Summary
American Electric Power is a major U.S. investor-owned electric utility with generation, transmission, and distribution operations and eight utility subsidiaries. The company’s vertically integrated utilities and distribution utilities deliver electricity to more than 5.6 million customers in 11 states in the Midwest and Southeast. AEP ranks among the nation’s largest generators of electricity, with about 29,000 megawatts of generating capacity and 225,000 distribution lines. AEP also owns the nation’s largest electricity transmission system, with 40,000 system miles. In 2023, vertical utilities accounted for about 60% of total annual revenue, while transmission and distribution utilities accounted for about 30%. With the 2H23 sale of its competitive generating plant, Cardinal 1, in Ohio, the company has exited the wholesale generation business and left the Ohio competitive electricity market. AEP’s 2023 generation mix is approximately 37% coal, 22% nuclear, 22% natural gas, and 19% renewables. While still heavily reliant on coal, the company is expanding its use of renewable energy with investments in wind generation. Its current renewable generation capacity is 6,100 MW and it plans to be carbon-zero by 2050. The company’s market cap is $43.6 billion.
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