AEP PURCHASES THE SALE OF THE RACINE HYDRO PLANT
Columbus, Ohio, December 30, 2021 / PRNewswire / – American Electric Power (Nasdaq: AEP) today completed the sale of Racine Plant, a 48 megawatt (MW) hydropower plant to Racine, Ohio, from AEP Generation Resources, the company’s competitive generation subsidiary, to Eagle Creek Renewable Energy.
The AEP announced February 9, 2021, that she had come to an agreement to sell the plant. The Federal Energy Regulatory Commission approved the transfer on December 17th. Due to the competitive nature of the transaction, the selling price will not be disclosed.
The sale of Racine Hydro reinforces AEP’s continued focus on its regulated business activities, infrastructure and energy innovations. With the completion of this transaction, AEP Generation Resources’ only remaining competitive facility is Cardinal Plant’s 595 MW Unit 1, slated for decommissioning in 2028.
American Electric Power, based in Columbus, Ohio, fuels a cleaner, brighter energy future for its customers and communities. AEP’s approximately 16,700 employees operate and maintain the country’s largest transmission system and more than 224,000 miles of distribution lines to safely provide reliable and affordable electricity to 5.5 million regulated customers in 11 states. AEP is also one of the largest electricity producers in the country with approximately 31,000 megawatts of diversified generation capacity, including more than 5,900 megawatts of renewable energy. The company’s plans include growing its renewable power generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to achieve an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and committed to achieving net zero by 2050. AEP is consistently recognized for its focus on sustainability, community engagement and diversity, equity and inclusion. The AEP family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, a utility company Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, is Texas and the Texas panhandle). AEP also owns AEP Energy, which provides innovative and competitive energy solutions nationally. For more information, visit aep.com.
SOURCE American Electric Power