AEP plans to reduce carbon emissions by 70 percent by 2030
American Electric Power (AEP) has revised its plan to reduce carbon dioxide emissions, setting its reduction target at 70 percent by 2030, up from the previous target of 60 percent.
By 2050, the Columbus, Ohio-based company expects to cut carbon dioxide emissions by more than 80 percent from 2000 levels. AEP is one of the nation’s largest electric companies, serving Ohio, Texas, Virginia, West Virginia, Tennessee, Indiana, Michigan, Kentucky, Oklahoma, Arkansas, Louisiana, and Texas through its various subsidiaries.
“AEP’s overall strategy is focused on modernizing the power grid, expanding renewable energy resources, and delivering reliable energy to our customers. Our transition to a cleaner, more balanced resource mix helps mitigate risk for our customers and shareholders alike and will ensure a more resilient and reliable energy system into the future,” Nicholas Akins, AEP chairman, president and chief executive officer, said.
The company will achieve carbon dioxide emissions reductions through investments in renewable generation, transmission and distribution technologies to enhance efficiency, and expanded demand response and energy efficiency programs.
“We’ve made significant progress in reducing carbon dioxide emissions from our power generation fleet and expect our emissions to continue to decline. Our aspirational emissions goal is zero emissions by 2050. Technological advances, including energy storage, will determine how quickly we can achieve zero emissions while continuing to provide reliable, affordable power for customers,” Akins said.
AEP plans to add more than 8,600 megawatts (MW) of new wind and solar generation by 2030. Currently, the company is seeking regulatory approval to add 1,485 megawatts of new wind generation in Arkansas, Louisiana, Oklahoma, and Texas. Also, between 2019 and 2023, the company plans to invest approximately $2.2 billion in contracted renewables and renewables integrated with energy storage. AEP has already added 1,302 megawatts of contracted renewables to its portfolio this year. Further, AEP plans to invest approximately $25 billion over the next five years in its transmission and distribution systems.
The company has already reduced its carbon dioxide emissions by 59 percent since 2000. It has gone from 70 percent coal-fueled in 2005 to 45 percent today while its natural gas capacity increased from 19 percent in 2005 to 28 percent today. Also, its renewable generation capacity has increased from 4 percent in 2005 to 17 percent today.
