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AEP > SEC Filings for AEP > Form 8-K on 11-Jul-2013All Recent SEC Filings

Show all filings for AMERICAN ELECTRIC POWER CO INC

Form 8-K for AMERICAN ELECTRIC POWER CO INC


11-Jul-2013

Material Impairments


Item 2.06. Material Impairments

Reference is made to page 5 under the caption "Environmental Controls Impact on the Generating Fleet" in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 for American Electric Power Company, Inc. (AEP) and page 188 under the caption "Environmental Controls Impact on the Generating Fleet" in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 for Ohio Power Company (OPCo). In May 2013, the U.S. District Court for the Southern District of Ohio approved a modification to the consent decree, which was initially entered into in 2007, requiring certain types of pollution control equipment to be installed at certain AEP plants, including OPCo's 600 Megawatt Muskingum River Unit 5 (MR5) coal generation plant. Under the modification to the consent decree, OPCo has the option to cease burning coal and retire MR5 in 2015 or to cease burning coal in 2015 and complete a natural gas refueling project no later than June 2017. On July 5, 2013, AEP decided that the likelihood that it will make the capital investment for the refueling project at MR5 is remote, resulting in an impairment to the plant. As a result, management has determined that it will record a pre-tax charge in the second quarter of 2013 in the range of $150 million to $170 million. The impairment charge will not result in any future cash expenditures.

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