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August 01, 2023

AEP Recognized as One of the Best Companies to Work For

COLUMBUS, Ohio, August 1, 2023 - American Electric Power (Nasdaq: AEP) was named one of the 2023-2024 Best Companies to Work For by U.S. News & World Report.

The inaugural list consists of 200 companies in 11 industries. Only public companies in the Russell 1000 index as of June 2022 that had a minimum of 75 U.S.-based Glassdoor reviews in 2022 were considered. The ranking was based on six metrics including: employee perceptions of quality of pay and benefits, work/life balance, job and company stability, physical and psychological comfort, belongingness, and career opportunities and professional development. A survey was conducted on usnews.com from January 2023 through March 2023 asking readers to rank the six metrics in order of importance to determine how each should be weighted. The companies were then evaluated on their public data related to the metrics and selected based on the scores they received.

“At AEP, our team is our greatest asset and the driving force behind our efforts to power the communities we serve,” said Julie Sloat, AEP president and chief executive officer. “We’re focused on building an engaged workforce and a positive work environment where our employees feel supported and empowered. We’re proud to be recognized as one of the best companies to work for in America and will continue to create a dynamic company culture that encourages collaboration, inclusion and growth.”

American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP’s approximately 17,000 employees operate and maintain the nation’s largest electricity transmission system and more than 225,000 miles of distribution lines to safely deliver reliable and affordable power to 5.6 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 7,000 megawatts of renewable energy. The company’s plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2032. 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.

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May 13, 2024

AEP Signs Agreement to Sell Distributed Resources Business to Basalt

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.

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