American Electric Power Co., Inc. (AEP) said Thursday that its utility subsidiary AEP Southwestern Electric Power Co. or SWEPCO has signed a letter of intent to buy the transmission and distribution assets of Valley Electric Membership Corp. or VEMCO.
Valley Electric Board members have unanimously approved a voluntary dissolution of the cooperative. Pending due diligence, SWEPCO will purchase the VEMCO assets for about $94 million, and assume certain other liabilities. The company also will provide payment for the VEMCO patronage capital at closing, currently estimated at about $30 million.
A purchase agreement is expected by the end of the year, and a VEMCO membership vote to dissolve is anticipated in January or February.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.