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AEP to invest $17.7 billion into upgrading power grid
- 6 years ago (2018-04-25)
- David Flin
Nicholas Akins, Chairman, President and CEO of AEP of Ohio, USA, said that the company would invest $17.7 billion over the next three years into strengthening its grid network. This would include $12.8 billion in transmission and distribution systems, and $1.7 billion in renewable energy. AEP owns seven utilities, and it operates in 11 states in the USA.
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Akins said: “Any time we can invest in transmission and distribution is a huge opportunity for us to improve the quality of service to our customers, and we’ve been successful in doing that.”
While it provides 33 GW of generating capacity, AEP has been shifting its business towards distribution. Last year, it sold four power plants, transferred ownership of two others, and plans to retire a co-owned plant in June.