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Last $55.73 USD
Change Today -0.12 / -0.21%
Volume 2.0M
AEP On Other Exchanges
New York
As of 8:04 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

american electric power (AEP) Key Developments

American Electric Power to Shut Down Seven Coal-Fired Power Plants, by the End of May 2015

American Electric Power announced that By the end of May 2015, the company will shut down seven coal-fired power plants. Two others are in the process of being converted to run on natural gas. The actions are a follow-through on plans announced in 2011 and then updated since then, necessitated in part by federal clean-air rules. In Ohio, the closings affect one big plant and a small one: the Muskingum River plant in Washington County, with 1,440 megawatts of capacity, and the Picway plant south of Columbus, with 100 megawatts. AEP has issued layoff notices for more than 250 employees at six of the plants. The remaining workers will be offered severance packages, and many of those employees are retirement age. Outside of Ohio, the following AEP sites will close by the end of May: the Sporn, Kammer and Kanawha River plants in West Virginia, the Tanners Creek plant in Indiana and the Glen Lyn plant in Virginia. In addition, two plants Big Sandy in Kentucky and Clinch River in Virginia are shutting down their coal-burning systems and converting them to burn natural gas. The nine plants have about 6,000 megawatts of capacity, which is 16% of AEP's total capacity.

American Electric Power Readies to Close Six Coal-Fired Plants in Four States on May 31, 2015

American Electric Power is readying to shut down six coal-fired power plants in four states on May 31, 2015 to comply with federal emissions standards. AEP gave notices of the closures to the workers and to the states at the Philip Sporn, the Muskingum River Plant in Ohio, Kammer and Kanawha Valley plants in West Virginia, the Tanners Creek Plant in Indiana and the Glen Lyn Plant in Virginia. The notices are needed by the federal Worker Adjustment and Retraining Notification Act.

AEP Strategic Options For AEP River

American Electric Power Co., Inc. (NYSE:AEP) has retained Morgan Stanley (NYSE:MS) to explore options for its AEP River Operations, LLC. AEP is committed to completing its review of potential alternatives for AEP River operations as promptly as practicable.

American Electric Power Co., Inc. Lays Off 62 Workers at Ohio Power Plant

American Electric Power Company Inc. is laying off 62 workers at an Ohio power plant as part of a plan to retire older coal-fired plants. The electric generating units will be retired in May to comply with upcoming U.S. EPA regulations called Mercury and Air Toxics Standards. The company issued a 60-day closure notice to the state jobs office, as required by federal law, for its Muskingum River plant in Beverly, which has 1,440 megawatts and five generating units. The layoffs take effect May 31. It also will close its Picway plant in Lockbourne, which had 100 megawatts and 1 unit but only operated when absolutely needed and used a skeleton crew from its Conesville plant. No notice was provided to the state for that plant because so few jobs were involved. By next year, AEP will retire more than 6,000 megawatts of coal-fired capacity at 11 power plants across its Appalachian region. The mercury rules take effect next month. Power companies are closing some plants instead of putting in pollution-control technologies on existing facilities because it would be too costly to retrofit, utilities say.

American Electric Power Gives Plant Closure Notice

American Electric Power announced that it has issued notices to employees at three West Virginia power plants, including the Kanawha River Plant in Glasgow, informing them the plants would be closed within two months. The notices are part of a plan the company announced in June 2011 to meet new toxic emissions standards handed down by the U.S. Environmental Protection Agency. In addition to the three West Virginia plants, the company also issued notices to shutter its Glen Lyn Plant at Glen Lyn, Va., as well as some generating units at its Big Sandy Plant in Louisa, Ky.; the Muskingum River Plant in Beverly, Ohio; and the Tanners Creek Plant in Lawrenceburg, Ind. The West Virginia coal-fired plants are among the oldest in the company's fleet and it was less costly to go ahead and close them rather than invest the money needed to get them to comply with the EPA's new Mercury and Air Toxics Standards, or MATS, rule. The Glasgow plant, along with the Phillip Sporn Plant in New Haven and Kammer Plant near Moundsville, are slated for closure at the end of May 2015. That's actually about five months later than the Dec. 31, 2014 closing date the company originally proposed when it made the announcement in 2011. The plants, which are more than 50 years old, had already been slated for closure between 2017 and 2020. The new EPA rules advanced that schedule. The company said about 50 people still work at the Kanawha River Plant. The company has worked to find many of the workers other jobs at other company facilities, and many are expected to transfer to the John E. Amos Power Plant in Putnam County.


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Price/Sales 1.6x
Price/Book 1.6x
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