AEP SEEKS BIDS FOR NATURAL GAS STORAGE SERVICE

Rhea-AI Summary

American Electric Power (AEP) has issued a Request for Proposal (RFP) for firm physical natural gas storage service. The RFP is for a two-year term, starting April 1, 2023, and ending March 31, 2025. Interested parties must submit proposals by December 14, 2022. A technical conference will be held on October 25, 2022, at 1:30 p.m. CT. AEP aims for growth in its renewable energy capacity to approximately 50% by 2030, with a target of an 80% reduction in carbon emissions by 2030 and achieving net zero emissions by 2045.

Positive

• Request for Proposal for natural gas storage could lead to potential cost savings.
• Focus on increasing renewable energy capacity aligns with market trends toward sustainability.

Negative

• None.

COLUMBUS, Ohio, Oct. 10, 2022 /PRNewswire/ -- American Electric Power (Nasdaq: AEP), on behalf of its subsidiary Public Service Company of Oklahoma, today issued a request for proposal (RFP) for firm physical natural gas storage service.

Proposals for natural gas storage service are sought for a two-year term, beginning April 1, 2023 and ending March 31, 2025. The proposed natural gas storage facility must have a standard receipt point on the Enable Oklahoma Intrastate Transmission pipeline system.

The company will hold a technical conference for interested parties Tuesday, Oct. 25, 2022 at 1:30 p.m. CT. Proposals must be submitted via e-mail to aepfuelsrfp@aep.com by 5 p.m. CT, Wednesday, Dec. 14, 2022. Interested parties may contact Clint Stutler at 614-395-3562 with questions.

View full details about the Request for Proposal.

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 7,100 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 2005 levels by 2030 and has committed to achieving net zero by 2045. 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

FAQ

What is the purpose of AEP's RFP for natural gas storage?

AEP seeks proposals for firm physical natural gas storage service for a two-year term.

When is the deadline for submitting proposals to AEP?

Proposals must be submitted by 5 p.m. CT on December 14, 2022.

When will AEP hold the technical conference regarding the RFP?

The technical conference will be held on October 25, 2022, at 1:30 p.m. CT.

How does AEP plan to enhance its renewable energy portfolio?

AEP aims to grow its renewable generation portfolio to approximately 50% of total capacity by 2030.

What are AEP's emissions reduction targets?

AEP targets an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and aims for net zero by 2045.