At yesterday's Deutsche Bank's Alternative Energy, Utilities and Power Conference, they replaced him with Nick Akins, AEP's CEO-in-waiting.
So, what did AEP have to say for themselves at the conference? The pie charts on Slide 4 epitomize AEP's problem. Their generating capacity is 65% dirty, stinking coal, however actual production was 82.5% coal. That's a lot of increasingly expensive coal pollution. Compare that with the U.S. average of 30% capacity and 45% production. AEP has twice as much coal as the average U.S. power company.
Slide 6 shows the disparity between eastern and western AEP's coal-fired resources and also displays the age and condition of their pollution belching monsters.
Slide 7 details pending EPA regulations, the dark cloud on AEP's financial horizon. Check out the note at the bottom. This is where AEP starts whining like a true milksop champion, "The cumulative effect of the proposed rules is not achievable in the allocated timeframe." And do you know why that is? It's because AEP sat on their butts for years in complete denial and refused to clean up their act, while other energy companies were planning ahead in order to meet looming deadlines. Wahhhhhhhh, AEP, WAHHHHHHHH!
Slide 8 whines about "infeasible construction timelines". Guess what AEP? Lack of planning on your part does not constitute an emergency on our part! Suck it up and quit your pathetic mewling -- nobody cares!
This is why environmental organizations have been asking AEP, "What's your number?" How many American lives will AEP sacrifice while they try to enact legislation to delay clean air standards? AEP, you're detestable!
Slide 10 is pretty funny... here are your "Key Takeaways." This is what AEP wants you to think, when reality is that AEP's predicament is entirely their own fault through poor planning and greed.
Now, skip down to slide 26 (not that the ones in between are completely uninteresting, look if you want). Notice how capital expenditures for transmission completely disappear in 2012? Looks like it's all going to be part of their "AEP Transco", which practically doubles, by then. Got some plans you want to tell us about, AEP? Slide 31 tells us about AEP's Transmission Investment Strategy. "Mid-term investment" details their Transco plans, and "Long-term investments" are joint ventures such as PATH. According to AEP, these projects have, "forward looking formula rates, reasonable ROEs and FERC incentives." Reasonable? Hah hah hah! We'll see about that when your PATH ROE is finally settled, won't we? The best part of this slide is the note at the bottom, which states: "Transmission has a diversified investment approach that positions it as one of the key AEP growth businesses." Yeah, we know. It's all about the money, isn't it, AEP? You greedy bastards!
Slide 34 (the last slide) is the best one. Notice that the PATH project does not appear in the list of joint venture projects in PJM? That's because PATH is DEAD. It was a stupid idea to begin with and grassroots opposition has kicked it to the curb. Give up, AEP, PATH is NEVER going to happen.
Oh, wait... it looks like Mikey has escaped from his Popemobile today and run his mouth again.* Here's a hint for the AEP geniuses: Put the lock on the outside of the door so he quits escaping and making you look even worse!
*Speaking of it being "all about the money," it looks like WSJ stuck Mikey's comments behind a pay wall. For your reading pleasure, here are the article's Mikey quotes:
AEP CEO Mike Morris called the EPA's existing timeline a "train wreck" precisely because a surge of shutdowns would create grid reliability problems and hurt the economy.
"We can get everybody to where they want to go environmentally by 2020," Morris said.
AEP estimated that EPA regulations would cost it between $5 billion and $11.2 billion depending on the timeline and the scope of the rules that are implemented. These costs would be passed on to AEP's utility customers in the form of higher rates.