AEP Releases 2022 Corporate Sustainability Report

COLUMBUS, Ohio, May 19, 2022 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has issued its 2022 Corporate Sustainability Report, an annual assessment of its performance as a public company and a community partner. This report marks AEP's 16th year of environmental, social and governance (ESG) disclosure, demonstrating its commitment to reporting the company's progress toward a sustainable energy future. The report's theme, "The Future is Electric", reflects AEP's important role in decarbonizing and electrifying the nation's economy in a just and equitable way.

AEP continues to reduce its carbon footprint by investing in renewable energy, developing and deploying new technologies and building a more modern, resilient energy grid. In 2021, AEP announced a commitment to achieve an 80% reduction in emissions by 2030 from its 2000 baseline and reach net zero emissions by 2050. The company also plans to add approximately 16 gigawatts of regulated renewables to its generation portfolio by 2030.

"As the economy embraces electrification to decarbonize the climate, our responsibility is to deliver clean, reliable and affordable electricity that is secure and resilient. At AEP, we add to that an obligation that the grid of the future provides equitable access for all its users. Our commitment to reach net-zero carbon emissions by 2050 is unwavering. We've already made significant progress and also committed to a just transition for our employees and our communities with a focus on inclusiveness, equity and collaboration," said Nicholas K. Akins, AEP's chairman, president and chief executive officer, in the report's introduction.

The company is focused on proactive stakeholder engagement, which includes examining how its business strategy impacts customers and communities. In 2022, AEP adopted its new environmental and social justice policy to strengthen its commitment to considering the environmental and social effects of the company's operations and policy decisions, especially in low-wealth communities, communities of color and other historically marginalized communities. AEP has a long history of stakeholder engagement, and this policy reaffirms its commitment to meaningful engagement with all customers and communities.

AEP also recently released its human rights policy, which reinforces the company's efforts to ensure the dignity and fair treatment of all people without discrimination. AEP commits to integrate respect for human rights into its operations, business practices and supply chain, recognizing it's essential for a successful transition to a sustainable and clean energy future.

"For more than a century, our industry has kept the lights on for every American. We are building on this legacy to create a new, cleaner energy future that keeps electricity accessible, affordable, reliable, and secure for everyone. As we do this, we will continue to invest in innovation, develop our workforce, protect the safety of our employees and the public, operate efficiently and keep costs reasonable. We will continue to be a force for good in our communities. This includes building upon our outreach to marginalized and low-wealth communities who may be impacted by our business. Above all, we will do this while delivering on customer expectations around the clock, every day," said Akins.

The report also provides access through AEP's ESG Data Center to the most requested metrics about the company's performance.

View the 2022 Corporate Sustainability Report and learn more about AEP's sustainable development strategy.

American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP's approximately 16,700 employees operate and maintain the nation's largest electricity transmission system and more than 224,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 7,100 megawatts of renewable energy. The company's plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and has committed to achieving net zero by 2050. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity 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