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Cold winter helps boost AEP profits in first quarter

BECKLEY, W.Va. — A cold winter aided American Electric Power Co., increasing earnings in the first quarter of 2015.

The company earned $629 million during the quarter, up from $560 million the year before.

 In an earnings report released last week, Nick Akins, the company’s chairman, president and CEO, said the utility’s strong first-quarter earnings reflect its successful strategy in three core areas:  investing in regulated operators, growing transmission business and effectively managing its operations and maintenance spending.

The company also experienced “significant” industrial growth in its shale gas counties, with a 14-percent increase year-over-year, he said.

“Although growth in the oil and gas industry may be impacted by the decline in oil prices, other industrial sectors in our service area are benefiting from lower fuel costs,” he explained.

For the second year in a row, a bitterly cold winter in the company’s service territory assisted in pushing earnings upward.

“First quarter 2014 was the coldest in 35 years. First quarter 2015 was the second-coldest…

 

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