Kentucky Power recently awarded a $50,000 grant to the Kentucky Association for Economic Development (KAED). The grant is funded through the Kentucky Power Economic Growth Grant (K-PEGG) program.

Funding will provide economic development service continuity at KAED including marketing, product development grant-making, site selection, consultant activity in the northeast service territory.

“Kentucky Power takes a leadership role in economic development efforts, because attracting new business and people to the region helps keep rates competitive. We believe in the value this organization brings to our region and we are proud to support it in its mission,” said Bob Shurtleff, Kentucky Power external affairs manager. “The success of KAED is really a success for all of us in eastern Kentucky.”

The K-PEGG program assists in the funding of economic development programs that promote the creation and retention of manufacturing and/or industrial investment and jobs. The program is a partnership between Kentucky Power and its customers. Commercial and industrial customers contribute $1 monthly; and company stockholders match the customer contributions to generate nearly $800,000 annually for investment at the local and regional levels. The program is available in all 20 counties served by Kentucky Power.

Grant applications are reviewed by a committee comprised of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Economic Development Cabinet. More information is available at kentuckypower.com/development.