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AEP Decides To Retain Retail Energy Business
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American Electric Power announced today that it will retain its retail energy business, AEP Energy.
"We determined that AEP Energy fits into our current portfolio and strategy by providing value to our customers and investors," said Ben Fowke, AEP interim chief executive officer and president. "As load continues to grow in our deregulated states, AEP Energy keeps us closely connected to opportunities to support this demand and provide tailored energy solutions to customers."
AEP Energy is a certified competitive retail electricity and natural gas supply provider operating in 28 service territories in six states and Washington, D.C. with 700,000 customers, AEP said
AEP is reaffirming its 2024 operating earnings guidance of $5.53 to $5.73 per share, long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%.
There is no change to AEP’s equity financing plan resulting from the AEP Energy decision.
Today, AEP also announced it signed an agreement to sell its distributed resources business, AEP OnSite Partners, to funds advised by Basalt Infrastructure Partners LLC. AEP expects to net approximately $315 million in cash after taxes and transaction fees. The sale is expected to close in the third quarter of 2024, pending regulatory approvals.
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Names Buyer For Distributed Resources Business
May 13, 2024
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Reporting by Paul Ring • ring@energychoicematters.com
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