Business
AEP To Continue Investment In Regulated Businesses And Renewables, Reaffirms Operating Earnings Growth Rate Of 5% To 7%
COLUMBUS, Ohio, Nov. 8, 2019 /PRNewswire/ -- American Electric Power (NYSE: AEP) will continue focusing capital investments in its regulated operations and
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Nov. 8, 2019 /PRNewswire/ -- American Electric Power (NYSE: AEP) will continue focusing capital investments in its regulated operations and contracted renewables as the company builds a cleaner, smarter and more reliable energy system to benefit both customers and shareholders. The company reaffirmed its 2020 operating earnings (earnings excluding special items) guidance range of $4.25 to $4.45 per share, and its projected annual operating earnings growth rate of 5% to 7%. AEP management will discuss the company's financial outlook and earnings growth strategy at the annual Edison Electric Institute Financial Conference that begins Nov. 10 in Orlando, Fla.\nOperating 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.\nAEP plans to invest $33 billion in capital from 2020 through 2024, with the bulk of capital allocated to regulated businesses and contracted renewables. The capital plan outlines a $25.7 billion investment in transmission and distribution operations to implement new technologies and update infrastructure. The company also has $2.3 billion in renewable generation in its capital plan during this same period, including approximately $2.1 billion for competitive, contracted renewable projects.\n\"Investing in the technology and resources to deliver reliable energy to our customers and value to our investors remains our top priority. AEP's capital investments reflect our commitment to improving the customer experience through upgrading our equipment and infrastructure, implementing cutting-edge technologies and transitioning to a cleaner, more balanced fuel mix,\" said Nicholas K. Akins, AEP chairman, president and chief executive officer.\n\"We're directing 78% of our capital to continue updating and improving our energy grid. Whether it's revitalizing our transmission network or installing the newest equipment on our distribution systems, our focus remains on delivering the reliable and affordable electricity our customers expect.\n\"We continue to make signif...