COLUMBUS, Ohio, May 9, 2017 /PRNewswire/ -- American Electric
Power (NYSE: AEP) today completed the sale of AEP's 330-megawatt
(MW) share of the Zimmer Plant to Dynegy and the purchase of
Dynegy's 312-MW share of Conesville Plant.
The transaction has no material impact on AEP earnings.
AEP already operates Conesville Plant and Dynegy operates Zimmer
Plant so there will be no employment impact from the
transaction.
AEP now owns 92 percent, or 1,461 MW, of Conesville Plant.
Dayton Power & Light owns the
remaining 129 MW of Conesville Unit 4. AEP's other competitive
generation assets in Ohio include
595 MW of Cardinal Plant, 603 MW of Stuart
Plant and the 48 MW Racine Plant. Stuart Plant is expected to be retired by
June 1, 2018.
American Electric Power is one of the largest electric utilities
in the United States, delivering
electricity and custom energy solutions to nearly 5.4 million
customers in 11 states. AEP owns the nation's largest electricity
transmission system, a more than 40,000-mile network that includes
more 765-kilovolt extra-high voltage transmission lines than all
other U.S. transmission systems combined. AEP also operates 224,000
miles of distribution lines. AEP ranks among the nation's largest
generators of electricity, owning approximately 26,000 megawatts of
generating capacity in the U.S. AEP supplies 3,200 megawatts of
renewable energy to customers. 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 Company of Oklahoma, and Southwestern Electric Power
Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
This report made by American Electric Power and its Registrant
Subsidiaries contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934. Although AEP
and each of its Registrant Subsidiaries believe that their
expectations are based on reasonable assumptions, any such
statements may be influenced by factors that could cause actual
outcomes and results to be materially different from those
projected. Among the factors that could cause actual results to
differ materially from those in the forward-looking statements are:
economic growth or contraction within and changes in market demand
and demographic patterns in AEP service territories; inflationary
or deflationary interest rate trends; volatility in the financial
markets, particularly developments affecting the availability or
cost of capital to finance new capital projects and refinance
existing debt; the availability and cost of funds to finance
working capital and capital needs, particularly during periods when
the time lag between incurring costs and recovery is long and the
costs are material; electric load and customer growth; weather
conditions, including storms and drought conditions, and AEP's
ability to recover significant storm restoration costs; the cost of
fuel and its transportation and the creditworthiness and
performance of fuel suppliers and transporters and the cost of
storing and disposing of used fuel, including coal ash and spent
nuclear fuel; availability of necessary generating capacity and the
performance of AEP's generating plants; AEP's ability to recover
fuel and other energy costs through regulated or competitive
electric rates; AEP's ability to build transmission lines and
facilities (including the ability to obtain any necessary
regulatory approvals and permits) when needed at acceptable prices
and terms and to recover those costs; new legislation, litigation
and government regulation, including oversight of nuclear
generation, energy commodity trading and new or heightened
requirements for reduced emissions of sulfur, nitrogen, mercury,
carbon, soot or particulate matter and other substances that could
impact the continued operation, cost recovery, and/or profitability
of AEP's generation plants and related assets; evolving public
perception of the risks associated with fuels used before, during
and after the generation of electricity, including nuclear fuel; a
reduction in the federal statutory tax rate that could result in an
accelerated return of deferred federal income taxes to customers;
timing and resolution of pending and future rate cases,
negotiations and other regulatory decisions, including rate or
other recovery of new investments in generation, distribution and
transmission service and environmental compliance; resolution of
litigation; AEP's ability to constrain operation and maintenance
costs; AEP's ability to develop and execute a strategy based on a
view regarding prices of electricity and gas; prices and demand for
power generated and sold at wholesale; changes in technology,
particularly with respect to energy storage and new, developing,
alternative or distributed sources of generation; AEP's ability to
recover through rates any remaining unrecovered investment in
generating units that may be retired before the end of their
previously projected useful lives; volatility and changes in
markets for capacity and electricity, coal, and other
energy-related commodities, particularly changes in the price of
natural gas; changes in utility regulation and the allocation of
costs within regional transmission organizations, including ERCOT,
PJM and SPP; AEP's ability to successfully and profitably manage
competitive generation assets, including the evaluation and
execution of strategic alternatives for these assets as some of the
alternatives could result in a loss; changes in the
creditworthiness of the counterparties with whom AEP has
contractual arrangements, including participants in the energy
trading market; actions of rating agencies, including changes in
the ratings of AEP debt; the impact of volatility in the capital
markets on the value of the investments held by AEP's pension,
other postretirement benefit plans, captive insurance entity and
nuclear decommissioning trust and the impact of such volatility on
future funding requirements; accounting pronouncements periodically
issued by accounting standard-setting bodies; and other risks and
unforeseen events, including wars, the effects of terrorism
(including increased security costs), embargoes, cyber security
threats and other catastrophic events.
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SOURCE American Electric Power