N EWS R ELEASE

September 28, 2020

Columbus, Ohio, Sept. 28, 2020 – American Electric Power (NYSE: AEP) today announced that it will accelerate its electric vehicle purchases with the goal of replacing 100% of its 2,300 cars and light-duty trucks with EV alternatives by 2030. AEP’s total fleet is composed of nearly 8,000 vehicles, including medium- and heavy- duty vehicles. By converting medium- and heavy-duty vehicles as electric or hybrid models become available, AEP will achieve its goal of electrifying 40% of its entire on-road vehicle fleet in less than 10 years.

“AEP has made great progress in reducing the carbon dioxide output of our power generation fleet, cutting emissions by 65% since 2000 and setting a goal to achieve a more than an 80% reduction, and aspiring to be net-zero, by 2050,” said Nicholas K. Akins, AEP chairman, president and chief executive officer. “Through our commitment to transitioning to electric vehicles, we will cut tailpipe emissions, reduce operating costs, and encourage other companies that rely on large vehicle fleets to switch to battery or hybrid vehicles.”

AEP estimates that it will avoid using more than 10 million gallons of fuel, amounting to a $40 million savings in fuel costs over the life of the vehicles.

Transitioning light-duty vehicles to EVs has been part of AEP’s fleet strategy and will now become the standard across its subsidiaries. AEP will begin to transition medium- and heavy-duty vehicles, as well as off-road equipment, as electric and hybrid alternatives become available. In addition, AEP will electrify 50% of its forklifts by 2030.

Encouraging the Switch to EVs

AEP’s fleet currently consists of 85 EVs, and employees are able to utilize more than 230 charging ports installed at locations throughout its 11-state service territory.

AEP is also working with customers and communities to share the benefits of electric transportation and support EV adoption. The company has created programs, such as incentives for charging station installations, off-peak charging programs, energy efficiency rebates, and consultative services to encourage electrification.

For example, AEP Ohio is deploying 375 charging stations in partnership with local governments, workplaces, multi-family dwellings, and low-income areas to increase publicly-available charging sites and demonstrate the benefit of public-private partnerships.  Indiana Michigan Power customers can participate in rebate programs that reduce EV charging infrastructure costs and use EV-specific off-peak rates to reduce their charging costs.  Residential customers of Appalachian Power Company in Virginia can also take advantage of EV-specific off-peak charging rates.  Residential customers of Public Service Company of Oklahoma and Southwestern Electric Power Company in Louisiana and Texas are eligible for energy efficiency rebates on qualified EV chargers.  AEP subsidiaries continue to develop and deploy programs to optimize the electric grid and bring the benefits of electric transportation to all customers.

In addition, AEP has partnered with ChargePoint™ to offer tailored evaluations for commercial and industrial customers considering electrifying their fleets. This partnership offers customers the opportunity to learn about available incentives, the latest in charging technologies, and how to ensure that the local utility grid is utilized efficiently. Fleet electrification offers many advantages, but requires companies to evaluate their site, their local electric facilities and navigate a wide array of charging equipment options. This partnership helps streamline the information gathering and decision-making process for businesses interested in switching their fleets to EVs.

Customers can learn more about AEP’s sustainability plan by visiting AEPsustainability.com.

American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP’s approximately 17,400 employees operate and maintain the nation’s largest electricity transmission system and more than 221,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with more than 30,000 megawatts of diverse generating capacity, including approximately 5,300 megawatts of renewable energy. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

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