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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
  • 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

AEP Announces CEO Transition

  • AEP Board Member and Former Chairman and CEO of Xcel Energy, Benjamin G.S. Fowke III, Appointed Interim CEO & President
  • AEP Lead Director Sara Martinez Tucker Named Chair of the Board

American Electric Power (Nasdaq: AEP) today announced that Benjamin G.S. Fowke III, a member of the company’s Board of Directors and the former chairman and CEO of Xcel Energy, Inc., has been appointed interim chief executive officer and president, effective immediately.

  • AEP Board Member and Former Chairman and CEO of Xcel Energy, Benjamin G.S. Fowke III, Appointed Interim CEO & President
  • AEP Lead Director Sara Martinez Tucker Named Chair of the Board

American Electric Power (Nasdaq: AEP) today announced that Benjamin G.S. Fowke III, a member of the company’s Board of Directors and the former chairman and CEO of Xcel Energy, Inc., has been appointed interim chief executive officer and president, effective immediately.

AEP Schedules Live Webcast of Quarterly Earnings Call

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Tuesday, Feb. 27. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Tuesday, Feb. 27. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

AEP Appoints Two New Directors

Company enters into an agreement with Icahn Capital L.P.

American Electric Power today announced that it has entered into an agreement with Icahn Capital L.P. and certain of its affiliates, under which Hunter C. Gary, senior managing director at Icahn Enterprises L.P., and Henry (“Hank”) P. Linginfelter, retired executive vice president of Southern Company Gas, will join AEP’s Board of Directors, effective today.

Company enters into an agreement with Icahn Capital L.P.

American Electric Power today announced that it has entered into an agreement with Icahn Capital L.P. and certain of its affiliates, under which Hunter C. Gary, senior managing director at Icahn Enterprises L.P., and Henry (“Hank”) P. Linginfelter, retired executive vice president of Southern Company Gas, will join AEP’s Board of Directors, effective today.

AEP Named One of America’s Most JUST Companies for Fourth Consecutive Year

American Electric Power has been named to the JUST 100 list for the fourth year in a row. 

American Electric Power has been named to the JUST 100 list for the fourth year in a row. 

AEP Receives Top Customer Service Awards from EEI and Key Business Customers

American Electric Power received three Outstanding Customer Engagement awards today from the Edison Electric Institute (EEI) and national key accounts customers. This is the eighth time that AEP has received EEI’s top award for providing multi-site customers with superior service.

American Electric Power received three Outstanding Customer Engagement awards today from the Edison Electric Institute (EEI) and national key accounts customers. This is the eighth time that AEP has received EEI’s top award for providing multi-site customers with superior service.

AEP Declares Quarterly Dividend on Common Stock

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 88 cents a share on the company’s common stock.

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 88 cents a share on the company’s common stock.

Appalachian Power, Wheeling Power Seek Approval of Settlement Agreement in Fuel Cost Cases

American Electric Power subsidiaries Appalachian Power and Wheeling Power today filed a settlement agreement with the Public Service Commission of West Virginia (PSC) that addresses the companies’ Expanded Net Energy Cost (ENEC) cases. The agreement outlines a process for recovering deferred fuel and purchased power costs, major storm restoration expenses, power plant balances and environmental compliance project expenses through securitization.

American Electric Power subsidiaries Appalachian Power and Wheeling Power today filed a settlement agreement with the Public Service Commission of West Virginia (PSC) that addresses the companies’ Expanded Net Energy Cost (ENEC) cases. The agreement outlines a process for recovering deferred fuel and purchased power costs, major storm restoration expenses, power plant balances and environmental compliance project expenses through securitization.

AEP Signs Agreement To Sell New Mexico Solar Assets

American Electric Power has entered into an agreement to sell its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP and PNM Resources, which also owns 50% of NMRD, plan to sell the portfolio of 15 solar projects totaling 625 megawatts (MW) to Exus for approximately $230 million subject to true-up adjustments at close. AEP’s share of the sale is approximately $115 million, and AEP expects to receive about $104 million in cash after tax, transaction fees and other customary adjustments. The sale is expected to close in February 2024 and will not have a material impact on financial results. 

American Electric Power has entered into an agreement to sell its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP and PNM Resources, which also owns 50% of NMRD, plan to sell the portfolio of 15 solar projects totaling 625 megawatts (MW) to Exus for approximately $230 million subject to true-up adjustments at close. AEP’s share of the sale is approximately $115 million, and AEP expects to receive about $104 million in cash after tax, transaction fees and other customary adjustments. The sale is expected to close in February 2024 and will not have a material impact on financial results. 

AEP Streamlining Business and Focusing on Regulated Operations to Benefit Customers, Reaffirms Long-term Growth Rate of 6 to 7 Percent

  • 2024 operating earnings guidance range of $5.53 to $5.73 per share announced
  • Five-year, $43 billion capital plan emphasizes investments in wires and renewables to support needs of customers
  • Economic development strategy bolsters strong load projections over the next three years
  • 2024 operating earnings guidance range of $5.53 to $5.73 per share announced
  • Five-year, $43 billion capital plan emphasizes investments in wires and renewables to support needs of customers
  • Economic development strategy bolsters strong load projections over the next three years

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