The American Electric Power (AEP) has recently released its strategy for a clean energy future by reducing carbon emissions and investing in renewable energy resources.
AEP plans to add 3,065MW of solar and 5,295MW of wind power to its energy portfolio by 2030. So far its largest planned investment will be a $4.5 billion, 2,000MW Wind Catcher Energy Connection project located in Oklahoma.
According to the press release: AEP’s generation capacity has gone from 70 percent coal-fueled in 2005 to 47 percent today. Its natural gas capacity increased from 19 percent in 2005 to 27 percent today, and its renewable generation capacity has increased from 4 percent in 2005 to 13 percent today.
AEP chairman, president and chief executive officer, 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.
Akins added, “This transition to a more balanced resource portfolio will help mitigate risk for our customers and shareholders alike and ensure a more resilient and reliable energy system into the future.”