AEP to cut more than 2,000 jobs
Spokeswoman Melissa McHenry says the utility, based in Columbus, Ohio, has given workers until the end of the month to make a decision. AEP says it will resort to layoffs if there are too few takers.
The economic downturn has hurt power providers because demand for electricity has slumped.
AEPs sales dropped 6 percent in 2009, including a decline of nearly 16 percent for industrial customers.
AEP employees learned of the buyout offer in a letter from CEO Michael Morris.
CEO Mike Morris has said the company sees a modest turnaround happening this year, but most economists predict any broad economic recovery will be slow.
That could affect hiring at industrial companies and also for power providers like AEP, which deliver electricity.
AEP is one of the nations largest power generators, with more than 5 million customers.
Related News
Electric cars will challenge state power grids
WASHINGTON - When Seattle City Light unveiled five new electric vehicle charging stations last month in an industrial neighborhood south of downtown, the electric utility wasn't just offering a new spot for drivers to fuel up. It also was creating a way for the service to figure out how much more power it might need as electric vehicles catch on.
Seattle aims to have nearly a third of its residents driving electric vehicles by 2030. Washington state is No. 3 in the nation in per capita adoption of plug-in cars, behind California and Hawaii. But as Washington and other states urge…
