Press release
AEP TO FOCUS CAPITAL INVESTMENTS ON REGULATED BUSINESSES, REAFFIRMS OPERATING EARNINGS GROWTH RATE OF 6% TO 7%
Reaffirmed 2022 operating earnings guidance range of $4.97-$5.07 per share and midpoint of $5.02; 2023 operating earnings guidance range of $5.19 to $5.39 per
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"Reaffirmed 2022 operating earnings guidance range of $4.97-$5.07 per share and midpoint of $5.02; 2023 operating earnings guidance range of $5.19 to $5.39 per shareFive-year, $40 billion capital plan emphasizes investment in wires and renewablesCompany's 10-year regulated generation plan outlines nearly 15,700 MW of renewables and energy storage to meet capacity needs, manage customer affordability and support 2045 net zero targetCOLUMBUS, Ohio, Nov. 11, 2022 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) will continue to invest in its regulated operations as the company builds a cleaner, more resilient energy system to benefit both customers and shareholders. The company reaffirmed its 2022 narrowed operating earnings guidance range of $4.97 to $5.07 per share with an increased midpoint of $5.02 and its 2023 guidance range of $5.19 to $5.39 per share with a projected annual operating earnings growth rate of 6% to 7%. AEP management will share the company's earnings growth strategy at the annual Edison Electric Institute Financial Conference that begins Nov. 13 in Hollywood, Florida.\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.\n\"AEP has a proven track record of exceeding earnings projections and raising our guidance while delivering reliable energy and advancing toward a clean energy future,\" said Julie Sloat, AEP president and chief financial officer. \"We're committed to building upon this success by actively managing the business and executing our strategy to ensure we're in the best position to generate value for our customers, communities and investors.\"\nAEP will invest nearly all capital in its regulated businesses as it de-risks and streamlines its portfolio. The company's five-year, $40 billion capital investment plan allocates $26 billion to wires and $9 billion to regulated renewables.\n\"Our high-growth transmission business contributes more than half of our earnings per share and provides significant opportunities to deploy capital,\" Sloat said....