COLUMBUS, Ohio, Dec. 30, 2021 /PRNewswire/ -- American Electric
Power (Nasdaq: AEP) today completed the sale of Racine Plant, a
48-megawatt (MW) hydroelectric facility in Racine, Ohio, from AEP Generation Resources,
the company's competitive generation affiliate, to Eagle Creek
Renewable Energy.
AEP announced Feb. 9, 2021, that
it had reached an agreement to sell the plant. The Federal Energy
Regulatory Commission approved the transfer on Dec. 17. Due to the competitive nature of the
transaction, the sale price will not be disclosed.
The sale of Racine Hydro furthers AEP's ongoing focus on its
regulated business operations, infrastructure and energy
innovations. With the completion of this transaction, AEP
Generation Resources' only remaining competitive facility is
Cardinal Plant's 595-MW Unit 1, which is scheduled for retirement
in 2028.
American Electric Power, based in Columbus, Ohio, is powering a cleaner,
brighter energy future for its customers and communities. AEP's
approximately 16,700 employees operate and maintain the nation's
largest electricity transmission system and more than 224,000 miles
of distribution lines to safely deliver reliable and affordable
power to 5.5 million regulated customers in 11 states. AEP also is
one of the nation's largest electricity producers with
approximately 31,000 megawatts of diverse generating capacity,
including more than 5,900 megawatts of renewable energy. The
company's plans include growing its renewable generation portfolio
to approximately 50% of total capacity by 2030. AEP is on track to
reach an 80% reduction in carbon dioxide emissions from 2000 levels
by 2030 and has committed to achieving net zero by 2050. AEP is
recognized consistently for its focus on sustainability, community
engagement, and diversity, equity and inclusion. 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, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com.
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SOURCE American Electric Power