Feb 27 (Reuters) - American Electric Power AEP.O and its transmission affiliate Transource Energy LLC will invest approximately $1.7 billion in transmission system upgrades to improve reliability and deliver more power to meet growing demand, AEP said on Thursday.
AEP said in a statement that it will invest across states within the footprint of regional transmission organization PJM Interconnection, including Indiana, Maryland, Ohio, Virginia, and West Virginia.
Pennsylvania-based PJM coordinates the movement of wholesale electricity in all or parts of 13 U.S. states and the District of Columbia.
AEP and Transource's proposals were approved by the PJM board "to address forecasted conditions that would create reliability concerns," the statement added.
About $1.1 billion of the investment will go through Transource Energy as part of a joint venture with Dominion Energy D.N and FirstEnergy Transmission LLC, AEP said.
The remaining $600 million has been approved for AEP's transmission companies and operating companies in Indiana, Ohio, and Virginia. All projects are in the early stages of development, AEP said.
(Reporting by Ishaan Arora; Editing by Nia Williams)
((Ishaan.Arora@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.