Reported 3 months ago
American Electric Power reported a Q2 operating profit of $1.25 per share, exceeding estimates of $1.23, driven by increased electricity demand from data centers associated with generative AI technologies. The company has also implemented a workforce reduction plan affecting approximately 1,000 employees to mitigate inflationary pressures. AEP anticipates a sustained increase in commercial load due to the expanding energy needs of data centers, projected to consume up to 9% of total U.S. electricity by the decade's end.
Source: YAHOO