N EWS R ELEASES

American Electric Power announced today it will retain its retail energy business, AEP Energy. The company is reaffirming its 2024 operating earnings guidance of $5.53 to $5.73 per share, long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%.

American Electric Power has entered into an agreement to sell its distributed resources business, AEP OnSite Partners (“OnSite”), to funds advised by Basalt Infrastructure Partners LLC. AEP expects to net approximately $315 million in cash after taxes and transaction fees, subject to customary closing adjustments. The sale is expected to close in the third quarter of 2024, pending regulatory approvals.

American Electric Power has named Chris Brathwaite vice president and chief communications officer, effective today. He will report to Phil Ulrich, executive vice president and chief human resources officer.

American Electric Power issued the 2024 Corporate Sustainability Report, an annual assessment of its sustainable business practices, strategy, performance and impact. 

• First-quarter 2024 GAAP earnings of $1.91 per share; operating earnings of $1.27 per share
• Company reaffirms 2024 operating earnings (non-GAAP) guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7%
• Economic development focus helps drive 10.5% commercial load growth year over year in the first quarter

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Tuesday, April 30. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 88 cents a share on the company’s common stock.

American Electric Power was included in Forbes Best Employers for Diversity 2024 list.

American Electric Power is one of six companies to earn the JUST Jobs Leader designation on the JUST Jobs Scorecard released today. 

American Electric Power has completed the sale of its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP nets approximately $104 million in cash after tax, transaction fees and other customary adjustments.