Corporate Restructuring for American Electric Power
American Electric Power, an electric utility based in Columbus, Ohio, retained
NSI to assist with the process of preparing their real estate assets for
transfer pursuant to a corporate restructuring initiative, which was, in
part, driven by the Federal Energy Regulatory Commission’s Order No.
2000, which calls for the business of transmission to be separate and independent
from market participation, and various State directives. This restructuring
initiative call for over 200,000 properties to be reassigned to newly formed
subsidiaries (i.e. Transmission, Generation, Distribution) in a portion of
AEP’s 11 state territory. At the outset of the project, AEP was aware
of the assets that needed to be transferred but the real estate records for
those assets were intertwined with other assets that would be retained, or
had not been catalogued so that they could be transferred.
To assist AEP with this project, NSI supplied a team of real estate executives
who worked onsite at the AEP facility in Gahanna, Ohio to identify and catalog
those properties to be transferred to the new entities. NSI personnel analyzed
deeds and site plans to identify those rights that were to be transferred
and assisted in preparation of new deeds and easement documents to effectuate
the transfer under the newly established subsidiaries. NSI personnel also
worked with county recorders to prepare for the filing of the transfer documents.
Simultaneously, NSI provided a team of professionals who began the process
of converting AEP's existing right of way records into digital format, and
capturing information on each record for inclusion in a database. Using this
database, NSI was able to catalog and quantify the records and organize them
into appropriate groupings for filing with the counties. Additionally, using
this record set, NSI was able to identify gaps in the records and obtain
new copies from the recorders office for inclusion in the dataset.
Not only was NSI able to provide the necessary personnel and expertise to
facilitate this unique one-time project, a by-product of NSI’s efforts
is that AEP now possesses a much more comprehensive record set and can more
easily manage their existing land rights. Additionally, AEP was able to utilize
the scanned images captured by NSI and incorporate them into their internal
database record system. As a result, records are easier to retrieve and the
information can be backed up on a regular basis, thereby providing security
for the real estate information assets.
For more information, or to find out how NSI can provide similar
services for your organization, please contact: Russell Turner
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