COLUMBUS, Ohio, Oct. 26, 2010 – The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 46 cents a share on the company’s common stock, increasing the dividend 9.5 percent from the previous 42 cents a share.
The dividend is payable Dec. 10, 2010, to shareholders of record as of Nov. 10, 2010, and is the company’s 402nd consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910.
“We are pleased that our solid financial performance will allow us to continue to reward our shareholders by increasing the dividend for the second time this year,” said Michael G. Morris, AEP chairman, president and chief executive officer. “AEP remains committed to building upon its financial strength and continuing to deliver returns to our investors, as we have done for more than 100 years.”
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation’s largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation’s largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP’s transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP’s utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP’s headquarters are in Columbus, Ohio.