Liberty Utilities, an indirect subsidiary of Algonquin Power & Utilities (AQN), and American Electric Power (AEP) have mutually agreed to terminate the stock purchase agreement regarding Kentucky Power Company and AEP Kentucky Transmission Company.
Kentucky Power is one of the seven operating companies owned by AEP, which has a combined service territory spanning 11 states across America's heartland. Under the agreement, AEP would have sold its Kentucky operations to Liberty. Kentucky Power's distribution and transmission operations will now remain AEP companies.
“After careful consideration, and in light of the evolving macro environment, our board of directors and management team have determined that continuing with the transaction is not in the best interest of the company,” said Arun Banskota, president and CEO of AQN. “Looking forward, AQN remains supported by a high-quality asset base, a strong balance sheet, and is well-positioned to deliver sustainabl