By Editors of Power Engineering
AEP unveiled an ambitious clean energy strategy that calls for drastically reducing its carbon dioxide emissions by adding nearly 8.4 GW of renewable energy.
Specifically, AEP’s goals are to lower emissions by 60 percent from 2000 levels by 2030 and 80 percent from 2000 levels by 2050.
A large part of that reduction will come through the addition of 3,065 MW of solar generation and 5,295 MW of wind generation by 2030. The single-largest addition will be the $4.5 billion, 2 GW Wind Catcher Energy Connection project currently seeking regulator approval in Oklahoma.
AEP plans an additional investment of $1.2 billion in contracted renewables and renewables integrated with energy storage in competitive markets.
The company also plans to invest $13 billion in more efficient transmission and distribution systems over the next three years, with further plans to add gas generation and expand demand response and energy efficiency programs.
“AEP is focused on modernizing the power grid, expanding renewable energy resources and delivering cost-effective, reliable energy to our customers,” said Nicholas K. Akins, AEP chairman, president and chief executive officer. “Our customers want us to partner with them to provide cleaner energy and new technologies, while continuing to provide reliable, affordable energy. Our investors want us to protect their investment in our company, deliver attractive returns and manage climate-related risk. This long-term strategy allows us to do both.”