American Electric Power announced that it would be conducting layoffs and implementing a new voluntary severance program to reduce operational costs. The company stated that the difference between operational costs and revenue has continued to increase, and job cuts are necessary action for the company to take. The company also cited high interest rates, increasing inflation, and other economic factors are reasons for the voluntary severance program. Around 7,400 employees out of 16,800 workers are qualified for the voluntary severance program. AEP workers that cannot participate in the voluntary severance program are building and operations staff, and other positions that are focused on providing safe and reliable energy. The company laid off 270 workers earlier this year, and many of these cuts affected workers in Ohio, as AEP is headquartered in Columbus.
See "AEP implement voluntary severance program after cutting workers earlier this year", Mark Williams, The Columbus Dispatch, April 29, 2024