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American Electric Keeps Retail Energy Unit, Agrees to Sell AEP OnSite Partners, Reaffirms 2024 Guidance
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American Electric Keeps Retail Energy Unit, Agrees to Sell AEP OnSite Partners, Reaffirms 2024 Guidance
May 13, 2024 3:04 PM

05:34 PM EDT, 05/13/2024 (MT Newswires) -- American Electric Power ( AEP ) said Monday it is keeping its retail energy business, AEP Energy, while disposing of its distributed resources business in a deal expected to raise roughly $315 million in cash after taxes and transaction fees.

The company said it agreed to sell its AEP OnSite Partners unit to funds advised by Basalt Infrastructure Partners, with the transaction expected to close in the third quarter of 2024, after obtaining regulatory approvals.

The company said it will reinvest the proceeds from the sale.

Additionally, American Electric said it is reaffirming its 2024 operating earnings guidance of $5.53 to $5.73 per share, long-term growth rate of 6% to 7%, and FFO/Debt target of 14% to 15%.

Price: 91.50, Change: -0.02, Percent Change: -0.02

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