AEP reports gains at shareholder meeting
AEP will increase its capital investments to about $3.6 billion in 2013, from $3.1 billion in 2012
American Electric Power (AEP) will increase its capital investments to about $3.6 billion in 2013, from $3.1 billion in 2012, as the company continues to invest in the development and operation of transmission assets and transitions its generating fleet to comply with new environmental regulations and further diversify its fuel mix.
In 2012, AEP brought nearly 1,200 MW of new power generation online, including a combined-cycle natural gas plant in Dresden, Ohio, and the John W. Turk Jr. Power Plant in Arkansas, which uses ultra-supercritical technology.
In business items at the annual shareholders meeting, AEP shareholders elected 14 directors. Directors re-elected to the board are: Nicholas K. Akins, 52, of Dublin, Ohio; David J. Anderson, 63, of Morristown, N.J.; Ralph D. Crosby Jr., 65, of McLean, Va.; Linda A. Goodspeed, 51, of Memphis, Tenn.; Thomas E. Hoaglin, 63, of Columbus, Ohio; Sandra Beach Lin, 55, of Flower Mound, Texas; Michael G. Morris, 66, of Northville, Mich.; Richard C. Notebaert, 66, of Chicago; Lionel L. Nowell III, 58, of Cos Cob, Conn.; Stephen S. Rasmussen, 60, of Columbus, Ohio; Oliver G. Richard III, 60, Lake Charles, La.; Richard L. Sandor, 71, of Chicago; Sara Martinez Tucker, 58, of San Francisco; and John F. Turner, 71, of Moose, Wyo.
About 95 percent of shares voted indicated support for AEP's executive officer compensation program.
About 98 percent of shares voted ratified the firm of Deloitte & Touche LLP as AEP's independent public accounting firm for 2013.
Only 11 percent of shares voted in favor of a shareholder proposal that would require additional disclosure of AEP's lobbying expenditures. The proposal failed.
AEP delivers electricity to more than 5.3 million customers in 11 states. AEP owns nearly 38,000 MW of generating capacity in the U.S. AEP also owns a 40,000-mile network.
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 about 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 Co. of Oklahoma, and Southwestern Electric Power Co. (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.