COLUMBUS, Ohio, May 17, 2023
/PRNewswire/ -- American Electric Power (Nasdaq: AEP) issued the
2023 Corporate Sustainability Report, an annual assessment of its
performance as a public company and community partner. This report
marks AEP's 17th year of environmental, social and
governance (ESG) disclosure, demonstrating its commitment to
reporting the company's progress toward a sustainable energy
future.
The report's theme, "Delivering the Power of Opportunity",
reflects AEP's sustainable growth strategy, which is focused on a
clean and just transition; environmental compliance and
stewardship; employee well-being and engagement; social justice and
equity; and strong and effective corporate governance.
In 2022, AEP adjusted its near-term carbon dioxide emission
reduction target from a 2000 baseline to a 2005 baseline, upgraded
its 80% reduction by 2030 target to include full Scope 1 emissions
and accelerated its net zero goal by five years to 2045. The
company plans to reach net zero emissions by investing in renewable
generation and energy storage, supporting expanded grid
development, exploring emerging low- and zero-emission generation
technologies, and steadily reducing emissions over time.
"Our goal to achieve net zero greenhouse gas emissions by 2045
will require an "all of the above" strategy that is focused on
investing in our people, our communities and the grid. We are
already making significant progress. We've achieved a 66% reduction
in Scope 1 GHG emissions since 2005 and retired or sold nearly
13,500 megawatts of coal-fueled generation over the past decade,"
said Julie Sloat, AEP's president
and chief executive officer, in the report's introduction.
The company also is capitalizing on federal support for clean
energy investments, which include the bipartisan Infrastructure
Investment and Jobs Act and the Inflation Reduction Act. These
grants will help support AEP's efforts to upgrade infrastructure
and improve resilience, expand access to high-speed broadband for
rural communities and invest in clean energy technologies.
AEP is committed to capacity building and economic
diversification to create long-term sustainable growth for its
customers, communities and the company. In 2022, AEP helped attract
101 new customer projects and $28
billion in capital investment across its 11-state service
territory.
"We're seeing the tangible benefits of our long-term, strategic
economic development program, despite global economic uncertainty
and inflationary cost pressures. Normalized industrial sales were
up 4.5% largely because of our efforts. This includes the added
benefits of attracting jobs, tax revenue and new residents, all of
which provide cascading benefits to help keep customer rates low
and our communities strong," said Sloat.
The report also provides access through AEP's ESG Data
Center to the most requested metrics about the company's
performance.
View the 2023 Corporate Sustainability Report and learn
more about AEP's sustainable development strategy.
American Electric Power, based in Columbus, Ohio, is powering a cleaner,
brighter energy future for its customers and communities. AEP's
approximately 17,000 employees operate and maintain the nation's
largest electricity transmission system and more than 225,000 miles
of distribution lines to safely deliver reliable and affordable
power to 5.6 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 7,000 megawatts of renewable energy. The
company's plans include growing its renewable generation portfolio
to approximately 50% of total capacity by 2032. 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