AEP Named Top Utility in Economic Development

American Electric Power 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 10 of the past 11 years. The company was one of 20 utilities selected.

"A key component of AEP's strategic vision is building stronger, more vibrant communities by fueling economic growth in our service territory," said Timothy Wells, vice president of Sales, Economic & Business Development, AEP.

"In 2021, AEP helped attract $5.15 billion in capital investment across the 11 states we serve, nearly double that of the previous year. We're pleased to be recognized for our continued efforts to develop strong partnerships with our customers and stakeholders, while generating jobs, tax revenue and opportunities for the communities we serve."

In 2021, AEP's economic and business development team helped attract more than 15,460 new direct jobs in the company's service territory, a 42% increase from 2020. Highlights of AEP's work in 2021 include:

• Launched a free "Energizing Economic Development" e-learning course designed to help community leaders have a greater impact on economic development. Three of AEP's operating companies have rolled out the training, which has 450 registered users.

• Created an electric vehicle charging station site tool using geographic information system capabilities to better identify sites suitable for EV fleets and other energy-intensive developments.

• Increased its portfolio of development-ready Quality Sites. CANPACK, an aluminum and packaging company based in Poland, is building its second U.S. plant in Muncie, Indiana on a property from the AEP Quality Sites portfolio. The investment will create 345 jobs by the end of 2023. This is Indiana Michigan Power's largest development project in 10 years.

• Helped facilitate Nucor and Intel's investments in West Virginia and Ohio, respectively. Nucor, North America's largest steel company, will build a new plant in West Virginia, creating 800 full-time permanent manufacturing jobs.

The site will be one of the most advanced, lowest emission sheet mills in the world. Intel plans to invest more than $20 billion to construct two new semiconductor chip manufacturing operations in New Albany, Ohio. With the project will come more than 10,000 jobs over the course of construction and an entirely new industry for central Ohio.

AEP is one of the six utilities companies that make up the Electric Highway Coalition. They plan to build a network of charging stations throughout the Eastern seaboard. It plans to be completed by 2023.