The parent company to Indiana Michigan Power Company’s Cook Nuclear Power Plant at Bridgman has increased its value to shareholders today and unveiled plans to invest nearly $18-billion dollars in its core businesses over the next three years.
American Electric Power will invest in its core regulated businesses in an aggressive plan to improve service to customers while advancing new energy technologies at the same time. That’s the word today from AEP Chairman, President & CEO Nicholas K. Akins. Akins share that news as he addressed shareholders at the company’s annual meeting today in Columbus, Ohio.
Akinds contends that “AEP is positioned as a premier regulated energy company, with nearly all of our forecasted earnings coming from our regulated businesses.” He adds, “Our 17,600 employees are focused on providing innovative energy solutions to our customers, integrating new technologies and building a smarter, cleaner and more resilient energy system.”
While detailing a dividend increase to shareholders, Akins said, “We plan to invest $17.7 billion in capital over the next three years – including $12.8 billion in our transmission and distribution systems and $1.7 billion in renewable energy – as we work to develop the energy system of the future and meet the changing energy needs and expectations of our customers.” He added, “These investments will continue to support our operating earnings growth rate of 5-percent to 7-percent.”
AEP’s forecasted $1.7 billion renewable energy investment between 2018 and 2020 does not include the company’s 2,000-megawatt Wind Catcher project, which will bring clean energy and lower bills for customers in Arkansas, Louisiana, Oklahoma and Texas if approved by regulators in those states.
AEP delivered a total shareholder return of 20.9-percent in 2017 and increased its quarterly dividend by 5.1-percent to 62 cents per share. The company’s transmission business contributed 72-cents per share to earnings in 2017, up 33-percent from 2016.
In business items at the annual shareholders meeting, AEP shareholders elected 12 directors. Directors re-elected to the board are:
- Nicholas K. Akins, 57, of New Albany, Ohio
- David J. Anderson, 68, of Greenwich, Connecticut
- J. Barnie Beasley Jr., 66, of Sylvania, Georgia
- Ralph D. Crosby Jr., 70, of McLean, Virginia
- Linda A. Goodspeed, 56, of Marco Island, Florida
- Thomas E. Hoaglin, 68, of Columbus, Ohio
- Sandra Beach Lin, 60, of Flower Mound, Texas
- Richard C. Notebaert, 70, of Naples, Florida
- Lionel L. Nowell III, 63, of Marco Island, Florida
- Stephen S. Rasmussen, 65, of Columbus, Ohio
- Oliver G. Richard III, 65, of Lake Charles, Louisiana
- Sara Martinez Tucker, 62, of Dallas, Texas
Approximately 99-percent of shares voted to ratify the firm of PricewaterhouseCoopers LLP as AEP’s independent public accounting firm for 2018.
Approximately 94-percent of shares voted to indicate support for AEP’s executive officer compensation program.
