HOUSTON, Sept. 14, 1998 -- The downturn in the Asian economy has slowed the pace of electricity projects in the region, but hasn't eliminated the need. "The Asia/Pacific market has massive long-term growth prospects, but the shortage of available project financing in the region has altered the timetable for many electricity projects," said Donald Boyd, AEP Resources' senior vice president, Asia/Pacific development. "Still, opportunities do exist. "Many countries in the region recognize the need for increased electricity generation to support future economic growth and development," Boyd said. "In some countries, existing generation or distribution assets are expected to be on the market, either through privatization of government assets or corporate refocusing by asset owners." Boyd made his comments while attending the 17th Congress of the World Energy Council in Houston, where AEP Resources is an exhibitor (booth 2301, George R. Brown Convention Center). Competition for electricity assets or projects has become global, with expected or ongoing changes in many countries attracting interest from companies around the world. "The global electricity industry has undergone dramatic change in recent years, an evolution that will continue in the foreseeable future," Boyd said. "Many factors drive this change, but the common element is the recognition of the need for reliable, inexpensive electricity to make a nation's industries and economy competitive in the global marketplace." AEP Resources, a subsidiary of American Electric Power (NYSE: AEP), pursues energy-related global investment opportunities and projects. AEP Resources owns 50 percent of Yorkshire Electricity Group, a regional electric company in the United Kingdom; 70 percent of a two-unit power plant nearing completion in Henan Province, China; and 20 percent of Pacific Hydro, an Australian company that develops and operates hydroelectric facilities. AEP Resources is actively pursuing greenfield development projects or business and asset acquisition throughout North America, Latin America, Europe and the Asia/Pacific region. The company monitors global developments from its offices in Columbus, Ohio; London; Singapore; Toronto; Beijing; and Sydney, Australia. Boyd heads the Asia/Pacific regional office in Singapore. "Many countries, like the United States, Austrailia, Canada and the United Kingdom, are moving from a highly regulated electricity market to a competitive market," Boyd said. "Others, like Brazil and Mexico, have begun, or are considering, selling government-owned electricity assets to private entities. And developing nations like China are recognizing the need for additional electricity generation or transmission and distribution facilities to support development and economic growth." But the current economic situation in Asia has forced many potential market participants to defer plans. "Economic situations change and companies must consider that when evaluating opportunities," Boyd said. "That's why AEP Resources enters markets as a long-term participant. We want to be long-term partners with local communities and companies. We know that the more we do to help our customers and communities grow, the more successful we will be as a company." AEP Resources' capabilities are a good fit with opportunities available in the Asia/Pacific electricity market, Boyd said. "AEP, our parent company, has almost a century of success as a very efficient, low-cost provider of electricity," Boyd said. "AEP built and operates some of the world's most efficient coal-fired power plants in the United States. It also built and operates a 22,000-mile transmission grid and a 105,000-mile distribution network to move electricity from the plants to customers. These historic strengths are assets when we participate in projects around the world." AEP, a global energy company, is one of the United States' largest investor-owned utilities, providing energy to 3 million customers in Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and West Virginia. AEP has holdings in the United States, the United Kingdom, China and Australia. Wholly owned subsidiaries provide power engineering, energy consulting and energy management services around the world. The company is based in Columbus, Ohio.