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American Electric to End Trading

October 11, 2002|Bloomberg News

American Electric Power Co., will quit speculative energy trading after the operation eroded third-quarter profit, executives said.

Profit per share is expected to fall to $1.05 from $1.31 a year ago as energy trading slumped and power sales to industry dropped, the Columbus, Ohio-based company said.

American Electric joins rivals Aquila Inc., Williams Cos. and El Paso Corp. in curtailing trading operations after the collapse of Enron Corp.

Shares of the firm rose $3.51, or 20%, to $21.20 on the NYSE.

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