American Electric Power (AEP) has announced plans to invest $37 billion in regulated businesses and renewables between 2021 and 2025.
This breaks down to $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.
“We plan to invest 14 percent of our capital through 2025 in renewable energy within and outside our traditional service territory, and we project renewables will represent approximately 40 percent of our fuel mix by 2030,” said Nicholas Akins, chairman, president and CEO of AEP.
AEP is also planning to invest 71 percent of its capital to improve and update the energy grid.
As part of an ongoing effort to diversify its energy portfolio, AEP was recently approved to move forward with the North Central wind facilities, which will deliver 1,485 megawatts of clean energy to customers in Arkansas, Louisiana and Oklahoma.
