AEP Outlines Strategic Focus on Kentucky

American Electric Power today reaffirmed its commitment to Kentucky customers and outlined its strategic plans for Kentucky Power and AEP Kentucky Transco. AEP and Liberty, a subsidiary of Algonquin Power & Utilities Corp., have agreed to terminate the previously announced transaction under which AEP would sell its Kentucky operations to Liberty.

“We’ve served Eastern Kentucky for more than 100 years, and we are working diligently to reimagine our strategy with the goal of not just supporting Kentucky but being an essential part of its economic and energy future,” said Julie Sloat, AEP president and chief executive officer. “We believe there are opportunities ahead for our Kentucky operations, and we will focus our efforts on economic development and providing reliable service for customers.

“To the employees in Kentucky, thank you. Thank you for continuing to work safely and providing great service for our customers. We know that this has been a long process and that the uncertainty has been difficult and stressful. I am confident that we have the right team in place to lead this effort and power the future in Eastern Kentucky,” Sloat said.

AEP and Kentucky Power leadership are sharing information with Kentucky employees in a series of meetings.

“I am happy to announce that Cindy Wiseman has been named president and chief operating officer for Kentucky Power. She is a proven leader in Kentucky and will continue to be a familiar face to our employees, customers and stakeholders,” said Peggy Simmons, executive vice president – Utilities. “I also want to express my appreciation to the employees of Kentucky. Please continue to work safely. Stay focused on the task at hand and continue to serve our Kentucky customers in the way you have throughout this process. The entire AEP team sincerely thanks you for your unwavering commitment to safety, our Kentucky customers and each other.”

Mitchell Plant is still owned by Kentucky Power and Wheeling Power, and the operating agreement remains in place. Employees working at Mitchell will remain Wheeling Power employees.