AEP INCREASES QUARTERLY DIVIDEND TO 88 CENTS A SHARE

COLUMBUS, Ohio, Oct. 24, 2023 /PRNewswire/ -- The Board of Directors of American Electric Power Co. (Nasdaq: AEP) today declared a regular quarterly cash dividend of 88 cents a share on the company's common stock, an increase of 5 cents per share. The increase is in line with the company's 6% to 7% operating earnings growth range.

The dividend is payable Dec. 8, 2023, to shareholders of record as of Nov. 10, 2023. This is the company's 454th consecutive quarterly cash dividend. AEP has paid a cash dividend on its common stock every quarter since July 1910.

"We're proud to continue AEP's more than 110-year tradition of consistently delivering quarterly dividends to our shareholders," said Julie Sloat, AEP chair, president and chief executive officer. "AEP is de-risking and simplifying our business to generate the most value for customers and investors, and we remain focused on investing in our regulated operations to build the energy system of the future that supports the changing needs of our customers."

American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP's approximately 17,000 employees operate and maintain the nation's largest electricity transmission system and more than 225,000 miles of distribution lines to safely deliver reliable and affordable power to 5.6 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,100 megawatts of renewable energy. The company's plans include growing its regulated renewable generation portfolio to approximately 50% of total capacity by 2032. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and has committed to achieving net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity 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.

WEBSITE DISCLOSURE

AEP may use its website as a distribution channel for material company information. Financial and other important information regarding AEP is routinely posted on and accessible through AEP's website at https://www.aep.com/investors/. In addition, you may automatically receive email alerts and other information about AEP when you enroll your email address by visiting the "Email Alerts" section at https://www.aep.com/investors/.

View original content to download multimedia:https://www.prnewswire.com/news-releases/aep-increases-quarterly-dividend-to-88-cents-a-share-301966172.html

SOURCE American Electric Power