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I&M Files Proposal to Acquire Diverse Generation to Meet Future Energy Need

1. I&M seeks approval for Oregon Clean Energy Center acquisition. 2. The plant will enhance I&M's generation capacity and reliability. 3. Future energy demand in Indiana may exceed 7,000 MW by 2030. 4. AEP is investing $54 billion to improve energy services. 5. I&M's diverse portfolio supports emission-free energy delivery.

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FAQ

Why Bullish?

Acquiring the Oregon Clean Energy Center could improve AEP's capacity and diversify its energy mix. Historical acquisitions in the energy sector often lead to growth and stock price appreciation.

How important is it?

The article highlights strategic investments and growth plans that directly impact AEP's operational capacity and market positioning. These factors are critical for assessing AEP's future financial health.

Why Long Term?

The decision on the acquisition won't be until 2026, affecting AEP's future performance and growth strategies. Similar long-term projects typically yield benefits over several years.

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AEPDTENEEEDSO
, /PRNewswire/ -- Indiana Michigan Power (I&M), an American Electric Power (Nasdaq: AEP) company, has made a filing with the Indiana Utility Regulatory Commission (IURC) requesting approval of a certificate of public convenience and necessity (CPCN) to acquire the Oregon Clean Energy Center, an existing 870 megawatt (MW) natural gas plant located in Oregon, Ohio.  I&M's filing explains the need to acquire the facility, details about the plant, and future operating plans, if approved. Through the CPCN process the IURC will ensure that the proposed plant acquisition is in the public interest and is just and reasonable. The proposal to acquire the Oregon Clean Energy Center and its 870 MW of natural gas-fueled electric generation is one component of I&M's Future Ready plan, which details the resources needed to provide I&M customers reliable and affordable energy today and into the future. "I&M has established the need for additional electric generation, and we believe the Oregon Clean Energy Center is an important opportunity to further diversify our current generation portfolio and position I&M for future growth," said Steve Baker, I&M president and chief operating officer. "It is our responsibility to ensure that our current and future customers have reliable and affordable power." I&M is currently navigating an unprecedented time in its history. As the company looks ahead, power demand is expected to more than double the Indiana peak from approximately 2,800 MW in 2024 to more than 7,000 MW in the 2030 timeframe. The rapid growth in energy demand provides an opportunity for I&M to reshape the way it serves current customers and those the company will serve decades into the future. The Oregon facility, if approved, will provide a stable source of power to meet the 24 hours per day x 7 days per week operational requirements of our existing customers and the new customers coming on to the I&M system. I&M's current generation portfolio incorporates a diverse mix of resources, including solar, wind, nuclear, coal and hydroelectric units. The company's vision for the future is to implement an "all of the above" approach to providing a reliable, resilient, and stable electric power system that customers can access affordably.  Additional benefits to this approach are that it supports economic development, stable energy costs, and access to new technologies.  I&M anticipates a decision from the IURC on the filing in early 2026. The company will submit additional filings to the IURC throughout 2025 to request approval for additional resources that are consistent with the Future Ready Plan. For more information on I&M's Future Ready Plan, visit our website. Indiana Michigan Power (I&M) is headquartered in Fort Wayne, and its approximately 2,000 employees serve more than 600,000 customers. More than 85% of its energy delivered in 2023 was emission-free. I&M has at its availability various sources of generation including 2,278 MW of nuclear generation in Michigan, 450 MW of purchased wind generation from Indiana, more than 22 MW of hydro generation in both states and approximately 35 MW of large-scale solar generation in both states. The company's generation portfolio also includes 1,497 MW of coal fueled generation. About American Electric Power (AEP)Our team at American Electric Power is committed to improving our customers' lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com. News releases and other information about I&M are available at IndianaMichiganPower.com SOURCE Indiana Michigan Power WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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