COLUMBUS, Ohio, Feb. 19, 2004 -
American Electric Power (NYSE: AEP) today announced that it will assess and report to shareholders the potential impact of the company’s actions to improve the environmental performance of its power plants and keep those plants cost-competitive. An ad hoc subcommittee of independent directors will conduct the assessment.
AEP decided to develop the report after reviewing a shareholder proposal filed by The Connecticut Retirement Plans and Trust Funds and other shareholders. The shareholders’ proposal has been withdrawn as a result of AEP’s commitment to develop and release the report.
Dale Heydlauff, AEP’s senior vice president - governmental and environmental affairs, discussed the commitment during a panel presentation this morning at the 2004 Annual Proxy Review, sponsored by the Investor Responsibility Research Center (IRRC) in New York. “We reviewed their proposal and concluded that their request for an emissions assessment and report was reasonable,” Heydlauff said. “We view it as consistent with the hard work we are doing to make environmental improvements while keeping our power plants competitive.”
The report will be posted on the company website Sept. 1, 2004, and made available to shareholders upon request. It will include a discussion of the company´s environmental improvements achieved and those it hopes to achieve in the future. It also will assess AEP´s strategic options for reducing emissions while protecting shareholder value and the competitive position of the power plants.
American Electric Power owns and operates more than 42,000 megawatts of generating capacity in the United States and select international markets and is the largest electricity generator in the U.S. AEP is also one of the largest electric utilities in the United States, with almost 5 million customers linked to AEP’s 11-state electricity transmission and distribution grid. The company is based in Columbus, Ohio.
Pat D. Hemlepp
Director, Corporate Media Relations
American Electric Power