January 28, 2015 12:24 AM ET

Electric Utilities

Company Overview of Appalachian Power Company

Company Overview

Appalachian Power Company generates, transmits, and distributes electric power. The company owns 7,885 megawatts of generating capacity; and serves approximately 960,000 retail customers in the southwestern portion of Virginia and southern West Virginia. It also supplies and markets electric power at wholesale to other electric utility companies, municipalities, and other market participants. Appalachian Power Company principally serves paper, rubber, coal mining, textile mill products and stone, and clay and glass products industries. The company was founded in 1926 and is based in Columbus, Ohio. Appalachian Power Company is a subsidiary of American Electric Power Company, Inc.

1 Riverside Plaza

Columbus, OH 43215

United States

Founded in 1926

1,967 Employees

Phone:

614-716-1000

Key Executives for Appalachian Power Company

Chief Executive Officer
Age: 54
Chief Financial Officer
Age: 46
Chief Operating Officer
Age: 54
Chief Accounting Officer
Executive Vice President
Age: 67
Compensation as of Fiscal Year 2014.

Appalachian Power Company Key Developments

Appalachian Power Begins Construction on the Portion of its Kanawha Valley Area Transmission Reinforcement Project

Appalachian Power is beginning construction on the portion of its Kanawha Valley Area Transmission Reinforcement Project that passes through the Kanawha State Forest. Originally announced in summer 2013, the company received approval from the Public Service Commission of West Virginia to construct the project in January 2014. The 138 kilovolt (kV) lines being replaced within the Kanawha State Forest boundaries consist of 49 structures along 11 miles of right-of-way. Once the existing facilities are removed and construction is complete, the line will occupy only 5.5 miles of right-of-way on 21 structures. The new lattice steel towers, which will be constructed in previously acquired right-of-way, will be 20 feet taller than the existing structures and will be built of darkened steel.

Appalachian Power Company to Redeem the Entire Outstanding $200 Million Principal Amount of Its 4.95% Senior Notes, Series I, Due 2015

Appalachian Power Company announced that on May 22, 2014, it will redeem the entire outstanding $200 million principal amount of its 4.95% Senior Notes, Series I, due 2015. The notes will be redeemed at 100% of the principal amount outstanding (at par value of $100 per Senior Note), plus interest through the date of redemption, plus the required make-whole premium. Notice of the redemption was mailed on April 22, 2014. This redemption is in accordance with the terms of the indenture under which the notes were issued. The Bank of New York Mellon Trust Company, N.A. is the redemption agent and trustee.

American Electric Power Co., Inc. and Subsidiaries Enters into $1,000 Million Term Credit Agreement

On July 17, 2013, American Electric Power Company, Inc.(AEP) terminated its $1,000,000,000 Twenty-Seven Month Term Credit Agreement, dated February 13, 2013, among AEP, the Initial Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent, and was replaced with the credit agreement. On July 17, 2013, AEP, Appalachian Power Company (APCo), AEP Generation Resources Inc. (AGR), Kentucky Power Company (KPCo) and Ohio Power Company (OPCo) entered into a $1,000,000,000 Term Credit Agreement, dated as of July 17, 2013 among, APCo, AGR, KPCo and OPCo, severally and not jointly, as Borrowers AEP, as Guarantor of AGR, the Initial Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent. This is a replacement Credit Agreement entered into to provide additional liquidity during the corporate separation process for OPCo. OPCo may assign borrowings under the Credit Agreement to AGR upon the transfer of OPCo's generation assets to AGR. Subject to regulatory approval, AGR may further assign a portion of the borrowings to APCo and KPCo upon AGR's subsequent transfer of certain of those generation assets to APCo and KPCo. Borrowings by OPCo under the Credit Agreements are available and will occur upon customary terms and conditions for facilities of this type. The Credit Agreement contains certain covenants and require AEP and each Borrower to maintain its percentage of debt to total capitalization at a level that does not exceed 67.5%. The method for calculating outstanding debt and other capital is contractually defined in the Credit Agreement. Nonperformance of these covenants could result in an event of default under the Credit Agreement. The acceleration of payment obligations or the obligations prior to maturity under any other agreement or instrument relating to debt outstanding in excess of $50 million would cause an event of default under the Credit Agreement and permit the lenders to declare outstanding amounts payable. The Credit Agreement does not permit the lenders to refuse a draw on the facility if a material adverse change occurs.

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