COLUMBUS (dpa-AFX) - American Electric Power Company, Inc. (AEP) and its affiliate, Transource Energy, Thursday revealed a plan to invest approximately $1.7 billion to upgrade transmission systems across Indiana, Maryland, Ohio, Virginia, and West Virginia.
The projects, approved by the PJM Board, aim to address future reliability concerns and meet rising energy demands. About $1.1 billion will be advanced through Transource Energy's joint venture with Dominion Energy and FirstEnergy Transmission, including two major 765-kilovolt lines.
The remaining $600 million will fund projects in AEP's operating regions. These upgrades, expected to be operational by 2029, are part of PJM's Regional Transmission Expansion Plan.
AEP is currently trading at $105.41 down 1.38 percent or $1.48 on the Nasdaq.
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