AEP Provides Update On Divesting Non-regulated Renewables Business, Assets -- EnergyChoiceMatters.com

AEP Provides Update On Divesting Non-regulated Renewables Business, Assets

April 28, 2022

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Reporting by Paul Ring • ring@energychoicematters.com

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In announcing first quarter earnings today, AEP provided an update on its previously announced decision to sell all or a portion of its unregulated contracted renewables portfolio

AEP's decision to sell the non-regulated renewables business had been first announced in February (story here)

"Our long-term focus on making investments that enhance service for our customers, support the clean energy transition and advance new technologies continues to drive value for our customers, communities and investors," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "AEP is delivering on our strategic initiatives to transform the energy system for the future while de-risking and simplifying the company," Akins said

"On the unregulated side of the business, we have executed an agreement to sell a solar development site in Ohio and have signed a term sheet to sell five additional wind and solar sites that are in development in the Midwest. Separately, we're preparing to market our 1,600-megawatt portfolio of unregulated contracted renewables in the second half of 2022, with sale proceeds directed toward additional investment opportunities in our regulated businesses. We already have shifted $1.5 billion in capital to transmission, bringing our planned 5-year capital spend to $14.4 billion in transmission and $10.4 billion in distribution," Akins said.

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