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FORT LAUDERDALE, Nov 2 (Reuters) - American Electric Power Inc Chairman Michael Morris said Monday his company hopes to invest as much as $130 million in a new transmission company next year. AEP will form a separate transmission company to pursue new transmission upgrades within its 11-state utility territory, according to a release. Beyond 2010, Morris said investment in the company could quickly grow to $400 million for the next six to seven years. Once approved by regulators, a separate company "will enable us to get a quicker regulatory return for our capital invested," Morris said on the sidelines of the Edison Electric Institute financial conference. Morris envisions a spin-off of the new entity down the road. "Ultimately, we intend to take some part of this into a partial IPO to put a true value on this portion of the larger AEP portfolio," Morris said. (Reporting by Eileen O'Grady; Editing by John Picinich) ((eileen.ogrady@thomsonreuters.com; +1 713 210 8522; Reuters Messaging: eileen.ogrady.reuters.com@reuters.net)) Keywords: UTILITES AEP/TRANSCO (For help: Click "Contact Us" in your desk top, click here or call 1-800-738-8377 for Reuters Products and +1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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