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Biden Win Would Prop Up American Electric Power's Renewable Energy Plans, CEO Says

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Biden Win Would Prop Up American Electric Power's Renewable Energy Plans, CEO Says

American Electric Power Company Inc (NASDAQ: AEP) CEO Nick Akins discussed his company's clean energy plans with CNBC's Jim Cramer on the "Mad Money" show, Monday.

What Happened: The power distribution giant reported a decent earnings quarter last week with slightly higher-than-expected earnings per share guidance for the fourth quarter. 

Atkins said the company is carrying on with its capital expenditures regardless of what is going on with the economy.

The economy's commercial and industrial segments are bouncing back as people start moving out of their houses and the economy opens.

The company has been committed to increasing power generation from renewable energy, which can be seen in its latest 50-MW output purchase from Columbus Solar Park.

Commenting on how the November presidential election impacts the company's renewable energy plans, Atkins said American Electric would continue with its clean energy plans regardless of the election outcome as shareholders expect them to move in that direction.

"If a Biden administration comes in, we certainly expect more aggressiveness in terms of the targets, but we're already moving forward very quickly, and we'll continue to focus on that as we move forward," Atkins said.

Why It Matters: The Democratic presidental nominee has a $1.7 trillion plan to address climate change compared to President Trump, who wants the growth of both oil and coal industries, CNBC reports.

Atkins said that American Electric has reduced carbon emissions by 65% in the last two decades and they expect to reduce 70% further by 2030.

To achieve sustainable energy goals, the company plans to invest more than $2 billion in renewable energy by 2024 by building more wind and solar capabilities and creating a modern power grid.

 

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