La-Z-Boy Signs Long-Term Renewable Energy Deal
22 April 2021 - 6:15AM
La-Z-Boy Incorporated (NYSE: LZB), a global leader in residential
furniture, has finalized a 10-year resource-backed virtual power
purchase agreement (VPPA), extending through the end of 2030, with
AEP Energy Partners, a competitive energy subsidiary of American
Electric Power (Nasdaq: AEP). The agreement signifies a meaningful
initiative as La-Z-Boy expands its environmental programs in its
quest to reduce its carbon footprint. La-Z-Boy’s VPPA will support
approximately 70,000 MWh of renewable energy per year, from AEP’s
principally owned Santa Rita East wind energy center in Irion
County, Texas, throughout the term of the agreement. Once fully
implemented, La-Z-Boy will receive renewable energy certificates
(REC) equivalent to roughly 16 MW of wind power capacity
representing more than 90% of La-Z-Boy’s current total annual
domestic energy consumption.
Darrell Edwards, Senior Vice President and Chief
Operating Officer, said: “This new agreement with AEP Energy
Partners is an example of La-Z-Boy’s commitment to the environment
and our ongoing efforts to both integrate sustainable business
practices throughout our operations and support offsite renewable
energy projects. We are delighted to make this announcement as the
world celebrates Earth Day tomorrow and will continue to add to our
growing portfolio of projects that reduce our carbon footprint for
the benefit of generations to come. We’d also like to thank
Schneider Electric Energy and Sustainability Services for advising
us on the VPPA.”
“We are pleased to partner with La-Z-Boy to
support clean, renewable energy resources,” said Greg Hall,
President, AEP Energy Partners. “AEP Energy Partners is committed
to providing innovative competitive clean energy solutions for our
customers to achieve their corporate sustainability goals.”
Additional Information
This news release is just one part of La-Z-Boy’s
financial disclosures and should be read in conjunction with other
information filed with the Securities and Exchange Commission,
which is available at:
https://lazboy.gcs-web.com/financial-information/sec-filings.
Investors and others wishing to be notified of future La-Z-Boy news
releases, SEC filings and quarterly investor conference calls may
sign up at: https://lazboy.gcs-web.com/.
Background Information
About La-Z-Boy
Incorporated:La-Z-Boy Incorporated is one of the world’s
leading residential furniture producers, marketing furniture for
every room of the home. The Wholesale segment includes England,
La-Z-Boy, American Drew®, Hammary®, and Kincaid®. The
company-owned Retail segment includes 158 of the 351 La-Z-Boy
Furniture Galleries® stores. Joybird is an e-commerce retailer and
manufacturer of upholstered furniture.
The corporation’s branded distribution network
is dedicated to selling La-Z-Boy Incorporated products and brands,
and includes 351 stand-alone La-Z-Boy Furniture Galleries® stores
and 563 independent Comfort Studio® locations, in addition to
in-store gallery programs for the company’s Kincaid and England
operating units. Additional information is available at
http://www.la-z-boy.com/.
About AEP Energy Partners:AEP
Energy Partners is a competitive wholesale electricity and natural
gas supply provider owned by American Electric Power (Nasdaq: AEP)
supplying wholesale electricity and natural gas solutions for
customers in ERCOT, MISO, PJM, and SPP currently across 15
states.
American Electric Power, based in Columbus,
Ohio, is focused on building a smarter energy infrastructure and
delivering new technologies and custom energy solutions to our
customers. AEP’s approximately 16,800 employees operate and
maintain the nation’s largest electricity transmission system and
more than 223,000 miles of distribution lines to efficiently
deliver safe, reliable power to nearly 5.5 million regulated
customers in 11 states. AEP also is one of the nation’s largest
electricity producers with approximately 30,000 megawatts of
diverse generating capacity, including more than 5,500 megawatts of
renewable energy. AEP’s family of companies includes utilities AEP
Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia),
AEP Appalachian Power (in Tennessee), Indiana Michigan Power,
Kentucky Power, Public Service Company of Oklahoma, and
Southwestern Electric Power Company (in Arkansas, Louisiana, east
Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP
Energy Partners, AEP OnSite Partners, and AEP Renewables, which
provide innovative competitive energy solutions nationwide. For
more information, visit aep.com.
Contact: Kathy
Liebmann (734)
241-2438
kathy.liebmann@la-z-boy.com
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