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December 31, 2002
American Electric Power (NYSE: AEP) today received a key approval it needs to construct the proposed Wyoming-Jacksons Ferry 765-kilovolt (kV) transmission line. The decision came when the U.S. Forest Service issued its final Environmental Impact Statement and Record of Decision forming the basis for a permit that will allow the power line to cross 11 miles of public lands.
December 23, 2002
American Electric Power has completed the sale of two of its Texas retail electric providers (REPs) to Centrica, a leading provider of retail energy and other essential consumer services.
December 17, 2002
Central Power and Light (CPL), a subsidiary of American Electric Power (NYSE: AEP), filed a plan of divestiture today with the Public Utility Commission of Texas (PUCT) proposing to sell all of its power generation assets.
December 11, 2002
American Electric Power (NYSE:AEP) said today that it is encouraged that Moody’s Investors Service recognized the company’s strong liquidity and investment-grade quality, despite the downgrade of the company’s senior unsecured rating.
December 6, 2002
American Electric Power (NYSE: AEP) has dispatched crews to North Carolina from Ohio and Indiana in an effort to help Duke Power restore service to thousands following this week’s damaging ice storm.
December 3, 2002
American Electric Power announced today that Jane Harf has been named president of the company’s state office in Ohio. Harf had been vice president - governmental and environmental affairs for AEP.
November 21, 2002
American Electric Power’s (NYSE: AEP) Mountaineer Plant in New Haven, W.Va., will be the site for a $4.2 million carbon sequestration research project funded by the U.S. Department of Energy (DOE) and a consortium of public and private sector participants. Scientists from Battelle will lead this climate change mitigation research project.
November 6, 2002
Two regulated subsidiaries of American Electric Power (NYSE: AEP) are issuing unsecured notes totaling US $280 million to ACE Trust, a securitization vehicle in Australia that is unaffiliated with AEP.
October 30, 2002
Michael W. Rencheck will become president of American Electric Power’s (NYSE: AEP) Pro Serv, Inc., in early November, succeeding John R. Jones, who will retire after 36 years with AEP.
October 25, 2002
COLUMBUS, Ohio, Oct. 25, 2002 - American Electric Power (NYSE: AEP) today reported 2002 third-quarter ongoing earnings of $409 million, or $1.21 per share, down from $459 million, or $1.43 per share in third-quarter 2001.
October 24, 2002
Eric van der Walde, executive vice president - wholesale at American Electric Power (NYSE: AEP), today announced his resignation following AEP´s decision to limit its energy trading activities to focus on optimizing the value of the company´s energy assets.
October 23, 2002
The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 60 cents a share on the company´s common stock.
October 22, 2002
American Electric Power has scheduled a live webcast of its presentation to analysts today at the Edison Electric Institute’s annual financial conference in Palm Desert, Calif. The webcast, scheduled for 10:30 a.m. EDT today, is available at http://webcast.talkpoint.com/starthere.asp?pres=20502 . The webcast can also be accessed through EEI’s web site, http://www.eei.org.
October 16, 2002
American Electric Power (NYSE: AEP) and the Electric Reliability Council of Texas (ERCOT) have reached interim agreements to keep seven gas-fired power plants in the ERCOT region operational until the end of the year. The power stations will work under “reliability must run” or “RMR” contracts.
October 10, 2002
American Electric Power (NYSE: AEP) said today that it plans to reduce its exposure to speculative energy trading markets and will downsize its trading and wholesale marketing operation.
October 10, 2002
American Electric Power (NYSE: AEP) said today that it is reducing 2002 ongoing earnings guidance to between $2.85 and $3.15 per share, citing general weakness in the economy and the wholesale energy markets that have affected the entire sector. The company expects ongoing earnings for 2003 to be in the same range as 2002.
October 9, 2002
American Electric Power (NYSE: AEP) dismissed five employees involved in natural gas marketing and trading after the company determined they provided inaccurate price information for use in indexes compiled and published by trade publications.
October 1, 2002
American Electric Power (NYSE: AEP) will begin steps today to move seven Texas power plants to inactive, or mothballed, status as the company continues negotiations with the Electricity Reliability Council of Texas (ERCOT) on the status of eight other power plants.
