AEP Recognized as a Top Utility in Economic Development

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Sep 03, 2024, 11:23 ET

COLUMBUS, Ohio, Sept. 3, 2024 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) was named one of the nation's Top Utilities in Economic Development by Site Selection magazine.

Site Selection annually evaluates utilities' involvement and support of corporate project investment and job creation on a cumulative and per-capita basis. AEP has earned a place on the list 12 of the last 13 years.

"2023 was a record year for economic development at AEP, and it's an honor to be recognized by Site Selection for our team's efforts to bring growth to the communities we serve," said Tim Wells, vice president, Sales, Economic and Business Development. "AEP supported and helped drive 92 new economic development projects across our service territory last year. This sort of success doesn't happen overnight, and it requires collaboration and teamwork with numerous internal AEP teams, along with our customers and partners at the federal, state and local levels."

In 2023, AEP's economic and business development efforts helped attract projects that will eventually result in more than $35 billion in capital investment and the creation of over 10,400 new direct jobs in the company's service territory. Some of AEP's economic and business development highlights of 2023 include:

Nucor's $2.7 billion investment to build a state-of-the-art sheet steel manufacturing facility in Mason County, West Virginia is in progress. Appalachian Power will provide service to Nucor by 2025, making Nucor the largest single customer for Appalachian Power. More than 800 jobs will be created at the site.
SLB plans to convert 1 million square feet of the former General Motors Assembly Plant in Shreveport, Louisiana into its Shreveport Technology Center to build data center racks. SLB's $18.5 million investment is projected to bring in nearly 600 new jobs.
TekniPlex is building a $45 million facility in Van Wert, Ohio to make egg cartons. The site was selected due to the need for electricity, and it being certified for food and beverage production. The project will create 100 jobs in AEP Ohio's service territory.
More than 250 individuals benefited from a self-paced e-learning course, "Energizing Economic Development," designed to help community leaders learn how to successfully drive community economic development.

About AEP

At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable and affordable power. Our nearly 16,000 employees operate and maintain more than 40,000 miles of transmission lines, the nation's largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,000 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. We are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement and inclusion. AEP's family of companies includes utilities 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, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com

SOURCE American Electric Power