N EWS R ELEASE

September 02, 2021

COLUMBUS, Ohio, Sept. 2, 2021 – American Electric Power (Nasdaq: AEP) has been named one of the nation’s Top Utilities in Economic Development by Site Selection magazine.

            Site Selection annually evaluates utilities’ corporate project investment and job creation on a cumulative and per-capita basis. AEP has been recognized on the list nine of the past 10 years.

            “AEP is proud to be acknowledged again for strengthening the economies of the communities where we live and work,” said Timothy Wells, vice president of Sales, Economic & Business Development, AEP. “Last year our team facilitated and supported 160 projects in AEP’s service territory. We look forward to continuing this positive momentum as we work with our partners to support the creation of jobs, tax revenue and opportunity.”

In 2020, AEP’s economic and business development team helped attract more than $2.7 billion in capital investment and 10,870 new direct jobs in the company’s 11-state territory. Highlights of AEP’s work in 2020 include:

• Created a dedicated team that assisted more than 1,900 small business customers in applying for relief programs during the COVID-19 pandemic
• Leveraged technology to deliver web-based prospect site visits and virtual economic training for partners
• Enhanced geographic information system capabilities to better identify sites with available electric capacity and other important site selection factors
• Established a reshoring and supply chain resiliency initiative to help customers and suppliers as they look to relocate manufacturing facilities back to the United States or to identify more domestic sources within their supply chains
• Supported efforts to expand broadband internet to rural and underserved areas using the company’s energy infrastructure
• Advocated for expanding electric vehicle infrastructure

Learn more about AEP’s economic development strategy.

American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP’s approximately 16,800 employees operate and maintain the nation’s largest electricity transmission system and more than 223,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,600 megawatts of renewable energy. The company’s plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and has committed to achieving net zero by 2050. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity and inclusion. 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, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.

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