Statement From AEP About Today's PUCO Decision

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Mar 07, 2012, 05:08 ET

COLUMBUS, Ohio, March 7, 2012 /PRNewswire/ -- The following statement can be attributed to AEP President and Chief Executive Officer Nicholas K. Akins:

"Today's decision by the Public Utilities Commission of Ohio (PUCO) provides an appropriate short-term solution that fairly balances the interests of electric consumers with the need to protect the financial health of AEP Ohio. We recognize, however, that this is the first step in a longer process of addressing the transition to a fully competitive market that is structured equitably for all market participants and provides benefits for consumers. The transition must be done in a manner that doesn't unduly harm or unfairly enrich any individual utility or retail energy provider. We're committed to working to achieve a fair and transparent regulatory outcome in the months ahead that provides a reasonable transition to full competition while recognizing the commitments AEP has made on behalf of its customers."

American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 39,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. 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 approximately 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 Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east and north Texas). AEP's headquarters are in Columbus, Ohio. News releases and other information about AEP can be found at www.aep.com.