AMERICAN ELECTRIC POWER COMPANY, INC.
COLUMBUS -
Operating earnings for fourth-quarter 2020 were
Year-end 2020 GAAP earnings were
'Throughout 2020, our employees continued their critical work to keep safe, reliable power flowing to our customers during the pandemic. I'm grateful for their agility and commitment to providing this essential service in our communities. We remain focused on working proactively with our customers to help them manage their energy bills and offer support for those who are facing economic hardships during this time,' said
'Our earnings performance in 2020 was driven by our long-term strategy to invest in the infrastructure and energy solutions that enhance service for our customers and support the transition to a clean energy future, while remaining focused on cost efficiency. We've raised our 2021 operating earnings guidance range to
'We continue to transform our generation fleet and plan to add more than 10,000 megawatts of wind and solar generation in our regulated states by 2030. We've also established revised carbon dioxide emissions reduction goals as we accelerate our transition to a clean energy future. Our new goals are to achieve an 80% reduction in emissions by 2030 from our 2000 baseline and reach net zero emissions by 2050. We are focused on diversifying our fuel mix, deploying and investing in new technologies, and modernizing the grid to help us meet these targets and deliver clean energy to our customers,' Akins said.
'Investments in our transmission system will help ensure we can maintain a reliable and resilient grid and advance the adoption of efficient, cost-effective renewables to support the path to net zero emissions. In 2020, our
'We saw some improvement in load at the end of 2020 as the economy began to bounce back from the impacts of the pandemic. Overall, we expect modest load growth this year as the economy continues to recover, led by expected growth in industrial sales,' Akins said.
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