AEP Recognized as a Top Utility in Economic Development

American Electric Power Recognized as Top Utility in Economic Development

COLUMBUS, Ohio, Sept. 3, 2024

American Electric Power (AEP) has been named one of the nation’s Top Utilities in Economic Development by Site Selection magazine.

Site Selection evaluates utilities’ involvement and support of corporate project investment and job creation on a cumulative and per-capita basis. AEP has consistently earned a place on the list for 12 out of the last 13 years.

“2023 was a record year for economic development at AEP, and it’s an honor to be recognized by Site Selection for our team’s efforts to bring growth to the communities we serve,” said Tim Wells, Vice President of Sales, Economic and Business Development at AEP. “AEP supported and helped drive 92 new economic development projects across our service territory last year. This sort of success doesn’t happen overnight, and it requires collaboration and teamwork with numerous internal AEP teams, along with our customers and partners at the federal, state, and local levels.”

In 2023, AEP’s economic and business development efforts helped attract projects that will eventually result in more than $35 billion in capital investment and the creation of over 10,400 new direct jobs in the company’s service territory. Some of AEP’s economic and business development highlights of 2023 include:

• Nucor’s $2.7 billion investment to build a state-of-the-art sheet steel manufacturing facility in Mason County, West Virginia is in progress. Appalachian Power will provide service to Nucor by 2025, making Nucor the largest single customer for Appalachian Power. More than 800 jobs will be created at the site.
• SLB plans to convert 1 million square feet of the former General Motors Assembly Plant in Shreveport, Louisiana into its Shreveport Technology Center to build data center racks. SLB’s $18.5 million investment is projected to bring in nearly 600 new jobs.
• TekniPlex is building a $45 million facility in Van Wert, Ohio to make egg cartons. The site was selected due to the need for electricity and its certification for food and beverage production. The project will create 100 jobs in AEP Ohio’s service territory.
• More than 250 individuals benefited from a self-paced e-learning course, “Energizing Economic Development,” designed to help community leaders learn how to successfully drive community economic development.

About AEP

At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable, and affordable power. Our nearly 16,000 employees operate and maintain more than 40,000 miles of transmission lines, the nation’s largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states. AEP is also one of the nation’s largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,000 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. We are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045. AEP is consistently recognized for its focus on sustainability, community engagement, 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

SOURCE: American Electric Power

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 8: Decent Work and Economic Growth
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 17: Partnerships for the Goals

The article discusses American Electric Power’s economic development efforts, job creation, and collaboration with various stakeholders. These align with SDG 8, which focuses on promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. The investments and projects mentioned also relate to SDG 9, which aims to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation. Lastly, the collaboration with federal, state, and local partners reflects SDG 17, which emphasizes the importance of partnerships for achieving the sustainable development goals.

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries
• SDG 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation, including through a focus on high-value added and labor-intensive sectors
• SDG 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
• SDG 9.2: Promote inclusive and sustainable industrialization and, by 2030, significantly raise industry’s share of employment and gross domestic product, in line with national circumstances, and double its share in least developed countries
• SDG 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships that mobilize and share knowledge, expertise, technology, and financial resources, to support the achievement of the sustainable development goals in all countries, in particular developing countries

The targets identified are based on the goals and objectives of SDGs 8, 9, and 17. These targets emphasize the need for sustained economic growth, diversification, technological innovation, infrastructure development, inclusive industrialization, and partnerships for sustainable development.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Number of economic development projects supported
• Total capital investment attracted
• Number of new direct jobs created
• Amount of investment by specific companies (e.g., Nucor, SLB, TekniPlex)
• Number of individuals benefiting from economic development courses

The article mentions several indicators that can be used to measure progress towards the identified targets. These indicators include the number of economic development projects supported, the total capital investment attracted, the number of new direct jobs created, the amount of investment by specific companies, and the number of individuals benefiting from economic development courses.

Table: SDGs, Targets, and Indicators

Source: prnewswire.com