COLUMBUS, Ohio, Sept. 28, 2020 /PRNewswire/ -- American Electric
Power (NYSE: AEP) today announced that it will accelerate its
electric vehicle purchases with the goal of replacing 100% of its
2,300 cars and light-duty trucks with EV alternatives by 2030.
AEP's total fleet is composed of nearly 8,000 vehicles, including
medium- and heavy- duty vehicles. By converting medium- and
heavy-duty vehicles as electric or hybrid models become available,
AEP will achieve its goal of electrifying 40% of its entire on-road
vehicle fleet in less than 10 years.
"AEP has made great progress in reducing the carbon dioxide
output of our power generation fleet, cutting emissions by 65%
since 2000 and setting a goal to achieve a more than an 80%
reduction, and aspiring to be net-zero, by 2050," said Nicholas K. Akins, AEP chairman, president and
chief executive officer. "Through our commitment to transitioning
to electric vehicles, we will cut tailpipe emissions, reduce
operating costs, and encourage other companies that rely on large
vehicle fleets to switch to battery or hybrid vehicles."
AEP estimates that it will avoid using more than 10 million
gallons of fuel, amounting to a $40
million savings in fuel costs over the life of the
vehicles.
Transitioning light-duty vehicles to EVs has been part of AEP's
fleet strategy and will now become the standard across its
subsidiaries. AEP will begin to transition medium- and heavy-duty
vehicles, as well as off-road equipment, as electric and hybrid
alternatives become available. In addition, AEP will electrify 50%
of its forklifts by 2030.
Encouraging the Switch to EVs
AEP's fleet currently consists of 85 EVs, and employees are able
to utilize more than 230 charging ports installed at locations
throughout its 11-state service territory.
AEP is also working with customers and communities to share the
benefits of electric transportation and support EV adoption. The
company has created programs, such as incentives for charging
station installations, off-peak charging programs, energy
efficiency rebates, and consultative services to encourage
electrification.
For example, AEP Ohio is deploying 375 charging stations in
partnership with local governments, workplaces, multi-family
dwellings, and low-income areas to increase publicly-available
charging sites and demonstrate the benefit of public-private
partnerships. Indiana Michigan Power customers can
participate in rebate programs that reduce EV charging
infrastructure costs and use EV-specific off-peak rates to reduce
their charging costs. Residential customers of Appalachian
Power Company in Virginia can also
take advantage of EV-specific off-peak charging rates.
Residential customers of Public Service Company of
Oklahoma and Southwestern Electric
Power Company in Louisiana and
Texas are eligible for energy
efficiency rebates on qualified EV chargers. AEP subsidiaries
continue to develop and deploy programs to optimize the electric
grid and bring the benefits of electric transportation to all
customers.
In addition, AEP has partnered with ChargePoint™ to offer
tailored evaluations for commercial and industrial customers
considering electrifying their fleets. This partnership offers
customers the opportunity to learn about available incentives, the
latest in charging technologies, and how to ensure that the local
utility grid is utilized efficiently. Fleet electrification offers
many advantages, but requires companies to evaluate their site,
their local electric facilities and navigate a wide array of
charging equipment options. This partnership helps streamline the
information gathering and decision-making process for businesses
interested in switching their fleets to EVs.
Customers can learn more about AEP's sustainability plan by
visiting AEPsustainability.com.
American Electric Power, based in Columbus, Ohio, is focused on building a
smarter energy infrastructure and delivering new technologies and
custom energy solutions to our customers. AEP's approximately
17,400 employees operate and maintain the nation's largest
electricity transmission system and more than 221,000 miles of
distribution lines to efficiently deliver safe, reliable power to
nearly 5.5 million regulated customers in 11 states. AEP also is
one of the nation's largest electricity producers with more than
30,000 megawatts of diverse generating capacity, including
approximately 5,300 megawatts of renewable energy. 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, AEP Energy Partners,
AEP OnSite Partners, and AEP Renewables, which provide innovative
competitive energy solutions nationwide. For more information,
visit aep.com.
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SOURCE American Electric Power