KENTUCKY (WOWK) – Kentucky Power is no longer for sale, according to American Electric Power.

AEP announced today, April 17, 2023, that the company will be keeping control of Kentucky Power. AEP first announced its intentions to sell to Liberty, a subsidiary of Algonquin Power & Utilities Corp. in October 2021. Today, officials announced the two companies had agreed to terminate the planned transaction.

This decision follows a February announcement that AEP was again seeking approval of the sale from the Federal Energy Regulatory Commission (FERC). In December 2022, FERC denied the sale, claiming there was not enough information about customer protections to approve the sale.

Following the second request for approval, AEP stated they wanted the sale to happen by April 26.

With the planned transaction now terminated, AEP says there will be no changes to customers’ accounts or billing. The company says it’s focus moving forward will be to provide customers with a safe and reliable service while supporting economic growth.

“As a partner in Eastern Kentucky for more than 100 years, we’re renewing our focus on bringing opportunities to the region and supporting the communities we serve. We are working diligently to reimagine our strategy with the goal of not just supporting Kentucky but being an essential part of its economic and energy future,” said Julie Sloat, AEP president and chief executive officer. “We believe there are opportunities ahead for our Kentucky operations, and we will focus our efforts on economic development, reliability and controlling cost impacts to customers.

As part of the announcement, AEP says they are working with Kentucky Power to develop a “long-term strategy” to focus on making sure their rates meet the needs of customers in the region, addressing the costs of providing reliable service, and looking at ways to contribute to the economic growth of Eastern Kentucky.