GE Energy and AEP to Develop New Power Technology

American Electric Power (AEP) is to develop metering and infrastructure technology with US energy giant GE Energy in a bid to improve efficiency and reduce electricity costs.

AEP says it plans to provide the technologies to about one million of its customers by giving them direct control over electricity usage by the end of 2008, according to US news site CNNMoney.

The two companies have signed a memorandum of understanding and are continuing discussions to reach a definitive agreement.

Financial terms were not disclosed.

By Staff writer