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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.