and generate 5,700 jobs, with $420 million in employee compensation annually. However, many of these claims are disputed and the proposal must pass several legal hurdles before moving forward. On August 24, 2012, PJM Interconnection officially removed the PATH project from its long-range expansion plans, citing a slow economy for reducing the projected growth in electricity use. History The American Gas and Electric Company, which would be renamed American Electric Power in 1958, was incorporated in 1906. It replaced Electric Company of America, a holding company that had existed since 1899. It built "the first plant in the world to reheat steam to do double duty in the process of generating electricity" at the Philo Power Plant in Philo, Ohio in 1923. Several of its holdings were divested following the passage of the Public Utility Holding Company Act in 1935; these holdings would include Atlantic City Electric (now a subsidiary of Exelon) and Scranton Electric (since absorbed by PPL). However, it retained its Central System, which ran between Michigan and Virginia. It moved its headquarters from New York City to Columbus, Ohio in the 1980s. On May 1, 1999, The North American electric power industry tested and cleared 75 percent of the U.S. electricity system for compliance with the Year 2000 computer glitch. On August 31, 2004, American Electric Power Company's $10 billion acquisition of the Central and South West Corporation was approved. Acquisitions 1922 Indiana and Michigan Electric 1924 American Electric Power Company, a Philadelphia holding company 1925 Appalachian Power Company 1948 Indiana Service Corporation of Fort Wayne 1980 Columbus and Southern Ohio Electric Company 1997 Central and South West Corporation (completed in 2000) Divestitures 2022 In October 2021 AEP announced it was selling its Kentucky operations to the Liberty Utilities subsidiary of Algonquin Power & Utilities effective in the second quarter of 2022. Ownership As of 2017 American Electric Power shares are mainly held by institutional investors, and large Single Family Offices (Vanguard group, BlackRock, State Street Corporation, and others) Environmental record The Political Economy Research Institute ranks American Electric Power 55th among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity ( in 2018) of toxic air released, as well as the toxicity and population exposure of the emissions. Major pollutants include sulfuric and hydrochloric acids, and chromium, manganese and nickel compounds. Overall, electric power plants, such as those operated by