Severe Storms Knock Out Power for Nearly 250,000 AEP Customers in Ohio, Over 1 Million Total in Midwest
Summary
Severe storms have caused widespread power outages, affecting over 1 million homes and businesses across the US Midwest and Mid-Atlantic regions, with Ohio being the hardest-hit state. American Electric Power (AEP) reported approximately 248,794 customers without service in Ohio, representing a significant portion of its 1.5 million customers in the state. FirstEnergy (FE) also experienced substantial outages, with around 225,210 customers affected. This event will likely result in increased operational expenses for power restoration and potential short-term revenue impacts for both AEP and FirstEnergy. Traders will be watching for updates on restoration efforts and any financial guidance from the companies regarding the costs associated with these outages.
At the time of this announcement, AEP was trading at $132.90 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $72.3B. The 52-week trading range was $97.46 to $134.60. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.