AEP unit seeks permit to buy 1-GW wind, solar portfolio

US utility Public Service Company of Oklahoma (PSO) is seeking regulatory clearance for the acquisition of a 999.5-MW portfolio of wind and solar power projects in Texas and Kansas that represent a combined investment of USD 2.47 billion (EUR 2.37bn).

The company, part of American Electric Power Company Inc (NYSE:AEP), said on Thursday is awaiting approval from the Oklahoma Corporation Commission (OCC).

Specifically, PSO is targeting six projects that have been identified through a competitive bidding process and are planned to become operational by the end of 2025. Details about each of them are given in the table below.

The acquisition will be carried out as part of PSO’s plan to add fuel-free power assets to its fleet and meet increased demand for electricity and address future market price volatility. It will also back a requirement under recently adopted rules by the Southwest Power Pool (SPP) that require utilities to have available generation capacity to support reliability.

PSO serves more than 568,000 customer accounts in eastern and southwestern Oklahoma and has 3.8 GW of power capacity, mainly wind and natural gas. Its parent last month unveiled plans to make capital investments of USD 40 billion in the 2023-2027 period, of which USD 9 billion will be spent on regulated renewable generation.

(USD 1.0 = EUR 0.959)

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