American Electric Power (NYSE: AEP) is increasing its push into renewable and alternative energy with a fairly lofty goal on the surface. The utility with more than 5 million customers over 11 states is now doubling its goal of to now add 2,000 MW by the end of 2011. This will bring the company’s total renewable energy portfolio to more than 2,600 MW by the end of 2011. AEP’s goal does come with regulatory support and is 1 of 12 new targets announced by the company.
AEP has added 903 MW of wind generation since 2007, when the company committed to its original goal of adding 1,000 MW.
As we are seeing elsewhere, there are “fiscal” issues here on the economic front. The company said that the current economic challenges “will require us to think more creatively about how to fulfill our sustainability commitments to protect people and the environment.”
AEP is driving the development of a new, interstate extra-high voltage transmission system to bring that renewable energy to market, is promoting energy efficiency, and is further developing advanced coal technologies such as carbon capture and storage. AEP’s third annual Corporate Sustainability Report can be seen here.
JON C. OGG
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