September 27, 2002
American Electric Power (NYSE: AEP) on Thursday received Federal Energy Regulatory Commission (FERC) approval of its corporate separation plan to form wholly owned regulated and unregulated companies.
September 24, 2002
American Electric Power (NYSE: AEP) is acquiring the majority of the parcels of land in the southern Ohio village of Cheshire, but many of the characteristics of the community adjacent to AEP’s Gen. James M. Gavin Power Plant will see little change.
September 24, 2002
American Electric Power (NYSE: AEP) has been named one of the “100 Best Companies for Working Mothers” by Working Mother magazine, a national publication aimed at career-committed mothers.
September 23, 2002
American Electric Power (NYSE: AEP) and a team of world-class partners dedicated the first U.S. stationary sodium sulfur (NAS®) battery today at an AEP office park.
September 13, 2002
American Electric Power (NYSE: AEP) filed a memorandum of understanding with the Federal Energy Regulatory Commission (FERC) today calling for certain western transmission assets to participate in the Midwest Independent System Operator (MISO).
September 11, 2002
American Electric Power (NYSE: AEP) has asked the Electricity Reliability Council of Texas (ERCOT) to determine which of AEP’s 16 gas-fired power plants in ERCOT may be required for “reliability must run” or “RMR” status. Plants not required for reliability purposes will be mothballed by the end of the year, a move that will improve AEP’s financial performance.
September 4, 2002
American Electric Power (NYSE: AEP) has announced a change in the leadership of its London-based international wholesale energy marketing, trading and generation operations. H.D. (Hank) Jones, managing director of AEP Energy Services Ltd., has resigned to pursue other opportunities. Stuart Staley, who was responsible for AEP’s London-based international coal and freight trading group, will assume Jones’ duties as head of international wholesale energy marketing, trading and generation.
September 3, 2002
American Electric Power (NYSE: AEP) subsidiaries Houston Pipe Line Co. and Louisiana Intrastate Gas Co. have become partners in the U.S. Environmental Protection Agency’s (EPA) Natural Gas STAR Program. The voluntary program between EPA and the natural gas industry works to reduce methane emissions by encouraging the use of cost-effective technologies and practices.
August 31, 2002
The United Nations Environment Programme (UNEP) and the International Chamber of Commerce (ICC) presented an award for an e7 renewable energy project in Indonesia to e7 chairman E. Linn Draper Jr., who is chairman, president and chief executive officer of American Electric Power (NYSE: AEP).
August 30, 2002
American Electric Power (NYSE: AEP) has received an informal data request from the Securities and Exchange Commission (SEC) asking the company to voluntarily provide documents related to “round-trip” or “wash” trades. A number of other companies have previously confirmed receiving similar informal requests from the SEC.
August 30, 2002
American Electric Power (NYSE: AEP) has completed the sale of CitiPower, AEP’s retail electricity and gas supply and electricity distribution subsidiary in Australia, to Cheung Kong Infrastructure Holdings Ltd (CKI) and Hongkong Electric (HKE).
August 29, 2002
E. Linn Draper Jr., who is chairman, president and chief executive officer of American Electric Power (NYSE: AEP), will sign a sustainable development statement of collaboration and other related agreements with the United Nations Sunday in his role as chairman of the e7. The e7 is an organization of nine leading energy companies from the G7 nations that collectively promote sustainable energy development. AEP represents the United States in the e7.
August 22, 2002
Dale E. Heydlauff has been named to the new position of senior vice president - governmental and environmental affairs for American Electric Power (NYSE: AEP). He had served as senior vice president - environmental affairs for AEP since 2000.
August 13, 2002
American Electric Power (NYSE: AEP) submitted its Certification of Financial Statements today to the U.S. Securities and Exchange Commission (SEC). The certifications, signed by E. Linn Draper Jr., AEP chairman, president and chief executive officer, and Susan Tomasky, executive vice president and chief financial officer, verify the accuracy of AEP’s annual report on Form 10-K for the year 2001, the company´s Form 10-Qs for the first and second quarters of 2002, and Form 8-Ks filed during 2002 since the filing of the Form 10-K.
