Some of us read the quarterly investor call transcripts, so you don't have to. Here is the latest from AEP. You can also find the accompanying slide show at this link.
One thing you won't find in Nick Akins' presentation or in his slide show is any mention of PATH. Look at slides 14 and 39 where Akins touts AEP's transmission joint ventures. See PATH there? Didn't think so.
It looks like AEP has moved on. As Mr. Akins says, we helped AEP "refocus" their transmission strategy away from big projects:
Unlike previous presentations where we were dealing with long-term-type projects, it was very difficult to project out the earnings potential of transmission. Everyone wondered, "Well, okay, when, it's great to talk about the project, but when are the earnings going to happen?" And our transmission organization has been refocused on developing those short-term projects and real projects through the Transco development and specific joint ventures associated with smaller, less-lead-time, more -- less-risky projects, going forward.
And
We fully expect transmission to continue to increase at this, at a pretty rapid rate, but we want to make sure that we only show you the projects we actually know of. And then there's other joint-venture projects that are in discussions, as you might suspect, because AEP is a great partner, people recognize AEP is a great partner.
"[P]rojects we actually know of?" So you don't "know of" PATH, or you have forgotten about it?
And how did you like that "great partner" stuff?
Akins also states that AEP will be trying to get their AEP Transco recognized as a utility in WV.
One more item from the conference call that should interest WV rate payers. AEP is selling all of Ohio Power's share in the John Amos power plant and the Mitchell plant near Moundsville to Appalachian Power. That means that APCo's capital rate base will increase, which will surely lead to another big APCo base rate increase on top of the big increases of the last five years. Akins says this increase will be offset by increased capacity payments that will be captured by APCo, but that remains to be seen.