AEP Recognized as a Top Utility in Economic Development

Core Insights - American Electric Power (AEP) was recognized as one of the nation's Top Utilities in Economic Development by Site Selection magazine, marking its 12th appearance on the list in the last 13 years [1] - In 2023, AEP's economic development initiatives led to over $35 billion in capital investment and the creation of more than 10,400 new direct jobs within its service territory [1] Economic Development Highlights - AEP supported 92 new economic development projects in 2023, showcasing significant collaboration with various stakeholders [1] - Nucor is investing $2.7 billion to establish a sheet steel manufacturing facility in West Virginia, projected to create over 800 jobs [1] - SLB plans to invest $18.5 million to convert a former General Motors plant in Louisiana into a technology center, expected to generate nearly 600 new jobs [1] - TekniPlex is building a $45 million facility in Ohio for egg carton production, which will create 100 jobs [1] - AEP's e-learning course "Energizing Economic Development" benefited over 250 community leaders, enhancing their skills in driving economic growth [1] Company Overview - AEP operates the largest electric transmission system in the U.S., with over 40,000 miles of transmission lines and 225,000 miles of distribution lines, serving 5.6 million customers across 11 states [2] - The company has a generating capacity of nearly 29,000 megawatts, including approximately 6,000 megawatts from renewable sources [2] - AEP is investing $43 billion over the next five years to enhance the electric grid's reliability and sustainability, aiming for an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and achieving net zero by 2045 [2]