If you've been reading along here, you'll remember that at their earnings call last week, AEP told analysts that they had a "great quarter" despite good weather (AEP loves them some climate change extremes!) and substantial customer switching in Ohio. New CEO LittleDrummerBoy said that "demonstrates the value of the diversity of AEP's service footprint."
Then on Monday, LDB told stockholders at AEP's annual meeting that they were undertaking a "repositioning of assets for a more sustainable fuel mix." LDB pledged that coal will make up no more than 50% of AEP's generation assets by 2020.
Just yesterday, LDB told the U.S. Chamber of Commerce that gas-fired generation is up 24% and that is a problem because gas prices are "volatile." He pleaded for the feds to slow down the phase out of coal because AEP needs time to "transition their fleet." This is only because AEP has been dragging their feet and attempting to change reality instead of making smart business decisions.
Cue the irony! "Betting on just one fuel to power our energy future isn’t smart,” opined LDB. Really? Isn't that how AEP got themselves into their current sticky predicament? AEP's heavy bet on coal to power the majority of the company's generation portfolio, despite clear evidence that coal-fired generation was expected to become more expensive, was "betting on just one fuel," wasn't it?
AEP just "doesn't make sense," in a white hug me jacket kind of way, if you know what I mean...