AEP, Liberty file new FERC application for Kentucky sale approval
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American Electric Power (NASDAQ:AEP) and Algonquin Power & Utilities (NYSE:AQN) indirect subsidiary Liberty said Monday they filed a new application with the Federal Energy Regulatory Commission seeking approval of AEP's sale of its Kentucky operations to Liberty.
The companies are asking FERC for expedited review of the application as they attempt to close the transaction by April 26, 2023; they said the new application addresses concerns raised by the regulator and shows there will be no adverse impact on customer rates as a result of the deal.
"AEP and Liberty are committed to the sale and are requesting FERC's accelerated review of the application so customers in eastern Kentucky can begin benefiting from the transaction," AEP President and CEO Julie Sloat said, adding the company will continue to advance the sale of its competitive renewables portfolio and the strategic review of its retail business.
American Electric Power (AEP) has a very large asset base and is one of the best-positioned regulated utilities in the U.S., Gen Alpha writes in an analysis published recently on Seeking Alpha.