AEP: Regulated businesses offsetting costs of deregulation - Beckley, Bluefield & Lewisburg News, Weather, Sports

AEP: Regulated businesses offsetting costs of deregulation

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  • Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Wednesday, July 30 2014 10:13 PM EDT2014-07-31 02:13:55 GMT
    Car rolled multiple times on I-77 North in Raleigh County.Car rolled multiple times on I-77 North in Raleigh County.
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    In Raleigh County, a woman is miraculously not seriously injured, after her car rolls over on I-77 around 6:30 Wednesday night.An eyewitness tells us the woman was driving in the left lane on the northbound side. She suddenly veered off the road, over corrected,then slammed into the side of a tractor trailer. The car rolled multiple times before coming to a stop on it's roof.The witness says two small dogs ran out of the car. Moments later, the woman crawled out and ran after one of the dogs....
  • UPDATE: Suspect in custody in connection with Montcalm shooting

    UPDATE: Suspect in custody in connection with Montcalm shooting

    Thursday, July 31 2014 7:16 PM EDT2014-07-31 23:16:53 GMT
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    Emotions were high in Montcalm on Thursday following a shooting. Neighbors were not surprised to hear of the shooting in their area, because they say, violence is unfortunately all too common in their neighborhood.
  • Environmentalists talk about Mountain Top Removal as Coal Miners Protest in Pittsburgh

    Environmentalists talk about Mountain Top Removal as Coal Miners Protest in Pittsburgh

    Thursday, July 31 2014 6:59 PM EDT2014-07-31 22:59:03 GMT
    As hundreds of coal miners protest in Pittsburgh over the hearing on E-P-A regulations, 59News talks to an Environmental group to get both sides of the controversy."Coal River Mountain Watch" is a non-profit organization organization, out of Whitesville, Raleigh County.The organizations mission is to stop the destruction of our communities and environment by mountain top removal mining, to improve the quality of life in our area and to help rebuild sustainable communities.Mike Roselle a membe...
    As hundreds of coal miners protest in Pittsburgh over the hearing on E-P-A regulations, 59News talks to an Environmental group to get both sides of the controversy."Coal River Mountain Watch" is a non-profit organization organization, out of Whitesville, Raleigh County.The organizations mission is to stop the destruction of our communities and environment by mountain top removal mining, to improve the quality of life in our area and to help rebuild sustainable communities.Mike Roselle a membe...

American Electric Power reported 2013 second-quarter GAAP earnings on July 25 of $338 million, or $0.69 per share, compared with $362 million or $0.75 per share for second-quarter 2012.

Excluding special items, operating earnings for second quarter 2013 were $357 million or $0.73 per share, $19 million higher than GAAP earnings because of a pretax $154 million impairment charge related to the expected retirement of Muskingum River Plant Unit 5 in 2015. This impairment was partially offset by a U.S. Supreme Court decision resulting in a favorable $80 million United Kingdom windfall profits tax credit.

Year-to-date operating earnings for the six months ended June 30 were $43 million, or $0.09 per share, higher than GAAP earnings. The difference was due to the second-quarter items as well as to a $30 million reversal of a storm cost deferral in Virginia and a $7 million restructuring charge in the first quarter.

The company continues to experience load decline in parts of its service territory due to lagging industrial demand, said AEP President and CEO Nicholas K. Akins.

There also was a slight decline in commercial demand in the second quarter, and residential load remains essentially flat year over year, Akins said.

"The strong results from our regulated businesses, including transmission, are offsetting some of the negative earnings impacts from the transition to competition in Ohio," he said.

"Although our second-quarter results reflect higher operations and maintenance expenses related to storms and plant outages, much of this is timing. We are on track to keep our operations and maintenance expenses, net of offsets, at essentially the same level as last year," Akins said.

AEP reaffirmed its operating earnings guidance range for 2013 of $3.05 to $3.25 per share.

American Electric Power's quarterly conference call with financial analysts will be webcast live at 9 a.m. Eastern time on July 25.

The company's shares trade on the New York Stock Exchange under the symbol AEP.