N EWS R ELEASES

• 2022 operating earnings guidance narrowed to $4.97-$5.07 per share and midpoint raised to $5.02; 2023 operating earnings guidance range of $5.19 to $5.39 announced
• Emission reduction targets accelerated, including new net zero goal by 2045 and 80% reduction in full Scope 1 emissions by 2030 from 2005 baseline
• Strategic review of retail energy business will begin; company on track to divest unregulated renewable assets and complete Kentucky sale

American Electric Power  plans to invest in its regulated businesses, accelerate its carbon reduction targets and streamline the business to drive value for customers, communities and investors. AEP leadership will share the company’s financial plan and strategy with analysts in New York City today. The presentation will be webcast live at 1:30 p.m. ET at https://aep.com/investors/events.

American Electric Power has named Juliet Majtenyi vice president of Project Solutions, Generation, effective Oct. 22. She replaces Frank Pifer, who will retire after more than 35 years with the company.

American Electric Power has signed an amended agreement on the sale of its Kentucky operations to Liberty and expects to close on the sale in January 2023 following approval of the transaction from the Federal Energy Regulatory Commission (FERC), which is due by Dec. 16. The amendment has no impact on AEP’s planned equity needs or operating earnings guidance.

American Electric Power has made organizational and executive leadership changes to support the company’s strategic priorities and executive succession plans, according to Nicholas K. Akins, chair and chief executive officer. 

American Electric Power today issued a request for proposal (RFP) for the supply of coal to one or more of its generating stations in multiple coal regions.

American Electric Power was named to JUST Capital’s 2022 Top 100 U.S. Companies For Workforce Equity and Mobility list, which recognizes companies that set the bar in advancing racial equity and workforce opportunity and mobility.

• CFO Julie A. Sloat named president effective immediately, CEO effective Jan. 1
• Nicholas K. Akins will become executive chair Jan. 1

American Electric Power’s Board of Directors has appointed Julie A. Sloat president and chief financial officer, effective immediately. She has been elected chief executive officer, effective Jan. 1, 2023. Sloat is AEP’s 11th president and will become the seventh CEO in the company’s 116-year history. She is currently executive vice president and CFO. The company expects to name a new CFO before Jan. 1.

American Electric Power has completed the sale of the 595-megawatt (MW) Cardinal Plant Unit 1 in Brilliant, Ohio, from AEP Generation Resources, the company’s competitive generation affiliate, to Buckeye Power.

American Electric Power has named Renee V. Hawkins vice president – Finance & Treasury, effective Aug. 6.

• Second-quarter 2022 GAAP earnings of $1.02 per share and $1.20 per share operating
• Company reaffirms 2022 operating earnings (non-GAAP) guidance range of $4.87 to $5.07 and 6% to 7% long-term growth rate
• Continued focus on a responsible clean energy transition through regulated renewables and grid investments
• Kentucky sale expected to close this summer; unregulated renewable sales process will officially launch by early September