American Electric Power seeks 1GW portfolio authorization

Nov 18, 2022 12:32 PM ET
  • Power as well as circulation company plans to buy Texas as well as Kansas wind and also solar projects
American Electric Power seeks 1GW portfolio authorization
Image: Pixabay

American Electric Power-backed Public Service Company of Oklahoma (PSO) has actually asked the Oklahoma Corporation Commission (OCC) to authorize its fuel-free power strategy to acquire three new wind farms and 3 new solar facilities.

This proposed strategy will certainly aid satisfy projected power demands while safeguarding clients from volatility in power prices driven by high natural gas as well as power costs.

The fuel-free power strategy would fund the acquisition of an overall of 995.5 MW of new, affordable renewable energy as well as consists of a complete Investment of $2.47 bn. The 6 projects were picked through an affordable bidding process.

The projects are the 265MW Lazbuddie wind in Texas as well as the 189MW Pixley solar in Kansas, which are expected to be finished in April 2025.

An additional four centers are arranged for completion in December 2025. These are the 135MW Flat Ridge IV wind, 153MW Flat Ridge V wind, the 103.5 MW Chisholm Trail solar, all in Kansas, and also the 150MW Algodon solar in Texas.

These sources will certainly assist provide long-lasting stability in electricity expenses, shielding consumers from future market value volatility of natural gas and also acquired power via the addition of fuel-free power generation.

After all the facilities are on-line by the end of 2025, an average domestic consumer would certainly see an approximated initial monthly bill rise of $3.48 (2.6%).

Due to continuous market volatility, it is challenging to project the precise impact on consumer bills as prices will certainly continue to fluctuate based upon variables like supply chain problems and also fuel prices.

The extra generating capacity is required to fulfill the power requirements of PSO consumers. That requirement has raised as a result of new rules from the Southwest Power Pool (SPP) that require energies to have available extra generation capacity to support dependability.

" At PSO we recognize the relevance of providing budget-friendly solution and through this plan, we are delighted to maintain delivering on that particular commitment to our clients," said PSO President as well as Chief Operating Officer Leigh Anne Strahler.

" This investment in fuel-free power is another action in our initiatives to secure our customers against high prices while meeting their power requires."

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