American Electric Power reaffirmed its 2022 narrowed operating earnings guidance range of $4.97-$5.07 per share with an increased midpoint of $5.02 and its 2023 guidance range of $5.19-$5.39 per share with a projected annual operating earnings growth rate of 6%-7%. AEP management will share the company’s earnings growth strategy at the annual Edison Electric Institute Financial Conference that begins Nov. 13 in Hollywood, Florida. AEP will invest nearly all capital in its regulated businesses as it de-risks and streamlines its portfolio. The company’s five-year, $40B capital investment plan allocates $26B to wires and $9B to regulated renewables. The company recently announced its new target of reaching net zero carbon dioxide emissions by 2045. It also adjusted its near-term carbon dioxide emission reduction target from a 2000 baseline to a 2005 baseline and upgraded its 80% reduction by 2030 target to include full Scope 1 emissions. AEP expects to close on the sale of its Kentucky operations in January 2023 and is targeting completion of its unregulated contracted renewables sale in the second quarter of 2023. The company also plans to complete the review of its retail business in the first half of 2023.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on AEP:
