$2.2 billion investment part of
SWEPCO'S ongoing efforts to secure renewable energy
resources
COLUMBUS, Ohio, May 31, 2022
/PRNewswire/ -- Southwestern Electric Power Company (SWEPCO), a
subsidiary of American Electric Power (Nasdaq: AEP), has announced
plans to add three renewable energy projects totaling 999 megawatts
(MW). The projects represent a $2.2
billion investment in clean, cost-effective resources.
SWEPCO expects to issue another request for proposal (RFP) in the
near term for additional renewable energy consistent with the
company's integrated resource plan for its energy and capacity
needs.
SWEPCO is seeking approval from regulators in Arkansas, Louisiana and Texas to acquire the 200-MW Mooringsport solar
project in Caddo Parish,
Louisiana; the 200.6-MW Diversion wind project in
Baylor County, Texas; and the
598.4-MW Wagon Wheel wind project spanning Logan, Garfield and Noble counties in Oklahoma. Invenergy is developing the three
projects. Diversion is expected to reach commercial operation in
December 2024, and Mooringsport and Wagon Wheel are expected to
come online in December 2025. The
solar and wind projects were identified through a competitive
bidding process. Following state regulatory approvals, AEP will
file with the Federal Energy Regulatory Commission for approval to
transfer the projects from Invenergy.
"This investment is another key step in SWEPCO's efforts to
secure renewable, affordable energy and achieve a more balanced
fuel mix," said Nicholas K. Akins,
AEP chairman, president and chief executive officer. "AEP remains
focused on adding approximately 16 gigawatts of regulated
renewables to our generation portfolio by 2030 and reaching
net-zero carbon emissions by 2050."
SWEPCO's long-term plan calls for more than one-third of its
Southwest Power Pool accredited capacity to be satisfied with wind
and solar resources. In February, SWEPCO announced plans to add
72.5 MW of solar energy through a power purchase agreement with the
proposed Rocking R Solar project in northwest Louisiana. SWEPCO and sister company Public
Service Company of Oklahoma also
own and operate the 1,484-MW North Central Energy Facilities in
north central Oklahoma. The
project includes 199-MW Sundance, 287-MW Maverick and 998-MW
Traverse wind projects and is one of the largest wind facilities in
the world.
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 7,100 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