This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AEP Receives FERC Approvals To Transfer Ohio Generating Assets

COLUMBUS, Ohio, May 1, 2013 /PRNewswire/ -- American Electric Power (NYSE: AEP) received approval from the Federal Energy Regulatory Commission (FERC) to separate its Ohio generating assets from its Ohio distribution and transmission operations and transfer these assets to a competitive generation company and regulated affiliates. AEP is awaiting FERC approval of additional transactional agreements between AEP affiliates.

"With these approvals, we reached another milestone in the transition to full electricity competition in Ohio. The FERC decisions allow us to move forward with the ownership transfer of our Ohio generation-related assets into a separate unregulated generation company and to other AEP operating companies," said Nicholas K. Akins, AEP president and chief executive officer. "We anticipate decisions from FERC on our other related filings soon and expect to fully separate our Ohio generation from our Ohio utility operations at the end of this year.

"We will continue to work with regulators in Kentucky, Virginia and West Virginia to seek the additional approvals necessary to transfer ownership of the Mitchell Plant and the AEP Ohio-owned share of the Amos Plant to Appalachian Power and Kentucky Power to help satisfy their existing and long-term generation requirements," Akins said.

The FERC's April 29 decision approved the transfer of AEP Ohio-owned generation to a new wholly owned company – AEP Generation Resources Inc. The FERC also approved further transfer of AEP Ohio's two-thirds ownership (867 MW) in John E. Amos Plant Unit 3 (1,300 MW) and ownership of 800 MW of the 1,600-MW generating capacity of Mitchell Plant to Appalachian Power as well as ownership transfer of the remaining 800 MW of Mitchell Plant to Kentucky Power.

Additionally, the FERC approved merging AEP's Wheeling Power utility into Appalachian Power.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs