AEP 1Q Tumbles As Industrial Clients Stumble

Friday, April 24th 2009, 12:43 pm
By: News On 6

Associated Press

COLUMBUS, Ohio (AP) -- American Electric Power says its first quarter earnings fell 37 percent as the weak economy has hurt demand for electricity, especially among its industrial customers.

Columbus, Ohio-based AEP said Friday that it made $360 million, or 89 cents a share, for the quarter ended March 31 compared with profit of $573 million, or $1.43 per share, in the year-ago quarter. Discounting a one-time gain in the year ago period, AEP made $410 million, or $1.02 per share.

Revenue remained flat at $3.5 billion.

Read AEP's news release.

AEP is one of the nation's largest power generators with about 5 million customers in 11 states, including Oklahoma.

Public Service Company of Oklahoma serves 514,000 customers in Oklahoma.

CEO Michael Morris says the company's priorities include the John W. Turk Jr. coal-fired plant in Arkansas set for completion in 2012 and the J. Lamar Stall Unit natural gas plant in Louisiana set to open in 2010.