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AEP-News
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Jacobs Selected by AEP for $37B Transmission Project
Jacobs (J) was selected by American Electric Power (AEP) to provide integrated program delivery services supporting the utility's expanding transmission portfolio across its Eastern region that includes seven states. Over the next five years, this strategic collaboration will help AEP execute its planned $37B transmission investment. Jacobs' scope will include end-to-end project delivery for a portfolio of transmission infrastructure projects across Indiana, Michigan, Ohio, Kentucky, Tennessee, West Virginia and Virginia. Delivery is underway and will continue to ramp up to support AEP's growing project portfolio.
American Electric Power Increases Quarterly Cash Dividend to $0.97
The Board of Directors of American Electric Power has declared a regular quarterly cash dividend of 97c per share on the company's common stock, an increase of 2c per share. The dividend is payable Dec. 10 to shareholders of record as of Nov. 10.
X-Energy and AEP Collaborate on 960 MW Small Modular Reactor Development
X-Energy (XE) and American Electric (AEP) announced a joint development agreement to advance feasibility work for a proposed 960 MW Xe-100 small modular reactor, or SMR, project in Indiana. Amazon (AMZN) will provide certain project development funding for the effort, marking the second commercial deployment under X-energy and Amazon's collaboration aimed at bringing more than 5 GW of new nuclear capacity to the U.S. grid by 2039. X-energy and AEP will evaluate the development of a 12-unit Xe-100 plant near the former site of the retired Breed Generating Station in Sullivan County, Indiana. The proposed project would redevelop the AEP-owned brownfield site for advanced nuclear power, adding clean baseload capacity to help meet growing demand for safe, reliable energy across Indiana and the region. The proposed project combines AEP's power generation and nuclear operating expertise, Amazon's milestone-based development capital, and X-energy's advanced nuclear technology to deliver a clean, safe, long-term energy solution. Building on Amazon's investment in, and ongoing collaboration with X-energy, the project is intended to be a second grid-scale partnership to support grid reliability with new clean generating capacity, joining Energy Northwest's Cascade Advanced Energy Facility in Washington State.
American Electric Power Partners with X-energy for 960 MW Nuclear Project
As energy demand grows, American Electric Power (AEP) is exploring new ways to bring reliable power to the grid while prioritizing affordability for Indiana Michigan Power customers and mitigating business risk. AEP announced a joint development agreement with X-energy (XE) to evaluate the feasibility of constructing a 960-megawatt advanced nuclear energy project at a former coal plant site in Sullivan County, Indiana. Amazon (AMZN) is supporting the project's development through a funding agreement. If the development project reaches a final investment decision and moves forward with construction and commercial operation, the completed facility would add safe, clean, reliable electricity to the grid using X-energy's Xe-100 small modular reactor technology. Amazon intends to purchase the power under a long-term contract, covering the costs of the facility and its operations for the duration of the contract. This collaboration combines AEP's power generation and nuclear operating expertise, Amazon's commitment to development capital and long-term power purchase, and X-energy's advanced nuclear technology to explore the development of a clean, safe, long-term energy solution to benefit customers and foster economic development in Indiana.
American Electric Power Invests $4B in Fuel Cell Project
American Electric Power (AEP) announced plans to invest approximately $4B to advance a new 702-megawatt fuel cell generation project near Cheyenne, Wyoming, under a long-term 20-year power purchase agreement, or PPA, with Google (GOOGL), calling this "a significant step in AEP's strategy to serve growing demand from large-scale customers." AEP stated: "Under the PPA, Google will acquire power from Cheyenne Fuel Cell, which is approximately 92% owned and controlled by AEP, and nearly 8% owned by funds advised by Basalt Infrastructure Partners. AEP and its partners plan to start construction in 2026, and the facility is expected to be fully operational by the end of 2028. AEP's development and construction of this fuel cell generation facility is supporting Google's growing energy needs in the greater Cheyenne area. The planned facility uses advanced fuel cell technology developed by Bloom Energy that can be deployed rapidly and provide reliable, on-demand power to meet the needs of large-load customers. The technology generates electricity without combustion of natural gas, and the project includes plans to integrate carbon capture technology to deliver reliable, near-zero-emissions power."
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