American Electric Power to invest $37B through 2025
American Electric Power (AEP) will invest $37 billion in its regulated businesses and renewables between 2021 and 2025.
The capital plan includes $26.7 billion in transmission and distribution operations investments, $2.8 billion in regulated renewable generation, and $2.1 billion in competitive, contracted renewable projects.
“As AEP transitions to a cleaner energy future, we’re creating new solutions for customers while also bringing value to our shareholders. The company’s capital investments reflect our commitment to enhancing service and delivering reliable, clean energy and advanced technologies that exceed our customers’ expectations,” Nicholas Akins, AEP chairman, president and CEO, said.
The company will invest 14 percent of its capital through 2025 in renewable energy. Officials say renewables will represent approximately 40 percent of the company’s fuel mix by 2030. Toward that end, AEP received approval for the North Central wind facilities, which will bring 1,485 megawatts of clean energy to Southwestern Electric Power Company and Public Service Company of Oklahoma customers in Arkansas, Louisiana, and Oklahoma.
“Another significant piece of our capital plan is our investment in wires, with 71% allocated to improving and updating the energy grid. By integrating new technologies to optimize distribution and transmission networks, we’ll be better equipped to continue delivering reliable and affordable clean energy to customers,” Akins added. “We remain committed to improving our environmental footprint and leading by example as we work toward a clean energy future. We announced a goal to replace 100% of the company’s 2,300 cars and light-duty trucks with EV alternatives by 2030, and we plan to transition medium- and heavy-duty vehicles as electric or hybrid models become available.”
