Currents - Energy Industry Insights: Issue 44, November 2020

New Law Pushes Appalachian Power Toward More Renewable Energy -

"Appalachian — which for years has relied heavily on coal and more recently natural gas to serve about 500,000 western Virginia customers — will acquire 210 megawatts of solar power and 200 megawatts of wind power over the next five years."

Why this is important: The article addresses Appalachian Power Company’s recent announcement and filing to pursue the acquisition and development of renewable generation resources, particularly wind and solar assets, for its Virginia jurisdiction. This has been spurred by legislation in Virginia requiring APCo to be carbon-free by 2050, but it is also consistent with broader pronouncements by AEP to move away from its historic fossil fuel-based generation fleet toward a “clean energy future.” As the article notes, however, APCo might not have been so quick to pursue renewable power options but for the new statute in Virginia. Of course, APCo also seeks to recover the cost of new renewable assets from its ratepayers, and the article notes that APCo’s filing projects that customer rates will increase by 3.5 percent. Similar but more limited cost recovery legislation exists in APCo’s other jurisdiction, West Virginia, where the company issued a solar RFP earlier this year.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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