Utility To Split Into Two Cos.
COLUMBUS, Ohio (AP) _ American Electric Power Company Inc. is splitting into two separate companies, one for its regulated operations and one for its unregulated operations.
The Columbus-based energy company announced its plans Monday at a financial conference in San Francisco. Company officials said the restructuring will take place within the next 14 months.
The utility plans to file documents with the Securities and Exchange Commission this week outlining the restructuring plan. The SEC filing is required before companies regulated under the Public Utility Holding Company Act of 1935 can make organizational changes.
American Electric, a multinational energy company, is one of America’s largest generators of electricity, providing power to 4.8 million customers in 11 states. It also owns stakes in utilities overseas.
News of the split helped send shares of American Electric up $2, or 5 percent, to $41.94 apiece late Monday on the New York Stock Exchange.