AEP reports gains at shareholder meeting

Sponsored by

American Electric Power (AEP) will increase its capital investments to about $3.6 billion in 2013, from $3.1 billion in 2012, as the company continues to invest in the development and operation of transmission assets and transitions its generating fleet to comply with new environmental regulations and further diversify its fuel mix.

In 2012, AEP brought nearly 1,200 MW of new power generation online, including a combined-cycle natural gas plant in Dresden, Ohio, and the John W. Turk Jr. Power Plant in Arkansas, which uses ultra-supercritical technology.

In business items at the annual shareholders meeting, AEP shareholders elected 14 directors. Directors re-elected to the board are: Nicholas K. Akins, 52, of Dublin, Ohio; David J. Anderson, 63, of Morristown, N.J.; Ralph D. Crosby Jr., 65, of McLean, Va.; Linda A. Goodspeed, 51, of Memphis, Tenn.; Thomas E. Hoaglin, 63, of Columbus, Ohio; Sandra Beach Lin, 55, of Flower Mound, Texas; Michael G. Morris, 66, of Northville, Mich.; Richard C. Notebaert, 66, of Chicago; Lionel L. Nowell III, 58, of Cos Cob, Conn.; Stephen S. Rasmussen, 60, of Columbus, Ohio; Oliver G. Richard III, 60, Lake Charles, La.; Richard L. Sandor, 71, of Chicago; Sara Martinez Tucker, 58, of San Francisco; and John F. Turner, 71, of Moose, Wyo.

About 95 percent of shares voted indicated support for AEP's executive officer compensation program.

About 98 percent of shares voted ratified the firm of Deloitte & Touche LLP as AEP's independent public accounting firm for 2013.

Only 11 percent of shares voted in favor of a shareholder proposal that would require additional disclosure of AEP's lobbying expenditures. The proposal failed.

AEP delivers electricity to more than 5.3 million customers in 11 states. AEP owns nearly 38,000 MW of generating capacity in the U.S. AEP also owns a 40,000-mile network.

AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and about 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas.

AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Co. of Oklahoma, and Southwestern Electric Power Co. (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.

Sponsored by

Get All the Electric Light & Power and POWERGRID International to Your Inbox

Subscribe to Electric Light & Power or POWERGRID International and the email newsletter today at no cost and receive the latest news and information.

Related Articles

NRECA, SEPA launch new regulatory innovation initiative


The initiative’s vision is to enable the evolution of state regulatory processes and practices in order to address the sca...

EnerNex modernize Public Utilities Commission of Ohio power grid


These two workgroups will address specific tasks articulated in the PowerForward Roadmap and will build upon the collabora...

NYPA grid lab studies how to integrate renewables onto transmission grid


The New York Power Authority’s new Advanced Grid Innovation Laboratory for Energy is driving cost reductions and operation...

Judge eases wildfire plan for Pacific Gas and Electric


Judge William Alsup said in an order late Tuesday that he's now considering making PG&E comply with targets in a wildf...