CHARLESTON, WV (LOOTPRESS) – Appalachian Power (APCo) customers will benefit from reduced financing costs for projects to rebuild or replace transmission lines serving 460,000 West Virginia customers through a loan guarantee administered by the U.S. Department of Energy’s Loan Program Office (LPO).
American Electric Power (Nasdaq: AEP) today closed on loans totaling $1.6 billion to replace or rebuild nearly 5,000 miles of transmission lines across five states to meet the growing energy needs of customers and communities.
“The upgrades will provide enhanced reliability for customers and facilitate new economic growth in our communities by bringing additional power capacity to these regions,” said Aaron Walker, APCo president and chief operating officer.
The upgrades were previously identified as necessary to support data center and artificial intelligence development, representing a generational opportunity in the states and communities APCo serves. Seeking low-cost federal funding opportunities and implementing rate structures for new large load customers that ensure they are supporting infrastructure investment are some of the ways APCo is working to reduce rate impacts for customers.
“This investment will result in a more reliable electric grid for the communities APCo serves, ensuring power is there for customers when they need it,” Walker said.
These projects will use existing easements and rights-of-way as much as possible to install new lines capable of carrying more energy. APCo will work with local communities and landowners in siting these transmission lines that will power technology advancement and facilitate economic development for the states and communities APCo serves.
