Press release
AEP Highlights Planned Capital Investments In Renewables And Energy Grid, Reaffirms Operating Earnings Growth Rate Of 5% To 7%
COLUMBUS, Ohio, Nov. 5, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) plans to invest in its regulated businesses and renewable generation as it
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"\n COLUMBUS, Ohio, Nov. 5, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) plans to invest in its regulated businesses and renewable generation as it continues to transform and build a cleaner, more modern energy system. The company announced its 2022 operating earnings (earnings excluding special items) guidance range of $4.85 to $5.05 per share, reflecting its projected annual operating earnings growth rate of 5% to 7%. AEP has met or exceeded its earnings per share guidance every year for more than a decade. AEP management will discuss the company's strategy and financial growth plans during the annual Edison Electric Institute Financial Conference, Nov. 7-9.\n\n Operating earnings could differ from those prepared in accordance with Generally Accepted Accounting Principles (GAAP) for matters such as impairments, divestitures or changes in accounting principles. AEP is unable to forecast if any of these items will occur or any amounts that may be recorded for future periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for earnings guidance.\n\n The company plans to invest $38 billion in capital from 2022 through 2026 with an emphasis on transmission, distribution and renewable energy. AEP will allocate $23.3 billion to transmission and distribution operations to construct a more efficient grid and deliver custom energy solutions to customers. During the same period, AEP plans to invest $8.2 billion in regulated renewable generation and $1.7 billion in competitive, contracted renewable projects.\n\n \"AEP continues to focus on capital investments that support our efforts to provide clean, reliable energy to the communities we serve, while managing customer affordability and delivering solid shareholder value,\" said Nicholas K. Akins, AEP chairman, president and chief executive officer. \"Our extensive pipeline of needed grid investments and regulated renewable opportunities will allow us to strategically shift capital as necessary to deliver on our 5% to 7% growth rate.\n\n \"We're transitioning to a more balanced generation portfolio and plan to invest 26% of our capital over the next five years in renewable energy within and outside AEP's service territory, as we grow renewables to approximately half of our capacity by 2030. Two of the North Central Wind projects, Sundance and Maverick, b...