July 29, 2002
American Electric Power (NYSE: AEP) has completed the sale of SEEBOARD, AEP’s retail electricity and gas supply and electricity distribution subsidiary in southeast England, to London Electricity Group plc (LE Group), one of the largest energy companies in the United Kingdom.
July 25, 2002
COLUMBUS, Ohio, July 25, 2002 - American Electric Power (NYSE: AEP) today reported 2002 second-quarter ongoing earnings of $181.6 million, or $0.56 per share, in a quarter made difficult largely by declining system sales. A loss from generation in the United Kingdom - particularly in the latter period of the quarter - and a spillover of natural gas trading losses from the first quarter also contributed to lower-than-forecasted results.
July 24, 2002
The Board of Directors of American Electric Power Co. (NYSE: AEP) Wednesday declared a regular quarterly cash dividend of 60 cents a share on the company’s common stock.
July 23, 2002
American Electric Power´s (NYSE: AEP) new community involvement report highlights education and other major community activities the company supports through $8.3 million in corporate contributions, sponsorships and employee volunteerism.
July 22, 2002
American Electric Power (NYSE: AEP) has promoted Thomas M. Hagan to executive vice president of the company’s services unit that includes human resources, general services, information technology and supply chain.
July 22, 2002
American Electric Power’s quarterly earnings conference call with financial analysts will be broadcast live over the Internet at 9:30 a.m. EDT Thursday, July 25.
July 19, 2002
COLUMBUS, Ohio, July 19, 2002 - American Electric Power (NYSE: AEP) signed an agreement today to sell CitiPower, AEP’s retail electricity and gas supply and electricity distribution subsidiary in Australia, to Cheung Kong Infrastructure Holdings Ltd (CKI) and Hong Kong Electric (HKE). Concurrent with the sale, Origin Energy Ltd will purchase the electricity retail business of CitiPower from CKI and HKE.
July 18, 2002
American Electric Power (NYSE: AEP) said Thursday it had a very disappointing June that reduced second-quarter ongoing earnings below expectations and will make it difficult to meet earnings targets for the year. The company expects to reduce its 2002 ongoing earnings guidance in the range of 10 percent.
July 12, 2002
West Texas Utilities Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), Friday announced that its tender for certain series of its First Mortgage Bonds expired at 5 p.m. New York City time on July 11, 2002.
July 12, 2002
Central Power and Light Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), Friday announced that its tender for certain series of its First Mortgage Bonds expired at 5 p.m. New York City time on July 11, 2002.
July 3, 2002
American Electric Power (NYSE: AEP) issued a warning Wednesday to prospective viewers of the upcoming 20th Century Fox film titled “Like Mike.” The film, which opens Wednesday in theaters, depicts a scene involving a live electric line that is extremely hazardous and likely lethal.
July 3, 2002
West Texas Utilities Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), Wednesday announced it has extended the expiration date for its tender for certain series of its First Mortgage Bonds from 5 p.m. New York City time on July 2, 2002, to 5 p.m. New York City time on July 11, 2002.
July 3, 2002
Central Power and Light Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), Wednesday announced it has extended the expiration date for its tender for certain series of its First Mortgage Bonds from 5 p.m. New York City time on July 2, 2002, to 5 p.m. New York City time on July 11, 2002.
July 2, 2002
Kentucky Power Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), Tuesday announced that on Aug. 1, 2002, it will redeem all of the outstanding $45,000,000 principal amount of three series of First Mortgage Bonds Designated Secured Medium-Term Notes.
June 20, 2002
West Texas Utilities Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), June 19 announced that on June 20, 2002, it is commencing a fixed spread tender offer to purchase for cash the remaining $212,000,000 aggregate principal amount of five series of West Texas Utilities’ First Mortgage Bonds.
June 20, 2002
Central Power and Light Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), June 19 announced that on June 20, 2002, it is commencing a fixed spread tender offer to purchase for cash the remaining $614,200,000 aggregate principal amount of six series of Central Power and Light’s First Mortgage Bonds.
