American Electric Power (AEP) earlier today outlined its strategic plans for Kentucky Power and AEP Kentucky Transco after AEP and Liberty, a subsidiary of Algonquin Power & Utilities Corp. (AQN), agreed to terminate the previously announced transaction under which AEP would sell its Kentucky operations to Liberty. In conjunction with that announcement, AEP reaffirmed its 2023 earnings guidance range of $5.19 to $5.39 per share with an annual long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%. "There is no change in AEP’s equity financing plan resulting from this change in strategy. Proceeds from AEP’s contracted renewables sale, which is expected to generate $1.2B, will replace previously forecasted proceeds from the Kentucky sale process," the company stated earlier.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on AEP:
- TD sees low odds of Algonquin acquisition of AEP unit progressing
- American Electric price target raised to $102 from $100 at BMO Capital
- Algonquin Power, American Electric terminate stock purchase agreement
- Early notable gainers among liquid option names on April 5th
- Street Wrap: Today’s Top 15 Upgrades, Downgrades, Initiations
