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Tuesday, January 6, 2015

American Electric retains Goldman to explore options for power plants, (NYSE: AEP)

American Electric Power Co Inc said on Tuesday that it retained Goldman Sachs to explore options for its wholesale power business. The assets include 11 company-owned plants and stakes in two jointly owned power plants, Melissa McHenry, director of external communications at American Electric, said in an e-mail."We haven't made a decision about whether or not we're going to sell them, we're looking at a variety of options," McHenry told Reuters.The plants generate nearly 11,000 megawatts of power.Several U.S. power companies are trying to reduce their exposure to the volatile wholesale power market by divesting merchant power plants.

American Electric Power Company, Inc. (AEP) is a utility holding company that owns, directly or indirectly, all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries. Shares of AEP traded higher by 0.55% or $0.33/share to $60.58. In the past year, the shares have traded as low as $45.94 and as high as $63.22. On average, 2703000 shares of AEP exchange hands on a given day and today's volume is recorded at 4170274.