September 24, 2021
Plugged in to EVs
Enabling wider usage of electric vehicles (EVs) is an important part of AEP's strategy for a clean energy future. According to the Edison Electric Institute (EEI), an estimated 18.7 million EVs are projected to be on U.S. roads by 2030, and we're comitted to supporting this transformation.
In March, AEP announced it was one of six founding members of the Electric Highway Coalition, an initiative established to ensure EV drivers have access to a seamless network of charging stations connecting major highway systems. This partnership has grown to 14 utilities, expanding the initiative's reach to highways from New England and the Atlantic Coast, through the Midwest and South, and into the Gulf and Central Plains region.
We're leading by example and have committed to replacing our fleet of 2,300 cars and light-duty trucks with EV models by 2030. Additional medium- and heavy-duty vehicles will transition to hybrid or electric alternatives as models become available.
Across our 11-state service territory, we're also delivering solutions to make owning an EV more affordable and sustainable for our customers.
In 2018, AEP Ohio launched a $10 million program to deploy 375 charging stations in partnership with local governments, workplaces and multi-family dwellings to increase publicly available charging sites and demonstrate the benefit of public-private partnerships as part of the Smart Columbus initiative. The program included a requirement to locate 10% of the charging stations in low-income areas, a benchmark that was exceeded.
In 2020, Indiana Michigan Power began offering its IM Plugged In program to address residential, multi-family dwelling, fleet and workplace charging, as well as corridor fast charging. The program offers customers rebate programs that reduce EV charging infrastructure costs and EV-specific off-peak rates, Appalachian Power offers a residential off-peak charging program for Virginia customers. Customers also receive credits for EV charging that takes place during off-peak periods. Additionally, residential customers of Public Service Company of Oklahoma and Southwestern Electric Power Company in Louisiana and Texas are eligible for energy efficiency rebates on qualified EV chargers.
Learn more about AEP's efforts to support electrification.
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January 18, 2022
AEP Declares Quarterly Dividend on Common Stock
The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 78 cents a share on the company’s common stock.