AEP terminates sale of Kentucky operations to Liberty; outlines new strategy, names new president

AMERICAN ELECTRIC POWER CO INC

Mutual termination of Stock Purchase Agreement with Liberty because conditions to close could not be met by April 26, 2023; no termination fees.
Cindy Wiseman appointed Kentucky Power president and COO; base rate case to be filed June 2023 with new rates effective Jan 2024.
2023 operating EPS guidance reaffirmed at $5.19–$5.39; long-term growth 6–7%; equity plan unchanged, $1.2B from renewables sale replaces Kentucky proceeds.
AEP to securitize retired coal assets through Kentucky commission approval to lower customer rates.
Parties released each other from all claims related to the terminated Stock Purchase Agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN ELECTRIC POWER CO INC entered into Stock Purchase Agreement with Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp. (effective 2021-10-26).

Action: entry
Agreement: asset purchase
Counterparty: Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp.
Effective: 2021-10-26

Exact text from the filing

On October 26, 2021, American Electric Power Company, Inc. (AEP), AEP Transmission Company, LLC (AEPTCo) and Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp. (Liberty) entered into a Stock Purchase Agreement

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN ELECTRIC POWER CO INC terminated Mutual Termination Agreement with Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp. (effective 2023-04-17).

Action: termination
Agreement: asset purchase
Counterparty: Liberty Utilities Co., a subsidiary of Algonquin Power & Utilities Corp.
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, AEP, AEPTCo and Liberty entered into a Mutual Termination Agreement (Termination Agreement) pursuant to which the Stock Purchase Agreement was terminated effective April 17, 2023.

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AMERICAN ELECTRIC POWER CO INC filing history →

Source: SEC EDGAR

accession 0000004904-23-000051

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