Ongoing earnings for the first-quarter of 2008 were $410 million, or $1.02 per share, compared with $271 million, or $0.68 per share, for the first-quarter of 2007.
American Electric Power (AEP) noted that earnings for the first-quarter of 2008 were $163 million higher than ongoing earnings primarily because of a settlement reached with Tractebel Energy Marketing in January 2008, resolving all litigation regarding a power purchase and sale agreement.
Michael Morris, AEP’s chairman and CEO, said: We had a very strong first quarter, which demonstrates the strength of our operations as well as our ongoing successes in regulatory proceedings. We received approval to recover costs associated with severe ice storms that hit our customers in Oklahoma in January and December 2007, and we are seeing the benefit of rate increases approved for our Ohio companies and for our utilities in Virginia, West Virginia, Oklahoma and Texas.
