AEP Releases Corporate Responsibility Report
American Electric Power has released (via CSRWire) its first-ever Corporate Responsibility Report, addressing issues that affect the company’s sustainability including climate change, public policy strategy, environmental performance, energy security, reliability and growth, work force issues and stakeholder engagement.
“In developing the report, we initiated a new level of dialogue with the many groups with whom we interact, including our investors, employees, representatives of the communities we serve, labor unions, and representatives of the environmental community,” said Michael G. Morris, AEP’s chairman, president and chief executive officer. “That dialogue helped us improve the report and better understand how our best intentions of operating in a responsible, sustainable way translate to our policies and day-to-day actions.”
In the report, AEP reiterates its policy regarding climate change and identifies the steps it is taking to reduce the growth of future greenhouse gas emissions as the company builds new power plants to meet growing customer demand. Through its participation in the Chicago Climate Exchange since 2003, AEP says it will have reduced GHG emissions by 46 million metric tons by 2010. However, GHG emissions will begin to increase after that date without further intervention as the company’s new power plants come on line.
To help reduce and offset that growth, AEP plans include demonstrating and deploying carbon capture technology on two existing pulverized coal plants, continuing efforts to improve the efficiency of its existing coal-fueled fleet and adding 1,000 megawatts of wind generation capacity to its eastern generation portfolio through long-term purchase agreements. The company also plans additional investments in domestic greenhouse gas offsets, such as methane capture from livestock and landfills; increased investment in forestry offsets; and programs to offset GHG emissions from its 11,000-vehicle fleet and corporate aircraft.
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