June 18, 2002
American Electric Power (NYSE: AEP) signed an agreement today to sell SEEBOARD, AEP’s retail electricity and gas supply and electricity distribution subsidiary in southeast England, to London Electricity Group plc (LE Group), one of the largest energy companies in the United Kingdom.
June 17, 2002
Columbus Southern Power Co. today announced that it will redeem all of the outstanding 100,000 shares of its 7% series of preferred stock on Aug. 1, 2002.
June 17, 2002
Three public utility subsidiaries of American Electric Power (NYSE: AEP) today announced that on July 24, 2002, they will redeem all of their outstanding Junior Subordinated Deferrable Interest Debentures and certain of their First Mortgage Bonds.
June 13, 2002
American Electric Power (NYSE: AEP) has completed the recovery from a switchyard fire at its Donald C. Cook Nuclear Plant, ending Alert status at 11:54 p.m. Wednesday when equipment affected by the fire was restored.
June 12, 2002
At 1:45 p.m. Wednesday, equipment failure in American Electric Power’s (NYSE: AEP) Donald C. Cook Nuclear Plant Unit 1 345 KV switchyard resulted in a fire, minor injury to one worker, and activation of the Cook Emergency Plan at the Alert level.
June 11, 2002
American Electric Power (NYSE: AEP) announced Tuesday it has completed the sale of 16 million new shares of common stock at $40.90 per share and 6 million equity units at $50 per unit.
June 11, 2002
American Electric Power (NYSE: AEP) Tuesday announced plans to construct new emission control systems on Unit 1 and Unit 2 at the John E. Amos Plant in St. Albans, W.Va. The new Selective Catalytic Reduction (SCR) system will reduce nitrogen oxide (NOx) emissions on each unit by between 85 and 90 percent.
June 6, 2002
American Electric Power (NYSE: AEP) announced today that it has priced offerings of 16 million shares of common stock at a public offering price of $40.90 per share and 6 million equity units at a public offering price of $50.00 per unit.
June 6, 2002
Wednesday night, during routine surveillance testing of American Electric Power’s (NYSE: AEP) Cook Nuclear Plant Unit 1, the unintended opening of a valve resulted in the transfer of approximately 100 gallons of reactor coolant system water to a holding tank for the system. Plant operators manually closed the valve after about 15 seconds.
June 5, 2002
American Electric Power (NYSE: AEP) completed last week at a cost of nearly $15 million the installation of an additional transformer in its Dumont Station in South Bend, Ind., providing the opportunity for Michigan to increase imports of electricity from outside the state by 2,000 megawatts.
May 30, 2002
American Electric Power Company, Inc. (NYSE:AEP) announced today that it plans two concurrent public offerings of equity securities.
May 30, 2002
American Electric Power (NYSE: AEP), after completing a review, said Thursday it intends to file responses to Federal Energy Regulatory Commission (FERC) data requests that deny the company’s involvement in “round trip” or “wash” transactions under investigation by the FERC.
May 29, 2002
A group of leading energy companies announced May 28 the formation of an industry committee to identify best practices in risk management. The group is comprised of chief risk officers from participating companies and will be called the Committee of CROs.
May 23, 2002
Standard & Poor’s affirmed its BBB+ rating on American Electric Power’s (NYSE: AEP) parent company senior unsecured debt and the A-2 rating on the company’s commercial paper program Thursday while lowering ratings on other company entities in preparation for a planned corporate restructuring.
May 22, 2002
American Electric Power (NYSE: AEP) Wednesday submitted a response to a request from the Federal Energy Regulatory Commission (FERC) confirming AEP had not participated in California energy market strategies outlined in Enron memos and under investigation by the FERC.
May 17, 2002
Because of an inaccurate story in the trade media Friday, American Electric Power (NYSE: AEP) clarified the status of a senior trader in the company´s AEP Energy Services, Inc., subsidiary. “Rick Snowdon, one of our senior traders, requested a leave of absence for personal reasons that have absolutely nothing to do with the current controversies in the energy marketplace," said Eric J. van der Walde, AEP´s executive vice president of marketing and trading.
May 8, 2002
American Electric Power (NYSE: AEP) and the PJM Interconnection, LLC, have entered into a Memorandum of Understanding that would provide for AEP to join PJM, AEP announced.
