American Electric Power (AEP -8%) plunges in early trading following a Columbus Dispatch report that a dark money group funded by the company contributed $350K toward the campaigns now at the center of a racketeering and bribery case that ensnared Ohio House Speaker Larry Householder.

According to the report, Empowering Ohio’s Economy, a non-profit wholly funded by AEP, gave $150K to Generation Now, another dark money group that received $60M from FirstEnergy-related groups to support passage of Ohio’s HB6 bill, the ratepayer bailout of two Ohio nuclear power plants owned by FirstEnergy Solutions.

Empowering Ohio’s Economy also gave $200K to a group related to a political action committee that spent $1M in the 2018 campaigns of Householder-favored Republican candidates to help ensure favorable votes.

The Speaker and four others were arrested last week on federal bribery and racketeering charges related to HB6.


Source link