October 25, 2022
AEP Increases Quarterly Dividend to 83 Cents a Share
COLUMBUS, Ohio, Oct. 25, 2022 – The Board of Directors of American Electric Power Co. (Nasdaq: AEP) today declared a regular quarterly cash dividend of 83 cents a share on the company’s common stock, an increase of 5 cents per share. The increase is in line with the company’s 6% to 7% operating earnings growth range.
The dividend is payable Dec. 9, 2022, to shareholders of record as of Nov. 10, 2022. This is the company’s 450th consecutive quarterly cash dividend.
“AEP is focused on providing clean, reliable and affordable energy to our customers and significant value to our investors,” said Nicholas K. Akins, AEP chair and chief executive officer. “We’ve paid a cash dividend on our common stock every quarter since 1910, which is a testament to our tradition of operational excellence. We’re pleased our strategic business decisions continue to provide increased returns to our shareholders.”
American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP’s approximately 16,700 employees operate and maintain the nation’s largest electricity transmission system and more than 224,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 7,100 megawatts of renewable energy. The company’s plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and has committed to achieving net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity and inclusion. AEP’s family of companies includes utilities 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, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.
WEBSITE DISCLOSURE
AEP may use its website as a distribution channel for material company information. Financial and other important information regarding AEP is routinely posted on and accessible through AEP’s website at https://www.aep.com/investors/. In addition, you may automatically receive email alerts and other information about AEP when you enroll your email address by visiting the “Email Alerts” section at https://www.aep.com/investors/.
| MEDIA CONTACT: | ANALYSTS CONTACT: | |
|---|---|---|
| Sarah Devine Corporate Media Relations 614/716-2011 |
Darcy Reese Vice President, Investor Relations 614/716-2614 |
Other News Releases
February 27, 2024
AEP Completes Sale of New Mexico Solar Assets
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.
February 26, 2024
AEP Reports 2023 Earnings Results
- Year-end 2023 GAAP earnings of $4.26 per share; operating earnings of $5.25 per share
- 2024 operating earnings (non-GAAP) guidance range reaffirmed at $5.53 to $5.73 per share with long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%
- Company advances strategic initiatives including de-risking the business, controlling costs and investing in a modern and reliable grid to benefit customers