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Parent Of Retail Supplier Will Initiate Strategic Review Of Retail Business
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AEP announced today that it, "will initiate a strategic review of its retail business as part of its ongoing strategy to de-risk and streamline the company."
As previously reported, earlier this year, AEP also announced it would sell its portfolio of contracted, unregulated renewable energy assets. The sales process for those renewable resources began in August 2022 and is on track to close during the second quarter of 2023.
"The sale of our unregulated, contracted renewable assets and our [regulated] Kentucky operations will allow us to shift capital to revitalize our transmission and distribution systems and implement energy solutions to benefit our customers and communities," said Julie Sloat, AEP president and chief financial officer. "We’re beginning a strategic review of our retail business as we focus on growth in our regulated businesses and simplify the structure of the company," said Sloat
"Our strategic vision prioritizes delivering clean, reliable energy and service offerings that boost and empower the communities we serve, all while maintaining affordability for our customers and offering significant shareholder value," Sloat said
From 2023 through 2027, AEP plans to invest $9 billion in regulated renewable generation.
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October 4, 2022
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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