The following is a press release from American Electric Power.
Company remains focused on 5-7 percent earnings growth through investments to improve service for customers
COLUMBUS, Ohio, July 27, 2018 – American Electric Power (NYSE: AEP) is canceling the Wind Catcher project as a result of the Public Utility Commission of Texas’ July 26 decision to deny approval of the project. The project had been approved by the Arkansas Public Service Commission, Louisiana Public Service Commission and Federal Energy Regulatory Commission. A decision was pending at the Oklahoma Corporation Commission.
“We are disappointed that we will not be able to move forward with Wind Catcher, which was a great opportunity to provide more clean energy, lower electricity costs and a more diverse energy resource mix for our customers in Arkansas, Louisiana, Oklahoma and Texas,” said Nicholas K. Akins, AEP chairman, president and chief executive officer. “To realize the full benefits of Wind Catcher for customers, timely approvals were required from all jurisdictions so we could complete the project by the end of 2020 and be eligible for 100 percent of the federal production tax credit. We want to thank our employees and our partners for all of their work on the development of the Wind Catcher project.
“The strategic investments we are making in AEP’s regulated businesses will continue to support our 5 percent to 7 percent earnings growth rate. We are investing in a cleaner, smarter energy system for our customers and will continue to pursue opportunities to provide the new energy resources and technology solutions that bring value to our customers.”
AEP plans to invest $24 billion in 2018 through 2021 to rebuild and enhance aging infrastructure, add advanced technologies to the energy system and create a more reliable and resilient grid to enhance service for customers.
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 more than 17,000 employees operate and maintain the nation’s largest electricity transmission system and more than 224,000 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 33,000 megawatts of diverse generating capacity, including 4,200 megawatts of renewable energy. 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.