ASHLAND, Ky., November 9, 2018 – Two economic development grants totaling nearly $110,000 have been awarded to projects in Martin and Johnson counties. Both grants are funded through the Kentucky Power Economic Development Growth Grants (K-PEGG).
The Big Sandy Regional Airport in Debord, Kentucky, has received $64,481 to conduct a feasibility study for the construction of a 10,000-foot runway. In its application, the Big Sandy Regional Airport Board said, “This project is vital to meeting the explicit needs of Kentucky’s growing aerospace industry and for the future success of many business incentive initiatives and industry recruitment efforts for east Kentucky and the state of Kentucky.”
An additional $45,000 grant will support the Johnson County Pathway to Economic Development program. Funds for the project will be used to equip students with resources, such as computers, as well as develop economic development classes. The classes will help prepare students for careers and certification in economic development.
“The KPEGG program supports our communities as we work together to revitalize eastern Kentucky through economic development,” said Kentucky Power President Matt Satterwhite. “We welcome the opportunity to partner with local, state and regional leaders on these and future projects and will continue working to bring investment and jobs to eastern Kentucky.”
The K-PEGG program is funded through the Kentucky Economic Development Surcharge, which was approved by the Kentucky Public Service Commission in 2015 and updated in 2017. For every $1 collected monthly from non-residential customers, company stockholders match the customer contributions dollar for dollar to generate nearly $800,000 annually for investment at the local and regional levels. The program is available in all 20 counties served by Kentucky Power.
Grant applications are reviewed by a committee comprised of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Economic Development Cabinet. More information is posted at kentuckypower.com/development/.
Kentucky Power has invested nearly $6 million in economic development projects in eastern Kentucky in recent years through the KPEGG and other grant programs.
Kentucky Power, with headquarters in Ashland, provides electric service to about 168,000 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, which delivers safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 32,000 megawatts of diverse generating capacity, including 4,300 megawatts of renewable energy.