September 11 (Renewables Now) - American Electric Power Company Inc (NYSE:AEP) said Tuesday its previous 60% reduction target for carbon dioxide (CO2) emissions from 2000 levels had been revised to 70% by 2030.
As part of its long-term strategy to reach 80% and more by 2050, the Ohio-based utility has plotted a course which includes grid modernisation and an expanded renewables fleet.
Specifically, AEP plans to add more than 8,600 MW of new wind and solar capacity to serve its regulated customers by 2030. At present, the company is seeking regulatory approval to bring 1,485 MW of new wind power to its customers in Arkansas, Louisiana, Oklahoma and Texas.
An investment of around USD-2.2-billion (EUR 2bn) is in the plans for contracted renewables and renewables-plus-storage capacity in 2019-2023, and another one of some USD 25 billion for AEP’s transmission and distribution systems over the next five years.
According to the company, AEP has already succeeded in cutting its CO2 emissions by 59% since 2000. It increased the renewables capacity to today’s 17% from 4% in 2005, while reducing the share of coal-fired generation systems to 45% from 70% at the same time.
(USD 1.0 = EUR 0.91)