January 30, 2020
AEP Renewables Signs PPA With Evergy for New Wind Project in Kansas
Project will increase AEP’s contracted renewables portfolio to 1,430 megawatts
COLUMBUS, Ohio, Jan. 30, 2020 – American Electric Power’s (NYSE: AEP) AEP Renewables subsidiary has signed a long-term power purchase agreement with Evergy Inc. for the output of the new Flat Ridge 3 wind project.
AEP Renewables is developing Flat Ridge 3 near Kingman, Kansas. The project will include 62 wind turbines capable of producing 128 megawatts (MW) of clean, renewable energy and is expected to be operational by the end of 2020.
“Our AEP Renewables business is focused on developing and operating renewable generation facilities to help meet the long-term, clean energy goals of utilities, electric cooperatives, municipalities and other companies. Flat Ridge 3 will increase AEP Renewables’ contracted renewable generation portfolio to 1,430 MW, and when complete, will demonstrate a $2.03 billion cumulative investment in our contracted renewables business,” said Greg Hall, president, AEP Renewables.
Flat Ridge 3 will provide more than $20 million in economic development to the surrounding area, including payments to local government and landowners, and will support approximately 200 jobs during peak construction.
AEP Renewables, with offices in Columbus, Ohio, and San Diego, is a wholly owned subsidiary of AEP. AEP Renewables owns and operates 1.3 gigawatts of large-scale wind, solar and energy storage in 11 U.S. states and has an active development pipeline across the U.S. AEP Renewables sells renewable energy through long-term contracts with utilities, electric cooperatives, municipalities and corporate customers. For more information, visit www.aeprenewables.com.
American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP’s approximately 18,000 employees operate and maintain the nation’s largest electricity transmission system and more than 219,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,200 megawatts of renewable generation. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide.
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AEP Completes Sale of New Mexico Solar Assets
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February 26, 2024
AEP Reports 2023 Earnings Results
- Year-end 2023 GAAP earnings of $4.26 per share; operating earnings of $5.25 per share
- 2024 operating earnings (non-GAAP) guidance range reaffirmed at $5.53 to $5.73 per share with long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%
- Company advances strategic initiatives including de-risking the business, controlling costs and investing in a modern and reliable grid to benefit customers