Second North Central Wind Project Begins Commercial Operation

Rhea-AI Summary

American Electric Power's (AEP) 287-MW Maverick Wind Energy Center in Oklahoma has commenced commercial operations, contributing to the North Central Energy Facilities. This project, alongside the 199-MW Sundance (operational since April 2021) and the upcoming 999-MW Traverse, will provide 1,485 MW of clean energy. Collectively, these projects are expected to save AEP's customers $3 billion over 30 years. AEP plans to increase its renewable resources to 50% of total capacity by 2030, with a goal of achieving net zero emissions by 2050.

Positive

• Maverick Wind Energy Center began commercial operation, contributing 287 MW to AEP's capacity.
• North Central Energy Facilities will save customers an estimated $3 billion in electricity costs over 30 years.
• Combined investment of $2 billion in U.S. economy through job creation and tax revenue.
• AEP aims for 50% of its total capacity to come from renewable sources by 2030.

Negative

• None.

COLUMBUS, Ohio, Sept. 10, 2021 /PRNewswire/ -- American Electric Power's (Nasdaq: AEP) 287-megawatt (MW) Maverick Wind Energy Center in north central Oklahoma has begun commercial operation. Located southwest of Enid, Oklahoma, Maverick is one of three wind projects that compose the North Central Energy Facilities, which will provide 1,485 MW of clean energy to customers of AEP's Public Service Company of Oklahoma (PSO) and Southwestern Electric Power Company (SWEPCO) subsidiaries.

In addition to Maverick, North Central Energy Facilities include the 199-MW Sundance project, which began commercial operation in April 2021, and the 999-MW Traverse project, which is expected to begin operation in early 2022. The projects will save PSO and SWEPCO customers in Arkansas, Louisiana and Oklahoma an estimated $3 billion in electricity costs over the next 30 years. Invenergy is developing the North Central Energy Facilities, and PSO and SWEPCO assume ownership of each of the three wind projects following their commercial operation. 

"Maverick's commercial operation brings us one step closer to the completion of North Central and to delivering more clean, reliable energy to our customers," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "North Central's three wind projects will create enough energy to power 440,000 homes and will be a valuable asset in AEP's generation portfolio as we work to add nearly 16,600 megawatts of regulated wind and solar resources through 2030."

The combined North Central wind projects represent a $2 billion investment in the U.S. economy through jobs in manufacturing, construction, operations and maintenance, in addition to generating property tax revenue and lease payments for landowners.

American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. 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 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 30,000 megawatts of diverse generating capacity, including more than 5,600 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

FAQ

What is the capacity of the Maverick Wind Energy Center?

The Maverick Wind Energy Center has a capacity of 287 megawatts (MW).

When did the Maverick Wind Energy Center begin commercial operation?

The Maverick Wind Energy Center began commercial operation on September 10, 2021.

How much electricity will the North Central Energy Facilities provide?

The North Central Energy Facilities will provide 1,485 MW of clean energy.

What is the estimated savings for customers from these projects?

The projects are estimated to save customers $3 billion over the next 30 years.

What are AEP's plans for renewable energy by 2030?

AEP plans to increase its renewable energy resources to approximately 50% of total capacity by 2030.