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AEP plans to add 8GW of renewable power by 2030

CTBR Staff Writer Published 07 February 2018

American Electric Power (AEP) plans to add about 8GW of renewable power generation capacity by 2030 and also invest close to $13bn over the next three years in its transmission and distribution system.

The Ohio-based electric utility has disclosed its plans as part of a new strategy aimed at reducing carbon dioxide emissions by 60% from 2000 levels by 2030, and 80% from 2000 levels by 2050.

To achieve its mission, AEP is looking to take various actions to boost its renewable power generation, enhance the efficiency and resiliency of its energy delivery system, and increase use of natural gas generation among others.

AEP chairman, president and CEO Nicholas K. Akins said: “AEP is focused on modernizing the power grid, expanding renewable energy resources and delivering cost-effective, reliable energy to our customers.

“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.”

AEP is targeting to add 3,065MW of solar generation and 5,295MW of wind generation to its portfolio by 2030. The project pipeline includes a $4.5bn worth Wind Catcher Energy Connection project, a 2GW wind farm planned to be built in Oklahoma, which is currently awaiting regulatory approvals.

AEP intends to invest about $1.2bn in the next two years in contracted renewable power and renewables integrated with energy storage.

The electric utility claims to have reduced its share of carbon dioxide emissions by 44% since 2000. AEP also claimed that its coal-based power generation currently accounts to 47% of its overall generation, which in 2005 was 70%.

The utility reported an increased in its natural gas capacity from 19% in 2005 to 27% while its renewable generation capacity has surged from 4% in 2005 to 13%.