ASHLAND, Ky., February 21, 2022 –The Kentucky Power Economic Growth Grant (KPEGG) program saw a flurry of activity near the end of 2021. More than $200,000 was awarded across Kentucky Power’s service territory to key economic development partners.
Hazard-Perry County Economic Development Alliance (HPCEDA) received a $25,000 KPEGG award for budgetary support of the organization. HPCEDA’s mission is to attract, develop and expand a diversified business base in Perry County. The Alliance’s primary focus is marketing the Coal Fields Regional Industrial Park for economic development.
eKentucky Advanced Manufacturing Institute (eKAMI) received $100,000 from KPEGG to assist in funding digital upgrades to eKAMI’s website, aid in the production of a promotional video for the organization and help with an interactive digital presentation system for the new robotics center.
A KPEGG award of $27,856 was given to CEDAR, Inc. to assist in funding for its Entrepreneurial Coal Lands Redevelopment Program and the annual Future of Work student fair. CEDAR’s programs include the students of Johnson, Breathitt, Floyd, Knott, Lawrence, Letcher, Magoffin, Perry and Pike counties and focus on developing an entrepreneurial spirit for the purposes of economic development.
The Kentucky Association for Economic Development (KAED) received a $60,000 KPEGG award to provide for marketing, product development, and site selection consultant activities in eastern Kentucky. The primary focus of the award is to assist KAED in the Kentucky Product Development Initiative. The initiative is a partnership between KAED and the Kentucky Cabinet for Economic Development designed to facilitate the granting of state funds for capital improvement projects to sites and buildings.
“Economic development work is vitally important to our area if we are going to reverse the trends of job and population loss in eastern Kentucky. Everyone needs to step up, because the more business, industry, jobs and people we can attract, the better life will be for all of us. We’re very pleased to support these important organizations through our economic development grant program and look forward to working with them and many others in the years to come,” said Brett Mattison, Kentucky Power president and COO.
The KPEGG program assists in the funding of economic development programs or projects that promote the creation and retention of manufacturing and/or industrial investment and jobs. The program has completed its fifth yearly cycle and has funded more than $2.5 million for economic development efforts in Kentucky Power’s service territory.
The program is funded through Kentucky Power’s economic development surcharge. For every $1 collected monthly from non-residential customers, company stockholders match the customer contributions dollar for dollar to generate around $700,000 annually for investment at the local and regional levels. The program is available in all 20 counties served by Kentucky Power.
A committee comprised of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Cabinet for Economic Development reviews grant applications. More information is posted at https://kentuckypower.com/development/.
Kentucky Power, with headquarters in Ashland, provides electric service to approximately 165,000 customers in 20 eastern Kentucky counties, including Boyd, Breathitt, Carter, Clay, Elliott, Floyd, Greenup, Johnson, Knott, Lawrence, Leslie, Letcher, Lewis, Magoffin, Martin, Morgan, Owsley, Perry, Pike and Rowan. Kentucky Power is an operating company in the AEP system, one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to 5.4 million regulated customers in 11 states. AEP also owns the nation’s largest electricity transmission system. AEP’s headquarters are in Columbus, Ohio.