Shareholders of American Electric Power Company, parent corporation to the crew at Indiana Michigan Power and the Cook Nuclear Plant at Bridgman have boosted the company's quarterly dividend today by 5.4-percent to 59-cents per share. The utility had last increased its cash dividend a year ago in October as well.
The Board of Directors voted today in Columbus, Ohio to declare a regular quarterly cash dividend of 59-centers per share, up from the previous 56-cents per share.
The newly increased dividend is payable December 9, 2016, to shareholders of record as of November 10, 2016. AEP has paid a cash dividend on its common stock every quarter since July 1910.
Nicholas K. Akins is Chairman, President and Chief Executive Officer of American Electric Power. He says, “This dividend increase reflects our confidence in growing shareholder value through our regulated business strategy.” He adds, “Our dividend has grown 20 percent over the past five years, thanks to the hard work of our employees and their focus on continuous improvement. We are pleased to continue AEP’s tradition of delivering strong financial results and rewarding our investors with a dividend for the 426th consecutive quarter.”
American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. AEP owns the nation’s largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation’s largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. AEP’s utility units operate as 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 and east Texas). AEP’s headquarters are in Columbus, Ohio.
The photo accompanying this story on Moody on the Market.com is from the company archives and shows the Boveri Turbine at the John E. Amos Plant in West Virginia.
