Ohio-based American Electric Power says it plans to invest $33 billion in capital from 2019 through 2023, with $2.7 billion of that focused on new renewable generation, including approximately $2.2 billion for competitive, contracted renewable projects.
“Our long-term strategy is built on investments that will benefit our customers and position us for ongoing success and steady earnings growth as our industry transforms. AEP’s capital investments over the next five years will be focused on advanced infrastructure, innovative technologies and cleaner generation resources,” said Nicholas K. Akins, AEP chairman, president and chief executive officer.
Earlier this year, AEP announced a plan to cut its carbon emissions 60 percent from 2000 levels by 2030. To achieve this goal, AEP plans to add more than 8.3 GW of wind and solar generation and more than 2.6 GW of natural gas generation by 2030.
AEP maintains the nation’s largest electricity transmission system and more than 219,000 miles of distribution lines 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 4,340 megawatts of renewable energy.
— Solar Builder magazine