American Electric to invest USD4 billion and sell power to Google

(AWP Alliance News) - American Electric Power Co Inc will sell electricity to Alphabet Inc's Google, the Columbus, Ohio based electric utility company announced Wednesday.

AEP said it plans to invest about USD4 billion to develop a 702-megawatt power plant in Wyoming with construction set to begin this year, with the facility expected to be fully operational by the end of 2028.

AEP plans to supply Google under a 20-year power purchase agreement, under which Google will buy power from Cheyenne Fuel Cell LLC which is about 92% owned and controlled by AEP. Around 8% are owned by funds advised by Basalt Infrastructure Partners LLP.

AEP said: "AEP's development and construction of this fuel cell generation facility is supporting Google's growing energy needs in the greater Cheyenne area."

AEP Chair, President & Chief Executive Officer Bill Fehrman said: "As power demand continues to grow, AEP is bringing together new technologies and strong partnerships to deliver reliable, innovative energy solutions quickly and at scale. This project demonstrates how we are creating new opportunities to meet evolving energy needs for customers both within and beyond our traditional service territory."

AEP shares were up 0.2% to USD125.76 each early Wednesday in New York, while Alphabet class A shares were up 0.7% at USD356.33.

By Tom Budszus, Alliance News slot editor

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