May 8, 2002
American Electric Power (NYSE: AEP), the United States Environmental Protection Agency (U.S. EPA) and the Ohio Environmental Protection Agency (OEPA) have agreed on the comprehensive testing, monitoring and reporting schedule the company will employ to evaluate the effectiveness of the company´s program to reduce sulfur aerosol emissions from the Gen. James M. Gavin power plant in southeastern Ohio.
May 7, 2002
Floyd Nickerson, the chief public policy voice for American Electric Power (NYSE: AEP) in Ohio, has resigned as AEP’s Ohio state president to return with his family to his native Texas, Thomas M. Hagan, senior vice president of governmental affairs, announced.
May 6, 2002
American Electric Power (NYSE: AEP) has purchased the former Gast Manufacturing Facility in Bridgman, Mich., for use as a warehouse and office for the Cook Nuclear Plant. The building will be converted into a full-service shipping and receiving facility over the next year, and will allow consolidation of four warehouses currently in use on the plant site and in St. Joseph.
May 3, 2002
Officials of American Electric Power (NYSE: AEP) and City Public Service (CPS), the municipal electric utility for San Antonio, Texas, were joined Friday by national, state and local officials as they dedicated the Desert Sky Wind Farm in West Texas.
May 2, 2002
Michael J. Assante has joined American Electric Power (NYSE: AEP) as vice president and chief information security officer, a new position.
April 30, 2002
A research project about fish migration underway at American Electric Power’s (NYSE: AEP) Buchanan Hydroelectric Plant could result in increased fish populations on the St. Joseph River. If successful, the new technology could be applied and have similar results on fisheries in the Pacific Northwest.
April 24, 2002
COLUMBUS, Ohio, April 24, 2002 - American Electric Power (NYSE: AEP) today reported 2002 first-quarter ongoing earnings of $0.59 per share on revenue of $13.5 billion. The results are in line with AEP’s 2002 earnings targets, despite unfavorable market conditions in the quarter, the company said.
April 23, 2002
American Electric Power’s (NYSE: AEP) strategic blend of higher-growth wholesale energy businesses and stable, but lower growth, regulated energy businesses positions the company for sustainable growth, E. Linn Draper Jr., AEP’s chairman, president and chief executive officer, told shareholders attending the company’s annual meeting today.
April 23, 2002
The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 60 cents a share on the company’s common stock.
April 22, 2002
COLUMBUS, Ohio, April 22, 2002 - Ohio Power Company, a wholly owned subsidiary of American Electric Power (NYSE: AEP), today announced that it will redeem on May 23, 2002, the entire outstanding $5,000,000 principal amount of its First Mortgage Bonds, Designated Secured Medium Term Notes, 8.80% Series due February 10, 2022.
April 22, 2002
Kentucky Power Co., a wholly owned subsidiary of American Electric Power (NYSE: AEP), today announced that it will redeem on May 23, 2002, all of the outstanding $14,500,000 principal amount of its First Mortgage Bonds, 7.90% Series due 2023, at 100 percent of the principal amount of the bonds together with accrued interest to the date of redemption, to be paid upon presentment.
April 22, 2002
American Electric Power (NYSE: AEP) will provide a live webcast of its annual meeting of shareholders, which begins at 9:30 a.m. EDT Tuesday, April 23.
April 22, 2002
Michael W. Rencheck has been named senior vice president of engineering and region operations for AEP Pro Serv, Inc., the non-regulated professional services subsidiary of American Electric Power (NYSE: AEP).
April 19, 2002
American Electric Power (NYSE: AEP) plans to use a number of houses and other structures in Cheshire, Ohio, as temporary housing for employees assigned to the nearby Gen. James M. Gavin power plant and for other plant purposes.
April 17, 2002
American Electric Power (NYSE: AEP) has reached a definitive agreement to transfer two of its Texas retail electric providers (REPs) to Centrica, a leading provider of retail energy and other essential consumer services.
April 16, 2002
American Electric Power (NYSE: AEP) has reached an agreement in principle to acquire approximately 200 parcels of land that make up the southeastern Ohio community of Cheshire for $20 million.
