AEP Releases 2021 Corporate Accountability Report

Rhea-AI Summary

American Electric Power (AEP) released its 2021 Corporate Accountability Report, marking 15 years of sustainability reporting. The report emphasizes AEP's commitment to clean, reliable energy, targeting an 80% reduction in emissions by 2030 and net zero by 2050. AEP plans to add 16,600 MW of renewable energy by 2030, aiming for 51% of total capacity from renewables. The AEP Foundation contributed nearly $4 million in COVID-19 emergency funds and launched a $5 million grant program for equity and justice initiatives.

Positive

• Commitment to 80% emissions reduction by 2030 and net zero by 2050.
• Plan to add 16,600 MW of renewable energy by 2030, shifting 51% of total capacity to renewables.
• Significant contributions of $4 million in COVID-related emergency funds and a $5 million grant program for equity.

Negative

• None.

COLUMBUS, Ohio, May 19, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) issued its 2021 Corporate Accountability Report, an annual assessment of its performance as a public company and a community partner. This report marks AEP's 15th year of sustainability and environmental, social and governance (ESG) disclosure, demonstrating its commitment to reporting the company's progress toward a sustainable energy future.

The report's theme, "Building a Clean Energy Future Together", highlights AEP's dedication to delivering clean, reliable and affordable energy to its customers, while also empowering positive change in the communities it serves.

In February, AEP announced a commitment to achieve an 80% reduction in emissions by 2030 from its 2000 baseline and reach net zero emissions by 2050. The company continues to reduce its carbon footprint, investing in renewable energy and building a more modern, resilient energy grid.

"Our vision for a clean energy future is accelerating with our new Future Forward strategy. Under our proposed plan, which must be approved by regulators, AEP would add nearly 16,600 MW of new, clean wind and solar generation to our regulated fleet by 2030. We will do it by building upon our long history of industry leadership in power generation and 765-kV transmission innovation. In less than a decade from now, our plan would shift 51% of our total capacity to renewables. These investments will transform the electric system while ensuring its reliability, affordability and resilience," said Nicholas K. Akins, AEP's chairman, president and chief executive officer, in the report's introduction.

In 2020, AEP helped customers navigate financial uncertainty due to the COVID-19 pandemic. The AEP Foundation also donated nearly $4 million in COVID-related emergency funds to support basic human needs and help address the hardships faced by customers and communities. As part of the racial and social justice movement, AEP accelerated efforts to address diversity, equity and inclusion, both within its workforce and in the communities it serves. In 2021, the AEP Foundation launched a five-year, $5 million grant program to help fund organizations focused on advancing equity and racial justice.

"The pandemic confirmed the life-saving power of a resilient, reliable and affordable electric system for all. More than ever, we are committed to delivering a sustainable energy future that is inclusive, reliable and clean. We are amplifying our advocacy for social justice in our communities and supporting change and equity through visible actions. No matter the challenge, our plan puts people first. Together, we will achieve environmental sustainability, and work to actualize economic empowerment and social justice. Together, we will also transition to a clean energy future," said Akins.

The report also provides access through AEP's ESG Data Center to more than 250 of the most commonly requested metrics about the company's performance.

View the 2021 Corporate Accountability Report and learn more about AEP's sustainable development strategy.

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 approximately 16,800 employees operate and maintain the nation's largest electricity transmission system and more than 223,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.5 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 30,000 megawatts of diverse generating capacity, including more than 5,500 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, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners, and AEP Renewables, which provide innovative competitive energy solutions nationwide. For more information, visit aep.com.

 

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SOURCE American Electric Power

FAQ

What are the key highlights from AEP's 2021 Corporate Accountability Report?

AEP's 2021 report focuses on sustainability, committing to an 80% emissions reduction by 2030 and net zero by 2050, with plans for significant renewable energy expansion.

How much renewable energy does AEP plan to add by 2030?

AEP plans to add nearly 16,600 MW of new renewable energy by 2030.

What financial support did AEP provide during the COVID-19 pandemic?

AEP donated nearly $4 million in emergency funds to assist customers and communities during the COVID-19 pandemic.

What is AEP's commitment towards social justice in 2021?

In 2021, AEP launched a $5 million grant program focused on advancing equity and racial justice.