February 27, 2024
AEP Completes Sale of New Mexico Solar Assets
American Electric Power (Nasdaq: AEP) has completed the sale of its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP nets approximately $104 million in cash after tax, transaction fees and other customary adjustments.
AEP began the sale process in June 2023 and received necessary regulatory approval from the Federal Energy Regulatory Commission, New Mexico regulatory approvals associated with one of NMRD’s projects and clearance under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
The sale portfolio includes nine operating solar developments totaling 185 MW and six projects under development with an estimated output of 440 MW.
At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable and affordable power. Our nearly 17,000 employees operate and maintain more than 40,000 miles of transmission lines, the nation's largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,100 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. We are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement and inclusion. 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, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.
Other News Releases
November 14, 2024
AEP Leveraging Fuel Cell Technology to Power Data Center Growth
This customer-focused effort is the largest utility fuel cell initiative in the country
AEP is offering large customers a custom solution to support their growing energy needs with fuel cell technology. AEP has an agreement in place to secure up to 1 gigawatt (GW) of Bloom Energy solid oxide fuel cells for data centers and other large energy users who need to quickly power their operations while the grid is built out to accommodate demand. This is the largest utility fuel cell technology initiative in the nation.
November 14, 2024
Appalachian Power Explores Small Modular Reactors to Meet Future Energy Demand In Virginia
In a major step toward securing Virginia’s reliable energy future, Appalachian Power announces plans to bring Small Modular Reactors (SMRs) to Virginia. Appalachian Power representatives identified a potential site for an SMR project on company-owned Joshua Falls property in Campbell County, Virginia, and plan to begin the Early Site Permit Application process. This site provides access to existing electrical infrastructure that is necessary for a generation project. The site includes a 765 kilovolt substation and nearby roadways can support moving the necessary equipment onsite.
November 06, 2024
AEP Reports Third-Quarter 2024 Earnings, Introduces New Growth Rate and Capital Plan
- Third-quarter 2024 GAAP earnings of $1.80 per share; operating earnings of $1.85 per share
- Narrows 2024 operating earnings (non-GAAP) guidance to $5.58 to $5.68 per share, maintaining $5.63 midpoint
- Announces new long-term growth rate of 6% to 8% based off of 2025 operating earnings guidance of $5.75 to $5.95 per share
- Expands five-year capital plan to $54 billion to support reliability and demand growth