Americn Electric Stock Price, News & Analysis

AEP Ohio has filed a settlement agreement addressing the power demands of Ohio's growing data center industry. The agreement, supported by PUCO staff and consumer advocates, requires large data centers to pay for a minimum of 85% of their stated energy needs monthly, even if usage is lower. The plan includes a sliding scale for smaller facilities and mandates financial viability proof and exit fees for canceled projects. The requirements would be effective for up to 12 years, including a 4-year ramp-up period. This agreement aims to protect other customers from infrastructure improvement costs while maintaining Ohio's business attractiveness. Electricity demand in Central Ohio is expected to more than double by 2030, largely driven by data centers.

American Electric Power Co. (Nasdaq: AEP) has announced an increase in its quarterly cash dividend to 93 cents per share, up by 5 cents. This marks the company's 458th consecutive quarterly dividend. The dividend will be payable on Dec. 10, 2024, to shareholders of record as of Nov. 8, 2024.

AEP has maintained a consistent track record of paying quarterly dividends since July 1910, spanning nearly 115 years. Bill Fehrman, AEP's president and CEO, emphasized the company's commitment to strengthening operations, delivering reliable and affordable energy to customers, and providing consistent value to shareholders.

AEP Ohio's president and COO, Marc Reitter, has issued a statement regarding an unsupported data center stipulation filed in PUCO Docket Number 24-508-EL-ATA. Reitter argues that the partial settlement proposal fails to adequately address the main issues raised in AEP Ohio's application. He describes the situation as unprecedented, with a 'settlement' being presented to the PUCO without support from either the PUCO staff or the utility that initially raised the concern.

Reitter urges the PUCO to reject the proposal. He affirms that AEP Ohio remains committed to finding a balanced solution that addresses the infrastructure investment needed for data centers' extreme power demands while also protecting Ohio consumers.

American Electric Power (Nasdaq: AEP) has appointed Joseph F. Moore IV as senior vice president of Business Transformation, effective immediately. Reporting to AEP President and CEO Bill Fehrman, Moore will lead process improvements across AEP's key business units and seven operating companies.

With over 33 years of experience in the energy industry, Moore brings extensive knowledge in various areas, including customer service, electric and gas delivery, and business analytics. His most recent role was senior vice president of Business Transformation at Berkshire Hathaway Energy. Moore's appointment aligns with AEP's focus on enhancing customer experience, improving reliability, and delivering world-class operational performance.

American Electric Power (Nasdaq: AEP) has successfully completed the sale of its distributed resources business, OnSite Partners, to funds advised by Basalt Infrastructure Partners The transaction, which was initially announced in May 2024, has resulted in AEP netting approximately $318 million in cash after accounting for taxes, transaction fees, and other customary adjustments.

The sale received all necessary regulatory approvals, including clearance from the Federal Energy Regulatory Commission and federal clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976. This divestment marks a significant move for AEP in streamlining its business operations.

American Electric Power (AEP) has been recognized as one of the Top Utilities in Economic Development by Site Selection magazine for the 12th time in 13 years. In 2023, AEP's economic development efforts helped attract projects resulting in over $35 billion in capital investment and the creation of more than 10,400 new direct jobs across its service territory.

Key highlights include:

• Nucor's $2.7 billion steel manufacturing facility in West Virginia, creating 800+ jobs
• SLB's $18.5 million investment in Louisiana, bringing nearly 600 new jobs
• TekniPlex's $45 million facility in Ohio, creating 100 jobs

AEP also provided an e-learning course on economic development, benefiting over 250 community leaders.

American Electric Power (AEP) has announced organizational changes effective Sept. 1, 2024, to improve customer service and enhance local execution. Key changes include:

1. Seven operating company leaders and the Chief Nuclear Officer will report directly to CEO Bill Fehrman.

2. Peggy Simmons appointed as executive vice president of Regulatory and Chief Administrative Officer, overseeing safety, regulatory, procurement, sustainability, customer operations, and economic development.

3. Shane Lies promoted to executive vice president and Chief Nuclear Officer, reporting to Fehrman.

These changes aim to strengthen AEP's focus on customer needs, regulatory relationships, and local community partnerships while supporting the company's strategy to improve reliability, support economic growth, and maintain affordable energy for customers.

American Electric Power (Nasdaq: AEP) has been ranked first in the utility industry on Forbes magazine's America's Best Employers for Women 2024 list. This marks the fifth consecutive year AEP has been included in this prestigious ranking. The recognition highlights AEP's commitment to creating an inclusive work environment that supports women and ensures their professional growth.

The list was compiled by Forbes in partnership with Statista, based on an independent survey of over 150,000 women working for companies with at least 1,000 employees in the United States. Participants rated their employers on various criteria, including working conditions, diversity, salary, and likelihood of recommendation. The survey also focused on parental leave, family support, discrimination, and pay equity. AEP's top ranking reflects its dedication to fostering a diverse workforce and promoting gender equality in the workplace.

American Electric Power (Nasdaq: AEP) reported second-quarter 2024 earnings with GAAP earnings of $0.64 per share and operating earnings of $1.25 per share. The company reaffirmed its 2024 operating earnings guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7%. AEP saw strong growth in commercial load, particularly in data processing facilities, with a 12.4% increase over Q2 2023. The company has commitments for over 15 gigawatts of incremental load by 2030 and plans to add more than 20 gigawatts of new resources in the next decade. AEP also implemented a voluntary workforce reduction program, with approximately 1,000 employees participating, to address inflationary pressures.