with Copenhagen Infrastructure Partners for 400 MW of renewable energy from the Panther Grove Wind Energy Facility in Illinois. Construction is set to begin in early 2021, with commercial operations anticipated in late 2022. This renewable energy will support clients like Google, ensuring 100% clean energy for their New Albany data center. AEP Energy, a retail electricity provider, aims to offer integrated carbon-free energy solutions to enhance customer sustainability and price stability.
On June 30, 2020, Cardinal Operating Company (COC), on behalf of AEP Generation Resources Inc. (AEPGR), announced its request for bids to supply coal to Cardinal Power Plant Units 1, 2, and 3. Proposals for spot coal delivery will start in Q4 2020 and last up to 3 months, while term coal delivery will begin in Q1 2021 for up to 3 years. Bids must be submitted by 5 p.m. on July 13, 2020. AEP operates one of the largest electricity transmission systems, serving 5.5 million customers across 11 states.