American Electric PowerNASDAQ: AEP

Bloom Energy Corp (NYSE: BE) revealed a supply deal with American Electric Power Company Inc (NASDAQ: AEP) for as much as 1 gigawatt of its solid oxide fuel cells on Friday. As a result, the shares of the renewable energy firm rose by around 50% when the market opened today.

SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy (NYSE:BE), a top company in stationary fuel cell power generation, has announced a supply deal with American Electric Power (AEP) for up to 1 gigawatt (GW) of its products, marking the largest commercial purchase of fuel cells globally. AEP has already ordered 100 megawatts (MW) of fuel cells, with plans for more orders in 2025. This agreement builds on Bloom's earlier collaborations with AEP.

This initiative, aimed at customers, is the biggest utility fuel cell project in the United States. American Electric Power (AEP) is providing tailored solutions for large clients to meet their increasing energy requirements using fuel cell technology. AEP has arranged to obtain up to 1 gigawatt (GW) of Bloom Energy solid oxide fuel cells for data centers and other major energy consumers who need immediate power as the grid expands to meet demand.

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The main figures for AEP (AEP) provide an overview of the company's performance for the quarter that ended in September 2024. However, it could be useful to compare some important metrics with Wall Street predictions and the results from the same period last year.

American Electric Power (AEP) reported quarterly earnings of $1.85 per share, which is higher than the Zacks Consensus Estimate of $1.78 per share. This is an increase compared to last year's earnings of $1.77 per share.

In the third quarter of 2024, American Electric Power reported GAAP earnings of $960 million, or $1.80 per share, slightly down from $954 million, or $1.83 per share, in the same period last year. Their operating earnings increased to $985 million, or $1.85 per share, compared to $924 million, or $1.77 per share, in the third quarter of 2023. The company has also updated its 2024 operating earnings guidance to a range of $5.58 to $5.68 per share and announced a new long-term growth rate of 6% to 8%.

American Electric Power Company, Inc. (NASDAQ:AEP) will hold its Q3 2024 Earnings Conference Call on November 6, 2024, at 9:00 AM ET. The call will feature company representatives including Darcy Reese, William Fehrman, and Charles Zebula, along with participants from various financial institutions. The operator thanked everyone for their patience as the call begins.

American Electric Power Company, Inc. (AEP) will announce its earnings for the third quarter on Wednesday, November 6, before the market opens.