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 All Necessary Approvals To Complete Separation Of Its Ohio Assets

COLUMBUS, Ohio, Dec. 26, 2013 /PRNewswire/ -- American Electric Power (NYSE: AEP) has received all necessary approvals to separate its AEP Ohio-owned generation assets from its Ohio distribution and transmission operations and complete transfer of that generation to AEP's competitive generation company - AEP Generation Resources Inc. - and regulated affiliates Appalachian Power and Kentucky Power. The company received the final approvals from the Federal Energy Regulatory Commission (FERC) this week and expects to complete transfer of those assets effective Dec. 31.

"The diligence of our employees and the cooperation of the affected state and federal commissions allowed us to execute our Ohio restructuring plan right on schedule, and we are well-positioned to operate two separate, sustainable businesses with our Ohio assets," said Nicholas K. Akins, AEP president and chief executive officer. "The majority of AEP's operations remain regulated, including our Ohio wires businesses, and we've consistently demonstrated our ability to successfully operate regulated utilities. The assets in the AEP Generation Resources portfolio are competitively positioned to perform well in the market. We expect our competitive business to be cash-flow positive."

The FERC accepted AEP's application to terminate the interconnection agreement, or pool, that exists among AEP's utilities in the Midwest; approved a new Power Coordination Agreement among Appalachian Power, Kentucky Power and Indiana Michigan Power; and approved other tariff and financing-related filings. AEP's applications for the generation transfers were approved by the FERC April 29.

Approximately 11,200 megawatts (MW) of AEP Ohio-owned generation will be transferred to AEP Generation Resources. AEP Ohio's two-thirds ownership of John E. Amos Plant Unit 3 (867 MW) will transfer to Appalachian Power, and 50 percent of Mitchell Plant (800 MW) will transfer to Kentucky Power. Following the transfers and expected retirements through 2015, AEP Generation Resources expects to own approximately 8,700 MW.

1 of 2

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,521.30 -168.56 -0.95%
S&P 500 2,091.71 -12.13 -0.58%
NASDAQ 5,100.4710 -27.81 -0.54%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs