netrashetty
Netra Shetty
American Electric Power (NYSE: AEP) is a major investor-owner electric utility in various parts of the United States. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a nearly 39,000-mile (63,000 km) network that includes 765 kilovolt ultra-high voltage transmission lines; more than all other U.S. transmission systems combined. AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia, and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
American Electric Power was the first utility to utilize 345KV transmission lines which took place in 1953
AEP has endured the economic downturn without cutting employment. The CEO adopted hiring and salary freezes and spending restrictions. The company also drew on its lines of credit before the credit markets tightened and in April 2009, completed an equity offering of 69 million shares with net proceeds of $1.64 billion – the largest equity offering in history for the U.S. regulated electric utility industry.
AEP has been a national leader in voluntarily reducing carbon emissions and advocating for a legislative solution to the climate change issue. The company installed the world’s first integrated carbon dioxide capture and storage system at a power plant and has been awarded $334 million in federal stimulus funding to help bring this technology to full commercial scale.
Leadership Style
"One of Mike's hallmark leadership best practices is the respectful way that he treats employees throughout the organization. He puts in a tremendous amount of time responding to employee e-mails and letters, visiting and talking to employees throughout our 11 states, and using online blogs and face-to-face presentations to communicate. Mike seeks out feedback from employees, answers difficult questions honestly and transparently, and creates deliberate opportunities for employees to feel comfortable sharing their thoughts, frustrations and recommendations. Mike also has the ability to set a compelling vision and energize employees around it. He takes on high profile, industry-leading initiatives that create pride within the company and makes decisions in a timely manner." - Gen Tuchow, VP HR - AEP
CEO Bio
Michael G. Morris, age 63, director since 2004. Elected president and chief executive officer of AEP in January 2004; chairman of the board in February 2004; and chairman, president and chief executive officer of all of its major subsidiaries in January 2004. A director of certain subsidiaries of AEP with one or more classes of publicly held preferred stock or debt securities and other subsidiaries of AEP. A director of Alcoa Inc. and The Hartford Financial Services Group, Inc. Mr. Morris was formerly a director of Cincinnati Bell, Inc. (2005-2008).
CEO Insights
"I learned early in my career that managing through motivation and encouragement is the strongest way to get things done. I believe in listening to the diverse views of employees, respecting and valuing their unique ideas, and giving them the tools to do their jobs and be successful. It’s important that we prepare our internal talent for the next level of leadership, so we have set up a targeted development program and perform succession planning throughout the organization. I also rotate members of my executive team into different assignments every 18 months to broaden their experience. Our company has a strong focus on building relationships with all of our stakeholders, including employees, customers, regulators, policy makers, and organizations that don’t agree with us on certain issues. We have become more agile by listening, learning and partnering with others to meet our challenges." - Mike Morris, CEO of American Electric Power (AEP)
I'm trying to get to a comprehensive, system approach - Mike Morris, CEO of American Electric Power (AEP)
We must move forward and address the current inadequacies of our nation's existing transmission infrastructure. - Mike Morris, CEO of American Electric Power (AEP)
This transaction is significant because it completes the divestiture of assets ... that did not align with our strong domestic utility operations. The divestitures leave us with an improved balance sheet and a strategic focus on our core utility business. - Mike Morris, CEO of American Electric Power (AEP)
The energy industry is ready for renewables, but it faces four significant hurdles to succeed.. the first challenge is the location of renewables relative to their peak consumption... The second challenge is the intermittent nature of wind and solar power... The third challenge is the price.. And the fourth challenge is The regulatory maze lengthens that tangles up project development. - Mike Morris, CEO of American Electric Power (AEP)
About AEP
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5.2 million customers in 11 states. AEP ranks among the nation’s largest generators of electricity, owning nearly 38,000 megawatts of generating capacity. AEP also owns the nation’s largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined.
American Electric Power was the first utility to utilize 345KV transmission lines which took place in 1953
AEP has endured the economic downturn without cutting employment. The CEO adopted hiring and salary freezes and spending restrictions. The company also drew on its lines of credit before the credit markets tightened and in April 2009, completed an equity offering of 69 million shares with net proceeds of $1.64 billion – the largest equity offering in history for the U.S. regulated electric utility industry.
AEP has been a national leader in voluntarily reducing carbon emissions and advocating for a legislative solution to the climate change issue. The company installed the world’s first integrated carbon dioxide capture and storage system at a power plant and has been awarded $334 million in federal stimulus funding to help bring this technology to full commercial scale.
Leadership Style
"One of Mike's hallmark leadership best practices is the respectful way that he treats employees throughout the organization. He puts in a tremendous amount of time responding to employee e-mails and letters, visiting and talking to employees throughout our 11 states, and using online blogs and face-to-face presentations to communicate. Mike seeks out feedback from employees, answers difficult questions honestly and transparently, and creates deliberate opportunities for employees to feel comfortable sharing their thoughts, frustrations and recommendations. Mike also has the ability to set a compelling vision and energize employees around it. He takes on high profile, industry-leading initiatives that create pride within the company and makes decisions in a timely manner." - Gen Tuchow, VP HR - AEP
CEO Bio
Michael G. Morris, age 63, director since 2004. Elected president and chief executive officer of AEP in January 2004; chairman of the board in February 2004; and chairman, president and chief executive officer of all of its major subsidiaries in January 2004. A director of certain subsidiaries of AEP with one or more classes of publicly held preferred stock or debt securities and other subsidiaries of AEP. A director of Alcoa Inc. and The Hartford Financial Services Group, Inc. Mr. Morris was formerly a director of Cincinnati Bell, Inc. (2005-2008).
CEO Insights
"I learned early in my career that managing through motivation and encouragement is the strongest way to get things done. I believe in listening to the diverse views of employees, respecting and valuing their unique ideas, and giving them the tools to do their jobs and be successful. It’s important that we prepare our internal talent for the next level of leadership, so we have set up a targeted development program and perform succession planning throughout the organization. I also rotate members of my executive team into different assignments every 18 months to broaden their experience. Our company has a strong focus on building relationships with all of our stakeholders, including employees, customers, regulators, policy makers, and organizations that don’t agree with us on certain issues. We have become more agile by listening, learning and partnering with others to meet our challenges." - Mike Morris, CEO of American Electric Power (AEP)
I'm trying to get to a comprehensive, system approach - Mike Morris, CEO of American Electric Power (AEP)
We must move forward and address the current inadequacies of our nation's existing transmission infrastructure. - Mike Morris, CEO of American Electric Power (AEP)
This transaction is significant because it completes the divestiture of assets ... that did not align with our strong domestic utility operations. The divestitures leave us with an improved balance sheet and a strategic focus on our core utility business. - Mike Morris, CEO of American Electric Power (AEP)
The energy industry is ready for renewables, but it faces four significant hurdles to succeed.. the first challenge is the location of renewables relative to their peak consumption... The second challenge is the intermittent nature of wind and solar power... The third challenge is the price.. And the fourth challenge is The regulatory maze lengthens that tangles up project development. - Mike Morris, CEO of American Electric Power (AEP)
About AEP
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5.2 million customers in 11 states. AEP ranks among the nation’s largest generators of electricity, owning nearly 38,000 megawatts of generating capacity. AEP also owns the nation’s largest electricity transmission system, a nearly 39,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined.