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AEP retains retail energy business, raises earnings guidance, and sells OnSite Partners for $315 million.

American Electric Power (AEP) has made two major decisions regarding its future and the businesses that lie underneath them. The company will retain its retail energy business, AEP Energy, and will raise its 2024 operating earnings guidance from $5.53 per share to $5.,73 per share, long-term growth rate of 6% to 7%, and FFO/Debt target of 14% to 15%. The second decision was made to sell its distributed resources business, aEP OnSite Partners (“OnSite”), to funds advised by Basalt Infrastructure Partners LLC, for $315 million in cash after taxes and transaction fees, pending regulatory approval. The sale is expected to close in the third quarter of 2024.

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