Company Overview of Appalachian Power Company
Appalachian Power Company generates, transmits, and distributes electric power. The company owns 7,885 megawatts of generating capacity; and serves approximately 960,000 retail customers in the southwestern portion of Virginia and southern West Virginia. It also supplies and markets electric power at wholesale to other electric utility companies, municipalities, and other market participants. Appalachian Power Company principally serves paper, rubber, coal mining, textile mill products and stone, and clay and glass products industries. The company was founded in 1926 and is based in Columbus, Ohio. Appalachian Power Company is a subsidiary of American Electric Power Company, Inc.
1 Riverside Plaza
Columbus, OH 43215
Founded in 1926
Key Executives for Appalachian Power Company
Compensation as of Fiscal Year 2014.
Appalachian Power Company Key Developments
Appalachian Power Company to Redeem the Entire Outstanding $200 Million Principal Amount of Its 4.95% Senior Notes, Series I, Due 2015
Apr 22 14
Appalachian Power Company announced that on May 22, 2014, it will redeem the entire outstanding $200 million principal amount of its 4.95% Senior Notes, Series I, due 2015. The notes will be redeemed at 100% of the principal amount outstanding (at par value of $100 per Senior Note), plus interest through the date of redemption, plus the required make-whole premium. Notice of the redemption was mailed on April 22, 2014. This redemption is in accordance with the terms of the indenture under which the notes were issued. The Bank of New York Mellon Trust Company, N.A. is the redemption agent and trustee.
American Electric Power Co., Inc. and Subsidiaries Enters into $1,000 Million Term Credit Agreement
Jul 19 13
On July 17, 2013, American Electric Power Company, Inc.(AEP) terminated its $1,000,000,000 Twenty-Seven Month Term Credit Agreement, dated February 13, 2013, among AEP, the Initial Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent, and was replaced with the credit agreement. On July 17, 2013, AEP, Appalachian Power Company (APCo), AEP Generation Resources Inc. (AGR), Kentucky Power Company (KPCo) and Ohio Power Company (OPCo) entered into a $1,000,000,000 Term Credit Agreement, dated as of July 17, 2013 among, APCo, AGR, KPCo and OPCo, severally and not jointly, as Borrowers AEP, as Guarantor of AGR, the Initial Lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent. This is a replacement Credit Agreement entered into to provide additional liquidity during the corporate separation process for OPCo. OPCo may assign borrowings under the Credit Agreement to AGR upon the transfer of OPCo's generation assets to AGR. Subject to regulatory approval, AGR may further assign a portion of the borrowings to APCo and KPCo upon AGR's subsequent transfer of certain of those generation assets to APCo and KPCo. Borrowings by OPCo under the Credit Agreements are available and will occur upon customary terms and conditions for facilities of this type. The Credit Agreement contains certain covenants and require AEP and each Borrower to maintain its percentage of debt to total capitalization at a level that does not exceed 67.5%. The method for calculating outstanding debt and other capital is contractually defined in the Credit Agreement. Nonperformance of these covenants could result in an event of default under the Credit Agreement. The acceleration of payment obligations or the obligations prior to maturity under any other agreement or instrument relating to debt outstanding in excess of $50 million would cause an event of default under the Credit Agreement and permit the lenders to declare outstanding amounts payable. The Credit Agreement does not permit the lenders to refuse a draw on the facility if a material adverse change occurs.
Appalachian Power Company Files Request with Virginia State Corporation Commission to Build an Electric Transmission Project in Wythe County Area
Nov 16 12
Appalachian Power Company filed a request with the Virginia State Corporation Commission to build an electric transmission project in the Wythe County area. The company introduced the Wythe Area Improvements Project in May. Following extensive public comment, Appalachian developed a preferred and a viable alternative route for the new line. This filing begins a state-level review. The project is proposed to address voltage problems that could develop by 2015. To address the problem, Appalachian proposes construction of a 138 kilovolt (kV) transmission line connecting Jacksons Ferry Substation and the existing Wythe Substation in Wytheville. The company's preferred route for the project is approximately 17.5 miles long. It originates at Jacksons Ferry Substation, near the New River Trail State Park, crosses the New River and continues northward, generally paralleling I-77, crossing it near Fort Chiswell before turning west towards the existing Progress Park Substation, with one circuit entering that substation, and the other circuit continuing to the southwest to terminate at Wythe Substation. The company's recommended preferred route has the least disturbance overall to people and the environment. For much of the route, it parallels existing infrastructure such as power lines, a gas pipeline and Interstate 77. If approved along the preferred route, the project would require construction of approximately 100 transmission structures built on a 100-foot-wide right of way. The company will work with the property owners to define the best location for the power line and to resolve any relocation or acquisition issues. Although the Appalachian only proposes construction of one route, the company also identified its second most favorable route and is submitting it to the SCC for consideration along with the preferred route. The viable alternative is approximately 20 miles long. It exits Jacksons Ferry Substation and crosses the New River on the same path as the preferred. After crossing the New River, the route turns west, crossing I-77, U.S. Route 52 and State Route 94 before turning to the northwest to parallel an existing transmission line running towards Wytheville. Just south of Wytheville, one circuit extends northeast to Progress Park east of Wytheville, and one circuit continues north into the Wythe Substation in Wytheville.
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