AEP held their annual stockholders' meeting the other day and this photo pretty much sums up the state of AEP's affairs:
Although "retired," our pal Mikey continues to control the strings of AEP's LittleDrummerBoy. Pretty hard to step away from the throne, isn't it, Mikey? You're going to continue to meddle for a long, long time, aren't you?
Anyhow, AEP has finally admitted that their Mikey-designed business plan was driving them to financial ruin and promises to wean themselves off their coal addiction by "repositioning their assets" to rely on coal for no more than 50% of their generation by 2020. Over-reliance on any one type of fuel, such as coal, makes an electric company uncompetitive, doesn't it? Duh, fellas!
Well, it's about time AEP abandoned their fruitless efforts to bully and buy the continued legislative maintenance of the dirty power company status quo under which they have operated for so long and admitted that their dirty business model and sworn allegiance to coal was not only unsustainable, but unprofitable as well, and was leaving AEP in the dust behind other companies that were willing to change with the times. Let's hope their new found diversification plans actually translate into actual changes.
Let's take a look at AEP's Annual Report, called "AEP Sustainability." Blah, blah, blah... we love being regulated because we get a guaranteed return in a regulated environment and don't have to compete with other companies! And there's no better place to be regulated than at the bosom of Mother FERC while building unnecessary (but highly profitable!) long-distance high-voltage transmission lines! Take a look at AEP's transmission plans. PATH is still on the list, albeit all the way down at the bottom. It looks like they deleted a sentence that was originally in the PATH blurb (see space and double periods). So, therefore, it's up to your creative minds to decide what else AEP said about PATH. Let us know in the comments what you think AEP may have tacked onto the end of their PATH paragraph and then deleted.
Anyhow, AEP has finally admitted that their Mikey-designed business plan was driving them to financial ruin and promises to wean themselves off their coal addiction by "repositioning their assets" to rely on coal for no more than 50% of their generation by 2020. Over-reliance on any one type of fuel, such as coal, makes an electric company uncompetitive, doesn't it? Duh, fellas!
Well, it's about time AEP abandoned their fruitless efforts to bully and buy the continued legislative maintenance of the dirty power company status quo under which they have operated for so long and admitted that their dirty business model and sworn allegiance to coal was not only unsustainable, but unprofitable as well, and was leaving AEP in the dust behind other companies that were willing to change with the times. Let's hope their new found diversification plans actually translate into actual changes.
Let's take a look at AEP's Annual Report, called "AEP Sustainability." Blah, blah, blah... we love being regulated because we get a guaranteed return in a regulated environment and don't have to compete with other companies! And there's no better place to be regulated than at the bosom of Mother FERC while building unnecessary (but highly profitable!) long-distance high-voltage transmission lines! Take a look at AEP's transmission plans. PATH is still on the list, albeit all the way down at the bottom. It looks like they deleted a sentence that was originally in the PATH blurb (see space and double periods). So, therefore, it's up to your creative minds to decide what else AEP said about PATH. Let us know in the comments what you think AEP may have tacked onto the end of their PATH paragraph and then deleted.
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