Our strategy for growth and the transition to become the representative utility of the future is underpinned by our fiscal discipline, continuous improvement efforts, expanding our knowledge of and experience with new and emerging technologies, making strategic investment decisions and doing what we say we’re going to do for our customers, employees and investors.
We believe it makes good business sense to anticipate, assess and plan for the opportunities and challenges that will be presented to the utility of the future. The picture isn’t completely clear except that we know technology will be fundamental to the future of electricity.
Increasing use of distributed resources, changing usage patterns and expectations from customers, the constant threat of cyber and physical attack, a major transformation of our generation resources, and greater demand for a resilient, flexible grid are among the many changes we are adapting to. In addition, we are taking steps to develop our future work force, investing in STEM (science, technology, engineering, math) education, recruiting military veterans whose skills match our needs and providing our current employees with more training to prepare them for this transition. To be successful, we will need to embrace change by building upon our commitment to operational excellence and being adaptable, solutions-oriented and innovative.
As we build a utility model of the future for AEP, the following principles will influence our strategy:
- Emphasize and value the safety of our employees, contractors and the public along with the system that generates and delivers electricity to our customers;
- Maintain a diverse and balanced generation resource portfolio with fewer environmental impacts;
- Invest in building a modern, resilient grid that can further integrate distributed resources and maintain reliability and stability of the grid;
- Deliver shared value to customers and investors by prudently investing in our regulated utility operations that align with what customers value;
- Operate with integrity as we strive for operational excellence.