BRIDGMAN, Mich., Feb. 23, 2005 - American Electric Power (NYSE: AEP) plans to replace the three low-pressure turbine rotors on Cook Nuclear Plant Unit 1 during the fall 2006 refueling outage. The aerodynamic design of the new rotors is expected to increase the electrical output by an estimated 41 megawatts (MW) as well as prevent blade cracking, which has been a problem at some facilities.
“This major investment reaffirms AEP’s commitment to long-term operation of Cook to provide safe, reliable and low-cost electricity to Indiana Michigan Power customers,” said Mano K. Nazar, chief nuclear officer and senior vice president, Cook Nuclear Plant.
Total project cost to replace the rotors is approximately $45 million. Siemens-Westinghouse has been contracted to supply and install the rotors.
AEP also plans to replace the reactor vessel head for Unit 1 during the fall 2006 refueling outage.
Indiana Michigan Power (I&M), a unit of AEP, is headquartered in Fort Wayne, and its 2,600 employees serve more than 575,000 customers in Fort Wayne, South Bend, Elkhart, Muncie, Marion, Decatur, Hartford City, Avilla, Winchester and Elwood, Ind.; and St. Joseph, Mich. It operates 3,595 MW of coal-fired generation in Indiana, 2,110 MW of nuclear generation in Michigan, and 22 MW of hydro generation in both states.
American Electric Power owns more than 36,000 megawatts of generating capacity in the United States and is the nation´s largest electricity generator. AEP is also one of the largest electric utilities in the United States, with more than 5 million customers linked to AEP’s 11-state electricity transmission and distribution grid. The company is based in Columbus, Ohio.
These reports made by AEP and its registrant subsidiaries contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and its registrant subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: electric load and customer growth; weather conditions; available sources and costs of fuels; availability of generating capacity and the performance of AEP’s generating plants; the ability to recover regulatory assets and stranded costs in connection with deregulation; new legislation and government regulation including requirements for reduced emissions of sulfur, nitrogen, carbon and other substances; resolution of pending and future rate cases, negotiations and other regulatory decisions (including rate or other recovery for environmental compliance); oversight and/or investigation of the energy sector or its participants; resolution of litigation (including pending Clean Air Act enforcement actions and disputes arising from the bankruptcy of Enron Corp.); AEP’s ability to reduce its operation and maintenance costs; the success of disposing of investments that no longer match AEP’s corporate profile; AEP’s ability to sell assets at attractive prices and on other attractive terms; international and country-specific developments affecting foreign investments including the disposition of any current foreign investments; the economic climate and growth in AEP’s service territory and changes in market demand and demographic patterns; inflationary trends; AEP’s ability to develop and execute on a point of view regarding prices of electricity, natural gas, and other energy-related commodities; changes in the creditworthiness and number of participants in the energy trading market; changes in the financial markets, particularly those affecting the availability of capital and AEP’s ability to refinance existing debt at attractive rates; actions of rating agencies, including changes in the ratings of debt and preferred stock; volatility and changes in markets for electricity, natural gas, and other energy-related commodities; changes in utility regulation, including the establishment of a regional transmission structure; accounting pronouncements periodically issued by accounting standard-setting bodies; the performance of AEP’s pension plan; prices for power that AEP generates and sells at wholesale; and changes in technology and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes and other catastrophic events.
MEDIA CONTACT:
Bill Schalk
Cook Nuclear Plant
269-466-2920