COLUMBUS, Ohio, May 13, 2024 /PRNewswire/ -- American Electric Power (NASDAQ:AEP) announced today it will retain its retail energy business, AEP Energy. The company is reaffirming its 2024 operating earnings guidance of $5.53 to $5.73 per share, long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%. AEP management will meet with investors tomorrow at the Citi 2024 Energy Conference. The company's updated cash flow forecast is available at https://www.aep.com/investors/ in the investor presentation for the conference. There is no change to AEP's equity financing plan resulting from this decision. "We determined that AEP Energy fits into our current portfolio and strategy by providing value to our customers and investors," said Ben Fowke, AEP interim chief executive officer and president. "As load continues to grow in our deregulated states, AEP Energy keeps us closely connected to opportunities to support this demand and provide tailored energy solutions to customers." AEP Energy is a certified competitive retail electricity and natural gas supply provider operating in 28 service territories in six states and Washington, D.C. with 700,000 customers. Today, AEP also announced it signed an agreement to sell its distributed resources business, AEP OnSite Partners. AEP expects to net approximately $315 million in cash after taxes and transaction fees. The sale is expected to close in the third quarter of 2024, pending regulatory approvals. At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable and affordable power. Our nearly 17,000 employees operate and maintain more than 40,000 miles of transmission lines, the nation's largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity, including nearly 6,000 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. We are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement and inclusion. AEP's ...