COLUMBUS, Ohio, May 4, 1998 -- American Electric Power (NYSE: AEP) details
steps taken to prepare for a future competitive marketplace in its 1997
annual report to shareholders.
The report, which carries the theme “The Race is On!”, is being mailed
to AEP shareholders this week.
“As we await full competition in the electric utility industry, all
companies are positioning themselves at the starting line and waiting for
the flag to drop,” said Armando Pena, AEP senior vice president—finance,
treasurer and chief financial officer. “This annual report lets
shareholders know how our management and employees—our ‘pit crews’—
are readying AEP for the race ahead.”
Developments from 1997 featured in the annual report include:
- AEP’s proposed merger with Central and South West Corporation, announced in December;
- the acquisition of Yorkshire Electricity Group plc, a regional electric company in Great Britain, in a 50-50 venture with New Century Energies Inc. announced in February;
- October’s announcement of plans to form two joint venture companies with DuPont’s energy subsidiary, Conoco, to buy and manage industrial and large commercial energy facilities;
- the opening of energy trading offices in Columbus and Houston;
- the development and implementation of new technologies;
and AEP’s growing presence in the international marketplace.
AEP, a global energy company, is one of the United States’ largest
investor-owned utilities, providing energy to 3 million customers in
Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and West Virginia.
AEP has holdings in the United States, the United Kingdom, China and
Australia. Wholly owned subsidiaries provide power engineering, energy
consulting and energy management services around the world. The company is
based in Columbus, Ohio. On Dec. 22, 1997, AEP announced a definitive
merger agreement for a tax-free, stock-for-stock transaction with Central
and South West Corp., a public utility holding company based in Dallas.
For more information contact:
Pat D. Hemlepp
Manager, Media Relations
American Electric Power
614/223-1620