COLUMBUS, Ohio, Aug. 2, 2022
/PRNewswire/ -- American Electric Power (Nasdaq: AEP) has completed
the sale of the 595-megawatt (MW) Cardinal Plant Unit 1 in
Brilliant, Ohio, from AEP
Generation Resources, the company's competitive generation
affiliate, to Buckeye Power.
In March, AEP reached an agreement to sell Cardinal Plant Unit 1
and the company's ownership stake in Cardinal Operating Company to
Buckeye Power. The Federal Energy Regulatory Commission approved
the sale on May 19. AEP Generation
Resources will purchase 100% of Unit 1's output through a power
purchase agreement through 2028. Cardinal Operating Company
currently operates Cardinal Plant, and Buckeye already owns the
other two units at the plant. Due to the competitive nature of the
transaction, the sale price will not be disclosed.
The sale of Cardinal Plant Unit 1 completes AEP Generation
Resources' exit from competitive generation ownership in
Ohio and reinforces AEP's focus on
its regulated business operations and infrastructure.
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