American Electric Power said this week it intends to invest nearly $18 billion in its core regulated businesses in the coming three years.
The Tulsa-based company indicated it will not include the $4.5 billion Wind Catcher project to carry electricity from the Oklahoma Panhandle to near Tulsa. The 2,000 mW wind farm will be owned by AEP subsidiaries Public Service Company of Oklahoma and Southwestern Electric Power Company.
Earlier this week, PSO reached agreement with two original opponents to push for state approval of what would become the nation’s largest wind farm.
ARP Chairman, President and CEO Nicholas K. Akins addressed shareholders in Columbus, Ohio and said the $18 billion investment includes $13 billion for transmission and distribution systems and also $1.7 billion for renewable energy.
“AEP is positioned as a premier regulated energy company, with nearly all of our forecasted earnings coming from our regulated businesses,” Akins said.
“Our 17,600 employees are focused on providing innovative energy solutions to our customers, integrating new technologies and building a smarter, cleaner and more resilient energy system.
“These investments will continue to support our operating earnings growth rate of 5 percent to 7 percent,” Akins added