Traverse Wind Energy Center Begins Delivering Savings to Customers

Rhea-AI Summary

American Electric Power (Nasdaq: AEP) has commenced operations at the 998-MW Traverse Wind Energy Center, the largest single wind farm ever constructed in North America. This project will generate 3.8 million megawatt-hours of clean energy annually for customers in Arkansas, Louisiana, and Oklahoma. As part of the North Central Energy Facilities, Traverse aims to save customers $3 billion in electricity costs over 30 years. AEP plans to invest $8.2 billion in regulated renewables and expand its renewable generation portfolio to 50% by 2030, ensuring a transition to a cleaner energy future.

Positive

• Traverse Wind Energy Center is expected to generate 3.8 million megawatt-hours annually.
• The project is part of an initiative that will save customers an estimated $3 billion in electricity costs over 30 years.
• AEP is investing $8.2 billion in regulated renewables through 2026 to modernize the grid.
• The company plans to add approximately 16,000 MW of wind and solar capacity by 2030.

Negative

• None.

The 998-MW Traverse project is the largest single wind farm ever built at one time in North America

COLUMBUS, Ohio, March 21, 2022 /PRNewswire/ -- American Electric Power's (Nasdaq: AEP) 998-megawatt (MW) Traverse Wind Energy Center, the largest single wind farm built at one time in North America and one of the largest wind facilities worldwide, is now providing clean energy to customers in Arkansas, Louisiana and Oklahoma.

Traverse is expected to generate 3.8 million megawatt-hours annually for AEP's Public Service Company of Oklahoma (PSO) and Southwestern Electric Power Company (SWEPCO) customers in Oklahoma, Arkansas and Louisiana. The 356-turbine facility spans Blaine and Custer counties in north central Oklahoma.

Traverse is the third and final wind project to compose the North Central Energy Facilities, which provide 1,484 MW of clean energy and will save customers an estimated $3 billion in electricity costs over the next 30 years.

"Traverse is part of the next chapter in AEP's transition to a clean energy future. The commercial operation of Traverse – the largest single wind farm ever built at once in North America – and the completion of the North Central Energy Facilities is a significant milestone in our efforts to provide clean, reliable power to our customers while saving them money," said Nicholas K. Akins, AEP chairman, president and chief executive officer. "AEP is investing $8.2 billion in regulated renewables and nearly $25 billion in the transmission and distribution systems through 2026 to modernize the grid, enhance reliability and resilience and deliver more emissions-free energy to our customers. Including North Central, we plan to add approximately 16,000 MW of wind and solar in our regulated states by 2030 as part of our goal to achieve net zero carbon emissions by 2050."

The North Central Energy Facilities also include the 199-MW Sundance and 287-MW Maverick wind projects, which began commercial operation in April and September 2021 respectively.

Traverse, Maverick and Sundance 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. The projects were developed by Invenergy and are owned by PSO and SWEPCO.

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 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 Traverse Wind Energy Center?

The Traverse Wind Energy Center is a 998-MW wind farm that is the largest single wind farm ever built in North America, providing clean energy to customers in Arkansas, Louisiana, and Oklahoma.

How much energy will the Traverse project generate?

The Traverse project is expected to generate 3.8 million megawatt-hours of clean energy annually.

What is the financial impact of the Traverse project on customers?

The Traverse project will save customers an estimated $3 billion in electricity costs over the next 30 years.

What are AEP's renewable energy investment plans?

AEP plans to invest $8.2 billion in regulated renewables and aims to add approximately 16,000 MW of wind and solar capacity by 2030.