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Wednesday, 28 May 2014 08:27

AEP: shale drilling drives up power sales

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Utica Shale has contributed to 30 percent increase in sales in 2014 Q1

 


COLUMBUS, Ohio -- American Electric Power says an influx of drilling activity in Ohio's Utica shale has driven up power sales.

 

Gigawatt-hour use for the Columbus-based utility’s industrial energy users grew 29.9 percent in 2014’s first-quarter compared with a year ago. In an earnings release issued earlier this month, the company also said that industrial sales in non-shale counties fell 0.4 percent.

AEP CFO Brian Tierney said that the company is seeing nationwide growth related to shale gas activity. In a statement accompanying the company's earnings release, Tierney wrote that eastern Ohio's Utica shale provided more than 40 percent of year-over-year growth. Texas' Permian shale basin also contributed to AEP's gains.

AEP has 5.3 million electric customers in 11 states, including about 1.5 million customers in Ohio.

 

Last modified on Friday, 30 May 2014 13:35
Associated Press

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