COLUMBUS, Ohio, Nov. 1, 2012 /PRNewswire/ -- American Electric Power (NYSE: AEP) has submitted filings to the Federal Energy Regulatory Commission (FERC) seeking approval to fully separate its Ohio generating assets from its Ohio distribution and transmission operations following an Oct. 17 decision from the Public Utilities Commission of Ohio in the company's corporate separation case.
"These FERC filings are an important next step in our transition to full competition in Ohio. We have requested approval to transfer ownership of a portion of our Ohio generation-related assets from AEP Ohio into a separate unregulated generation company, to transfer other generation assets currently owned by AEP Ohio to Appalachian Power and Kentucky Power to help satisfy their long-term capacity requirements in the PJM Interconnection, and to end the current system interconnection agreement for our Midwest utilities," said Nicholas K. Akins, AEP president and chief executive officer. "If the process moves forward as we expect, we will be in a position to fully separate our Ohio generation from our Ohio utility operations at the beginning of 2014."
AEP requested approval to transfer approximately 9,200 megawatts (MW) of AEP Ohio-owned generation to a new wholly owned company – AEP Generation Resources Inc. AEP also requested FERC approval to transfer AEP Ohio's current two-thirds ownership (867 MW) in the John E. Amos Plant Unit 3 (1,300 MW) to Appalachian Power and to transfer 800 MW of the 1,600-MW generating capacity of Mitchell Plant to Appalachian Power and the remaining 800 MW to Kentucky Power. Additionally, AEP asked FERC to terminate the existing interconnection agreement, or pool, that exists among AEP's utilities in the Midwest and to approve a new Power Coordination Agreement among Appalachian Power, Kentucky Power and Indiana Michigan Power.
AEP also requested approval to merge AEP's Wheeling Power utility into Appalachian Power.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV