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American Electric Power Q1 Energy Delivery Mixed

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-- US utility American Electric Power (AEP) on Tuesday reported its Q1 results, showing a decline over the year in energy delivered by vertically integrated utilities, and a rise in energy delivered by transmission and distribution utilities.

For the quarter ended March 31, the vertically integrated utilities segment delivered 27.777 terawatt-hours of energy, down from 28.725 TWh in the prior year, largely due to a 26% drop in wholesale volumes.

On the other hand, the transmission and distribution utilities segment delivered 26.990 TWh of energy in Q1, up from 24.194 TWh in the previous year, driven by a 33% rise in retail commercial sales.

The company said its incremental load is expected to expand to 63 gigawatts by 2030, following new load agreements, totaling 7 GW, signed in Q1.

American Electric also received a new contract award for 765-kilovolt transmission projects across SPP and PJM service areas.

To support growth, the firm said it raised its five-year capital plan to $78 billion from $72 billion, improving the compound annual growth rate of operating earnings by at least 9% through 2030.

Price: $137.14, Change: $+2.48, Percent Change: +1.84%

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