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Akins Appears on ‘Bloomberg Markets’ Program

by on September 2, 2016
AEP CEO Nick Akins discussed strategic issues on the “Bloomberg Markets” program Sept. 1.

Nick Akins, AEP chairman, president and chief executive officer, discussed the impact of oil and natural-gas prices on the company’s business and its growth strategy with Bloomberg’s Vonnie Quinn and David Gura Sept. 1 on “Bloomberg Markets.”

View the video.

When asked if AEP would continue to move toward more renewable energy in the future, Akins replied, “There is a transition in the industry, AEP is part of that transition, and you’ll continue to see a migration to solar, wind, renewables and energy storage, along with natural gas to support that transition.”

He also noted that low oil and natural gas prices continue to have an effect — both positive and negative — across the U.S.

“When you see oil and natural gas prices come down, it has an impact on the economy,” Akins said. “On the one hand, you see economic benefits from gasoline prices being lower, but at the same time it affects manufacturing, particularly in the oil and gas and mining sectors. In gas extraction and mining, we’re seeing 22,000 fewer jobs in those counties year-over-year, so it’s always good to have an increasing oil price and natural gas price so we can see more production come online.”

Turning to the situation in Ohio and the possible sale of AEP’s unregulated generation in the state, Akins said, “That process is ongoing, it’s moving toward its final stages, we’ve had robust interest in those resources, we’ll continue to evaluate that from a strategic perspective, and hopefully have a result very soon. Being unregulated as far as generation is concerned in Ohio really doesn’t fit our investors’ views of consistency and quality of earnings.

“With the Ohio legislature,” he continued, “we’re actually pursuing ‘restructuring,’ not ‘re-regulation.’ Restructuring is really focused on the future and how we are able to build more renewables, how we’re able to put natural gas in the state. It’s really focused on Ohio defining its energy consumption in the state and the resources that supply that energy, so it’s extremely important for Ohio to take matters into its own hands. If you have a clean energy plan or another mechanism for a transition, Ohio can take a look at that and define its own energy future in terms of jobs, taxes and the creation of infrastructure.”

From → News From AEP

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