COLUMBUS, Ohio, July 26, 2017 /PRNewswire/ -- Today, American
Electric Power (NYSE: AEP) announced a major clean energy project,
Wind Catcher Energy Connection, that will provide nearly 9 million
megawatt-hours of new wind energy annually to its customers in
Arkansas, Louisiana, Oklahoma and Texas.
AEP's utility subsidiaries Public Service Co. of Oklahoma (PSO) and Southwestern Electric Power
Co. (SWEPCO) are asking utility regulators in those four states to
approve plans to purchase a 2,000-megawatt (MW) wind farm currently
under construction in the western panhandle of Oklahoma and build an approximately 350-mile,
dedicated, extra-high voltage power line to efficiently deliver the
renewable energy to customers. PSO and SWEPCO plan to file
July 31 with regulators for
approvals.
Total investment for the project will be $4.5 billion, inclusive of all costs. The project
is expected to save SWEPCO and PSO customers more than $7 billion, net of cost, over 25 years.
The wind farm, currently under development by Invenergy, will be
the largest, single-site wind project in the United States when complete.
"AEP is moving to a cleaner energy future, driven by new
technologies and the expectations of our customers and
shareholders. We are diversifying our generation mix to include
more renewables, and we're also investing in a smarter, more
efficient and resilient electricity grid to support these new
resources and technologies," said Nicholas
K. Akins, AEP chairman, president and chief executive
officer. "This project is consistent with our strategy of investing
in the energy resources of the future, and it will save our
customers money while providing economic benefits to
communities."
The project will support approximately 4,000 direct and 4,400
indirect jobs annually during construction and 80 permanent jobs
once operational. It also will contribute approximately
$300 million in property taxes over
the life of the project.
SWEPCO will own 70 percent of the project, including 1,400 MW of
wind. PSO will own 30 percent of the project, including 600 MW of
wind. The project is subject to regulatory approvals in
Arkansas, Louisiana, Oklahoma and Texas as well as the Federal Energy Regulatory
Commission.
In addition to this project, AEP's utility companies have
announced or filed for approvals for another 1,350 MW of wind and
solar generation that will be owned by the company or added to its
portfolio through power purchase agreements. The company has
indicated plans, through the Integrated Resource Plans filed with
regulators, to add a total of about 7,300 MW of new, renewable
generation resources between now and 2030 to diversify its power
production portfolio. AEP already has cut its carbon dioxide
emissions by more than 44 percent since 2000.
American Electric Power, based in Columbus, Ohio, is focused on building a
smarter energy infrastructure and delivering new technologies and
custom energy solutions to our customers. AEP's more than 17,000
employees operate and maintain the nation's largest electricity
transmission system and more than 224,000 miles of distribution
lines to efficiently deliver safe, reliable power to nearly 5.4
million regulated customers in 11 states. AEP also is one of the
nation's largest electricity producers with approximately 33,000
megawatts of diverse generating capacity, including 4,200 megawatts
of renewable energy. AEP's family of companies includes utilities
AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West
Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky
Power, Public Service Company of Oklahoma, and Southwestern Electric Power
Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy
Partners, AEP OnSite Partners, and AEP Renewables, which provide
innovative competitive energy solutions nationwide.
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SOURCE American Electric Power