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American Electric Power | 8-K: Current report

SEC announcement ·  Jan 11 13:00
Summary by Futu AI
American Electric Power Company, Inc. (AEP) and its subsidiary Appalachian Power Company (APCo) reported on January 9, 2024, that the Public Service Commission of West Virginia (WVPSC) issued a final order disallowing approximately $232 million of the companies' under-recovered Expanded Net Energy Cost (ENEC) regulatory asset balance. The order allows for the recovery of the remaining $321 million balance over a ten-year period starting September 1, 2024. As a result, AEP anticipates a pretax, non-cash disallowance of about $222 million in Q4 of 2023, with $127 million attributable to APCo and $95 million to Wheeling Power Company (WPCo). Despite this, AEP is reaffirming its 2024 Operating Earnings guidance, its projected 6%-7% long-term earnings growth rate, and its 14%-15% FFO/Debt target, excluding the disallowance from its 2023 Operating Earnings (Non-GAAP). The report also contains forward-looking statements and acknowledges various risks that could impact actual results, including economic conditions, market demand, regulatory changes, and other unforeseen events.
American Electric Power Company, Inc. (AEP) and its subsidiary Appalachian Power Company (APCo) reported on January 9, 2024, that the Public Service Commission of West Virginia (WVPSC) issued a final order disallowing approximately $232 million of the companies' under-recovered Expanded Net Energy Cost (ENEC) regulatory asset balance. The order allows for the recovery of the remaining $321 million balance over a ten-year period starting September 1, 2024. As a result, AEP anticipates a pretax, non-cash disallowance of about $222 million in Q4 of 2023, with $127 million attributable to APCo and $95 million to Wheeling Power Company (WPCo). Despite this, AEP is reaffirming its 2024 Operating Earnings guidance, its projected 6%-7% long-term earnings growth rate, and its 14%-15% FFO/Debt target, excluding the disallowance from its 2023 Operating Earnings (Non-GAAP). The report also contains forward-looking statements and acknowledges various risks that could impact actual results, including economic conditions, market demand, regulatory changes, and other unforeseen events.
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