By 2050, AEP intends to reduce CO2 emissions by more than 80% from 2000 levels
Image: AEP is planning to add more than 8,600MW of new wind and solar capacity by 2030. Photo: courtesy of Kenueone from Pixabay.
American Electric Power (AEP) has revised its 2030 targets for reducing carbon dioxide (CO2) emissions, increasing them to 70% from 60% over 2000 levels.
By 2050, AEP is determined to reduce CO2 emissions by more than 80% from 2000 levels, through a variety of actions including investments in renewable generation and transmission and distribution technologies to improve efficiency, and expanded demand response and energy efficiency programs.
AEP chairman, president and chief executive officer Nicholas Akins said: “AEP’s overall strategy is focused on modernizing the power grid, expanding renewable energy resources and delivering reliable energy to our customers.
“Our transition to a cleaner, more balanced resource mix helps mitigate risk for our customers and shareholders alike and will ensure a more resilient and reliable energy system into the future.”
“We’ve made significant progress in reducing carbon dioxide emissions from our power generation fleet and expect our emissions to continue to decline. Our aspirational emissions goal is zero emissions by 2050.
“Technological advances, including energy storage, will determine how quickly we can achieve zero emissions while continuing to provide reliable, affordable power for customers.”
AEP to add 8.6GW of wind and solar capacity by 2030
AEP said it is seeking regulatory approval to add 1,485MW of new wind capacity to serve customers in Arkansas, Louisiana, Oklahoma and Texas and is planning to add more than 8,600MW of new wind and solar capacity by 2030.
The company claims to have already added 1.3GW of contracted renewables to its portfolio this year.
Additionally, AEP plans to invest approximately $2.2bn (£1.78bn) in contracted renewables and renewables integrated with energy storage as well as invest approximately $25bn (£20.2bn) in its transmission and distribution systems over the next five years in a bid to enhance the efficiency and resiliency of the energy delivery system.
AEP noted that it has already cut its carbon dioxide emissions by 59% since 2000.
The firm stated: “AEP’s generation capacity has gone from 70 percent coal-fueled in 2005 to 45 percent today. Its natural gas capacity increased from 19 percent in 2005 to 28 percent today, and its renewable generation capacity has increased from 4 percent in 2005 to 17 percent today.”
In 2017, the firm said that it will invest $4.5bn (£3.6bn) to buy a 2GW wind farm in the western panhandle of Oklahoma in the US.