American Electric Power told investors the company is on firm financial footing even as it moves to diversify its coal energy sources.
The Columbus, Ohio-based utility hosted its annual shareholders meeting Tuesday at the Grand Wayne Center in Fort Wayne. About 50 investors and company employees attended the half-hour session.
President and CEO Nick Akins presided over the meeting and touted the company as one of the largest electric utilities in the nation, delivering electricity to more than 5.3 million customers in 11 states. AEP has an electricity transmission network that covers more than 40,000 miles – the largest in the nation.
Akins said the company continues to prepare for the shutdown of the Tanners Creek Plant in Lawrenceburg, Ind. Akins has said the decision to retire the coal facility by mid-2015 was partly triggered by environmental compliance costs.
AEP recorded more than $15 billion in revenue last year.
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