ELECTRICITY DEMAND IS DOWN - AEP Layoffs Set, PATH Overstepping Market |
(04/16/2010) |
The market for electricity continues to decline. With the sale of electricity down, American Electric Power is announcing a major reduction in force. Opponents of the behemoth billion dollar-plus PATH project have been claiming the need to generate new electricity in power plants in WV is far overstepping a market need. AEP is reducing about 10% of their workforce. President and CEO, Mike Morris, announced Wednesday a dramatic reduction in sales explaining the need to trim the workforce. The AEP reduction could impact almost 300 West Virginia workers at Appalachian Power with buy-outs.P> If the voluntary buyouts don't work, AEP will look at other options and couldn't rule out the possibility of involuntary layoffs.
|