AEP Ohio pledges to develop 900 MW of renewables in 5 years
Dec 17, 2015 16:05 CET
December 17 – US utility American Electric Power Co Inc (NYSE:AEP) has committed to install 900 MW of renewable power capacity in Ohio so as to please opponents of an eight-year off-take contract tied to coal-fired power plants.
AEP Ohio has pledged to develop at least 500 MW of wind and 400 MW of solar projects over the next five years.
On Monday, the company filed with the Public Utilities Commission of Ohio (PUCO) a stipulated agreement in support of its expanded power purchase agreement (PPA). One condition included in the deal with former opponents such as Sierra Club is that AEP Ohio should retire, refuel or repower some coal-fired plants to only use natural gas by the end of 2029 and 2030.
“We are pleased to have reached an agreement on a comprehensive plan that helps ensure more stable electricity prices for Ohio consumers and promotes a reliable and diverse generation supply to support the Ohio economy,” said Pablo Vegas, AEP Ohio president and chief operating officer.
AEP Ohio said that in the first year the agreement would involve a monthly rise of USD 0.62 (EUR 0.57) for a residential customer using 1 MWh of electricity. The firm, however, added that thanks to its recently implemented Electric Security Plan, customers will save an average of USD 9 per month compared to the same period a year ago.
The PUCO is expected to rule on the stipulated deal early next year.
(USD 1.0 = EUR 0.922)
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