AEP Recognized for Excellence in Economic Development
American Electric Power (NASDAQ: AEP) has been celebrated as one of the nation's Top Utilities in Economic Development, a distinction highlighted in Site Selection magazine. This prestigious recognition is not merely a fleeting accolade; AEP has consistently been ranked among the top utilities in this area for an impressive 12 out of the last 13 years.
Record Growth and Job Creation Achievements
Reflecting on the remarkable progress made in 2023, Tim Wells, vice president of Sales, Economic and Business Development at AEP, stated, "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, showcasing our strong commitment to collaboration and teamwork with various stakeholders."
Major Investments and Projects
The initiatives undertaken by AEP have yielded significant results, attracting projects that bring in over $35 billion in capital investment and creating more than 10,400 new direct jobs in the communities they serve. Some notable projects include:
Nucor's Investment
Nucor is investing $2.7 billion to establish a cutting-edge sheet steel manufacturing facility. Appalachian Power will provide energy to Nucor, which is expected to become its largest customer and create over 800 jobs.
SLB's Technology Center
SLB is converting the former General Motors Assembly Plant into its Shreveport Technology Center with an $18.5 million project, anticipated to generate nearly 600 jobs.
TekniPlex's Manufacturing Facility
With an investment of $45 million, TekniPlex is building a production site in Van Wert to manufacture egg cartons, which will add 100 new jobs to the local economy.
Community Training Initiatives
AEP has introduced a self-paced e-learning course titled "Energizing Economic Development," which has already supported over 250 community leaders in enhancing their skills to foster economic growth.
About AEP: A Commitment to Sustainability and Service
Based in Columbus, AEP is dedicated to providing customers with safe, reliable, and affordable electricity. With nearly 16,000 employees overseeing the largest electric transmission network in the country, AEP serves 5.6 million customers across 11 states. The company is also a major electricity producer, boasting nearly 29,000 megawatts of generating capacity, including around 6,000 megawatts from renewable sources. Over the next five years, AEP plans to invest $43 billion to enhance the electric grid's cleanliness and reliability. The company aims for an 80% reduction in carbon emissions by 2030 and is committed to achieving net-zero emissions by 2045.
AEP has consistently received accolades for its commitment to sustainability, community engagement, and inclusive practices, solidifying its position as a leading energy provider in 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.
