N EWS R ELEASES

American Electric Power has named Kate Sturgess senior vice president, controller and chief accounting officer effective May 9.

American Electric Power has named Michelle Marsh vice president, Safety and Health, effective March 4.

• Year-end 2022 GAAP earnings of $4.51 per share; operating earnings of $5.09 per share
• Company advances strategic initiatives including sales agreement for contracted renewables, new FERC 203 filing for Kentucky sale and continued strategic review of retail business
• 2023 operating earnings (non-GAAP) guidance range reaffirmed at $5.19 to $5.39 per share with long-term growth rate of 6% to 7%

COLUMBUS, Ohio, Feb. 22, 2023 – American Electric Power (Nasdaq: AEP) has entered into an agreement to sell its 1,365-megawatt (MW) unregulated, contracted renewables portfolio to IRG Acquisition Holdings, a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure, at an enterprise value of $1.5 billion including project debt. The sale is expected to close in the second quarter of 2023. At the closing, AEP expects to net approximately $1.2 billion in cash after taxes, transaction fees and other customary adjustments.

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Thursday, Feb. 23. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

American Electric Power and Liberty, an indirect subsidiary of Algonquin Power & Utilities Corp., today filed a new application with the Federal Energy Regulatory Commission (FERC) under section 203 of the Federal Power Act seeking approval of the sale of AEP’s Kentucky operations to Liberty. The companies are asking FERC for expedited review of the application as they work to close the transaction by April 26, 2023. In December 2022, FERC denied approval of the sale without prejudice and outlined the additional information about customer protections needed to obtain approval. 

American Electric Power has named Emily J. Duncan senior vice president, Federal Affairs, effective Feb. 13 working in the company’s Washington D.C. office. Duncan is currently vice president, Government Relations for National Grid.

American Electric Power was included in Fortune magazine’s 2023 World’s Most Admired Companies list, which evaluates companies’ financial performance and corporate reputation. This is the 10^th consecutive year the company is being recognized in the list’s electric and gas utilities sector. 

American Electric Power has named Stacey Burbure vice president, FERC and RTO Strategy and Policy, effective Feb. 4. Burbure replaces Amanda Conner, who now serves as chief of staff to Julie Sloat, AEP’s president and chief executive officer.

American Electric Power was listed in the 2023 Bloomberg Gender-Equality Index (GEI), which highlights companies dedicated to disclosing their efforts to support gender equality through their business strategy and transparency. This is the fifth consecutive year AEP has been included in the index.