I&M Seeks Detailed Proposals for 1,300 MW of Solar, Wind Energy

Rhea-AI Summary

Indiana Michigan Power, part of American Electric Power (AEP), has issued a request for proposals (RFP) for projects to generate 1,300 MW of renewable energy, including 800 MW of wind and 500 MW of solar power. The projects aim to enhance I&M's power generation diversity and are expected to begin generating electricity by 2024. Proposals are due by April 21, and contracts will be finalized by the end of 2022. This initiative aligns with I&M's Powering the Next Tomorrow plan and emphasizes local economic benefits.

Positive

• Initiative for 1,300 MW of new renewable energy generation.
• Projects aim to stabilize energy costs and reduce emissions.
• Plans to begin online operations by the end of 2024.

Negative

• None.

• First Step in Implementing I&M's Powering the Next Tomorrow Plan
• Clean Energy Facilities Will Begin Generating Electricity as Early as 2024

FORT WAYNE, Ind., March 15, 2022 /PRNewswire/ -- Indiana Michigan Power, an American Electric Power (Nasdaq: AEP) company, has issued a request for proposals (RFP) for facilities that will generate approximately 800 megawatts (MW) of wind energy and approximately 500 MW of solar power.

I&M's invitation for bids offers private sector developers the opportunity to propose the best and most cost-effective projects to add significant renewable energy resources to I&M's diverse generation fleet. I&M currently operates five solar farms and purchases power from four Indiana wind farms. In 2021, more than 80% of the energy I&M generated was emission-free.

The resources being sought in this RFP align with I&M's Powering the Next Tomorrow plan.  Powering the Next Tomorrow was described in I&M's Integrated Resource Plan, which was submitted to state utility regulatory commissions in both Indiana and Michigan earlier in 2022. I&M expects some of the new renewable resources to be online by as early as the end of 2024 and the full 1,300 MW to be online as early as the end of 2025.

"This RFP is designed to provide qualified developers the opportunity to bring forward wind and solar projects that can be used to serve Indiana Michigan Power customers," said Dave Lucas, I&M vice president for Regulatory and Finance. "These new resources will combine with I&M's existing generation to provide an even more diversified and flexible generation portfolio that will stabilize energy costs over time, stimulate economic growth, reduce emissions and take advantage of new technologies."

Indiana Michigan Power's RFP is open and non-discriminatory, which provides bidders the opportunity to submit proposals that incorporate battery storage, emerging technologies and other resources to supplement the portfolio and provide for optimum performance and affordability.

I&M prefers projects that will provide economic benefit to the states of Indiana and/or Michigan and encourages the use of local resources where feasible. The RFP also calls for successful bidders to use reasonable efforts to utilize small and diverse suppliers as subcontractors for work.

The RFP calls for solar projects within Indiana and/or Michigan, while wind projects – which require availability of large amounts of land – can be in those states as well as Illinois or Ohio.

Bids are due April 21, and I&M plans to have contracts with the successful developers by the end of 2022. The selected resources will be submitted to state regulatory commissions in Indiana and Michigan for their review and approval.

I&M has engaged Charles River Associates to serve as an independent monitor for the RFP and incorporate input from groups representing customers and other stakeholders into the competitive procurement process.

ABOUT INDIANA MICHIGAN POWER: Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its approximately 2,100 employees serve more than 600,000 customers. More than 80% of its energy delivered in 2021 was emission-free.  I&M has at its availability various sources of generation including 2,278 MW of nuclear generation in Michigan, 450 MW of purchased wind generation from Indiana, more than 22 MW of hydro generation in both states, nearly 35 MW of large-scale solar generation in both states, and 2,620 MW of coal-fueled generation in Indiana.

ABOUT AMERICAN ELECTRIC POWER: 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 6,100 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 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.

News releases and other information about I&M are available at IndianaMichiganPower.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/im-seeks-detailed-proposals-for-1-300-mw-of-solar-wind-energy-301503013.html

SOURCE Indiana Michigan Power

FAQ

What is the purpose of Indiana Michigan Power's RFP?

The RFP seeks proposals for 1,300 MW of wind and solar energy to diversify I&M's generation portfolio and enhance renewable energy resources.

When is the deadline for submitting proposals to AEP's RFP?

The deadline for submitting proposals is April 21.

What is the expected timeline for the new renewable resources?

I&M expects some resources to begin generating electricity by the end of 2024 and complete all projects by the end of 2025.

How does this RFP align with AEP's sustainability goals?

This RFP supports AEP's objective to increase its renewable energy capacity to approximately 50% by 2030, contributing to a cleaner energy future.

What types of energy projects are being sought in the RFP?

The RFP is looking for 800 MW of wind energy and 500 MW of solar power projects.