COLUMBUS, Ohio, Dec. 30, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today completed the sale of Racine Plant, a 48-megawatt (MW) hydroelectric facility in Racine, Ohio, from AEP Generation Resources, the company's competitive generation affiliate, to Eagle Creek Renewable Energy.
AEP announced Feb. 9, 2021, that it had reached an agreement to sell the plant. The Federal Energy Regulatory Commission approved the transfer on Dec. 17. Due to the competitive nature of the transaction, the sale price will not be disclosed.
The sale of Racine Hydro furthers AEP's ongoing focus on its regulated business operations, infrastructure and energy innovations. With the completion of this transaction, AEP Generation Resources' only remaining competitive facility is Cardinal Plant's 595-MW Unit 1, which is scheduled for retirement in 2028.
American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP's approximately 16,700 employees operate and maintain the nation's largest electricity transmission system and more than 224,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 31,000 megawatts of diverse generating capacity, including more than 5,900 megawatts of renewable energy. The company's plans include growing its renewable generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and has committed to achieving net zero by 2050. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity and inclusion. 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, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.
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SOURCE American Electric Power