March 28, 2002
American Electric Power (NYSE: AEP) will lead a group of 12 students and teachers from Ohio and West Virginia to a South American rain forest this summer for AEP’s Environmental Learning and Adventure in Bolivia (E-LAB) program.
March 12, 2002
American Electric Power (NYSE: AEP) has named Joseph R. Hartsoe vice president and associate general counsel - federal policy. Hartsoe will be based in Washington, D.C.
March 4, 2002
American Electric Power (NYSE: AEP), a leading diversified energy company and America’s largest generator of electricity, March 4 announced it has launched an innovative new corporate positioning campaign centered on a sponsorship of Cirque du Soleil, the internationally renowned live entertainment group.
February 28, 2002
American Electric Power’s (NYSE: AEP) Cook Nuclear Plant Unit 2 resumed production of electricity Thursday morning following a scheduled refueling and maintenance outage. Workers completed the outage in 40 days, the shortest refueling in the plant’s 27-year history.
February 22, 2002
Joseph E. Pollock has been named site vice president for American Electric Power´s (NYSE: AEP) Cook Nuclear Plant, according to A. Christopher Bakken III, senior vice president - nuclear generation. Pollock is currently plant manager at Cook.
February 6, 2002
American Electric Power (NYSE: AEP) has created several executive positions in risk management, reflecting the growing significance of that function to the company.
February 4, 2002
American Electric Power (NYSE: AEP) today announced that it has retained Schroder Salomon Smith Barney (SSSB) and ABN AMRO to advise AEP on prospects for the divestment of SEEBOARD, AEP’s electric and gas distribution subsidiary in southeast England.
February 4, 2002
American Electric Power (NYSE: AEP) today announced the appointment of investment bank ABN AMRO Australia to advise AEP on prospects for the divestment of CitiPower, AEP’s electricity distribution and retail sales subsidiary in Melbourne, Australia.
January 31, 2002
American Electric Power (NYSE: AEP) today outlined its strategy for addressing the unexpected changes in plume appearance encountered at the Gen. James M. Gavin Power Plant last summer. The company will install three separate injection systems on Gavin´s 1,300-megawatt Unit 2 by May, the start of the 2002 ozone season. AEP estimates the capital investment for the installation will be approximately $7 million.
January 24, 2002
American Electric Power (NYSE: AEP) has named Jeffrey D. Cross its general counsel. Cross has served as acting general counsel since an executive management realignment last September.
January 23, 2002
The Board of Directors of American Electric Power Co. (NYSE: AEP) today declared a regular quarterly cash dividend of 60 cents a share on the company’s common stock.
January 22, 2002
COLUMBUS, Ohio, Jan. 22, 2002 - American Electric Power (NYSE: AEP) today announced 2001 ongoing earnings of $3.38 per share, a 26 percent increase from 2000. Revenue increased 67 percent to $61.3 billion.
January 18, 2002
American Electric Power’s (NYSE: AEP) Cook Nuclear Plant has joined Utilities Service Alliance (USA). USA serves as a platform for members to jointly pursue excellence in plant operations and volume purchasing opportunities for goods and services, and to share existing resources.
January 18, 2002
American Electric Power’s quarterly earnings conference call with financial analysts will be broadcast live over the Internet at 9:30 a.m. EST Tuesday, Jan. 22.
January 8, 2002
Susan Tomasky, executive vice president - policy, finance and strategic planning and chief financial officer for American Electric Power (NYSE: AEP), has received international recognition for her industry and company achievements. Tomasky was named one of the world’s “50 key women in energy” by Commodities Now magazine.
January 8, 2002
AEP Energy Services Ltd., the London-based European wholesale energy marketing and trading subsidiary of American Electric Power (NYSE: AEP), has hired 35 former employees from Enron Nordic Energy and assumed operation of existing offices in Oslo, Norway, and Stockholm, Sweden.
January 3, 2002
A consolidated shareholder class action suit against American Electric Power (NYSE: AEP) concerning disclosures related to an extended outage at the company´s D.C. Cook Nuclear Plant was dismissed with prejudice in an order filed Dec. 26 by U.S. District Judge James Graham.
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