Update on Sale of Kentucky Power
On April 17, 2023, AEP and Liberty, a subsidiary of Algonquin Power & Utilities Corp., agreed to terminate the previously announced transaction under which AEP would sell its Kentucky operations to Liberty. Kentucky Power's distribution and transmission operations will remain AEP companies. AEP continues its commitment to providing safe and reliable service to customers in Eastern Kentucky and supporting economic growth and the energy future of the region.
"As a partner in Eastern Kentucky for more than 100 years, we're renewing our focus on bringing opportunities to the region and supporting the communities we serve. We are working diligently to reimagine our strategy with the goal of not just supporting Kentucky but being an essential part of its economic and energy future," said Julie Sloat, AEP president and chief executive officer. "We believe there are opportunities ahead for our Kentucky operations, and we will focus our efforts on economic development, reliability and controlling cost impacts to customers.
What Customers Can Expect
Customers do not need to take any action. They will remain Kentucky Power customers and no account, billing or payment information will change.
Planning for the Future in Kentucky
The leadership teams at AEP and Kentucky Power are developing a long-term strategy for Kentucky that is consistent with the goals of the Kentucky Public Service Commission. In the near-term, Kentucky Power will be focused on:
- Rates: AEP and Kentucky Power will focus on ensuring rates meet the region's needs and address costs while providing reliable service to customers.
- Economic Development: AEP has a legacy of bringing businesses and jobs to its communities through economic development efforts. We believe that leveraging Kentucky's manufacturing talent will help attract onshoring and reshoring which, combined with access to lower cost power, will strengthen the regional economy and attract new investment.
- Right Team in Place to Oversee Efficient and Effective Execution of the Kentucky Strategy: AEP and its Kentucky operations leadership teams will leverage years of industry experience and expertise to take a new look at the business. AEP's refreshed Kentucky strategy represents an opportunity to move forward and be a part of Kentucky's energy future. AEP also named Cindy Wiseman as Kentucky Power president and chief operating officer after she has served in that role on an interim basis. Wiseman's experience overseeing customer service, economic development and government affairs positions her well to redefine the company moving forward.