AEP Celebrated for Economic Development Contributions
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AEP Celebrates Recognition for Economic Development
American Electric Power (NASDAQ: AEP) has been honored as one of the nation's Top Utilities in Economic Development, as featured in Site Selection magazine. This esteemed recognition is not just a one-time achievement; AEP has consistently ranked among the top utilities in this field for an impressive 12 out of the last 13 years.
Record Growth and Job Creation Highlighted
Reflecting on the outstanding progress in 2023, Tim Wells, vice president of Sales, Economic and Business Development at AEP, mentioned, "2023 was a record year for economic development at AEP, and it's an honor to be recognized. We successfully supported 92 new economic development projects across our service territory last year, demonstrating our strong commitment to collaboration and teamwork with various stakeholders."
Significant Investments and Projects
The efforts made by AEP have led to substantial outcomes, including attracting projects that contribute over $35 billion in capital investment and create more than 10,400 new direct jobs in the communities they serve. Noteworthy projects include:
Nucor's Investment
Nucor is investing $2.7 billion in a state-of-the-art sheet steel manufacturing facility. Appalachian Power will supply energy to Nucor, which is set to become its largest customer and create over 800 jobs.
SLB's Technology Center
SLB is transforming the former General Motors Assembly Plant into its Shreveport Technology Center with a project worth $18.5 million, expected to generate nearly 600 jobs.
TekniPlex's Manufacturing Facility
At a cost of $45 million, TekniPlex is constructing a production site in Van Wert to produce egg cartons, contributing 100 new jobs to the area.
Community Training Initiatives
AEP has launched a self-paced e-learning course titled "Energizing Economic Development," assisting over 250 community leaders in enhancing their skills in driving economic growth.
About AEP: Commitment to Sustainability and Service
Located in Columbus, AEP firmly believes in providing customers with safe, reliable, and affordable power. With nearly 16,000 employees managing the country's largest electric transmission network, AEP serves 5.6 million customers across 11 states. The company is also a major electricity producer with nearly 29,000 megawatts of generating capacity, incorporating around 6,000 megawatts of renewable sources. Over the next five years, an investment of $43 billion will be directed towards making the electric grid cleaner and more reliable. AEP aims to achieve an 80% reduction in carbon emissions by 2030 and is committed to reaching net-zero emissions by 2045.
AEP has consistently earned recognition for its dedication to sustainability, community integration, and inclusive practices, reinforcing its stature as a leading energy provider across the United States.
Frequently Asked Questions
What recognition has AEP received recently?
AEP was named one of the Top Utilities in Economic Development by Site Selection magazine.
How many economic projects did AEP support?
AEP supported 92 new economic development projects in the last year.
What kind of investments does AEP facilitate?
AEP has helped secure over $35 billion in capital investments and created more than 10,400 new jobs.
What is AEP's goal regarding carbon emissions?
AEP intends to achieve an 80% reduction in carbon emissions by 2030 and aims for net-zero emissions by 2045.
How can communities benefit from AEP's initiatives?
AEP offers training programs like "Energizing Economic Development" to assist community leaders in driving local economic growth.
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