AEP to divest Kentucky-based operations as of January 2023
In 2022, AEP released an announcement revealing the company's intentions to divest the company's operations based in Kentucky to the energy-based company and Algonquin subsidiary Liberty. The deal, currently being reviewed by the FERC, is set to be completed by January 2023. Once this deal gets resolved, AEP will receive $2.7 billion from Liberty. AEP expects to endure temporary losses in the third quarter due to this shakeup of its operations. The company cited how this deal helps AEP focus more on its core operations as it remains more dedicated to producing sustainable energy.
Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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