The energy utility American Electric Power (AEP) has outlined its new business strategy and plans to reduce carbon dioxide (CO2) emissions from its power plants by 60% from 2000 levels by 2030 and 80% by 2050. AEP will invest in particular in transmission and distribution systems to increase their efficiency, enhance the use of natural gas-fired generation and speed up the use of renewable generation and advanced technologies.
By 2030, the company will add 3,065 MW of solar and 5,295 MW of wind power capacity by 2030. The largest planned renewable energy investment (US$4.5bn) will be dedicated to the 2 GW Wind Catcher Energy Connection project in Oklahoma. US$13bn will be allocated over the next three years in AEP's transmission and distribution system. Approximately US$1.2bn will be spent over the 2018-2020 period to support renewable energies projects integrated with energy storage.
The company's coal-fired capacity has decreased from a 70% share in 2005 to 47% in 2017, while the share of natural gas increased from 19% to 27% and renewable energies rose from 4% to 13%. Since 2000, AEP has cut its CO2 emissions by 44%.
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