November 8 (Renewables Now) - US utility American Electric Power Company Inc (NYSE:AEP) intends to spend USD 1.8 billion (EUR 1.55bn) on new renewable generation between 2018 and 2020.
The company will allocate about USD 1.3 billion of the total investment for “competitive, contracted renewable projects,” it said in a press release last week on updating its earnings guidance for 2018. It noted that the amount does not include the USD 4.5 billion committed to the 2-GW Wind Catcher complex in Oklahoma, which is planned to include 800 GE turbines and start power generation in 2020.
The financing programme through 2020 envisages a total capital investment of USD 18.2 billion, about 72% of which will go for transmission and distribution projects. The utility plans to rebuild and enhance aging infrastructure, start using more efficient technologies and "create a more robust and resilient system". It is setting aside about USD 4.4 billion for distribution system improvements and USD 9 billion for transmission projects.
AEP’s chairman, president and CEO Nicholas K Akins said that the company has a 3.57-GW pipeline of wind and solar projects scheduled to be completed in the next seven years. Overall, the utility has an installed generation capacity of 33 GW, including 4.2 GW of renewables.
(USD 1.0 = EUR 0.863)