AEP Energy has signed an agreement to provide clean energy to Crown Battery Manufacturing Company. The agreement allows AEP energy to provide 100% renewable energy to the Fremont-based company through its Integrated Renewable Energy Program (IRE). The IRE solution provides a long-term supply of wind and solar generated energy sourced locally at a fixed price. The energy supply will come from renewable energy projects within Northwest Ohio.
American Electric Power’s (AEP) subsidiary, AEP Energy, will commence the supply in 2023 and will continue to supply for 12 years. Crown Battery will meanwhile buy 100% National Green-e Renewable Energy Credits (RECs) until the agreed supply begins.
AEP’s President Greg Hall said, “Crown Battery is supporting new, local renewable resources that will be built in their area, creating economic and environmental benefits for northwest Ohio. We look forward to working with them to deliver reliable, emissions-free electricity that powers their operations and reduces their carbon footprint.” (See American Electric Power stock analysis)
The President of Crown Battery, Hal Hawk stated, “With AEP Energy’s help, we’ve already saved enough electricity to power 13,000 American homes”. He also mentioned that applying sustainable energy practices is the way forward. Using green energy protects the environment while still benefitting the company and its customers.
Mizuho’s analyst Paul Fremont reiterated a Buy rating on AEP while raising the price target to $91 from $83, implying upside potential of 2.6% from current levels.
Consensus on Wall Street is a Strong Buy based on 8 unanimous Buys. The average analyst price target at $94.29 implies 6.36% upside potential to current levels.
American Electric Power scores a 6 out of 10 on the TipRanks’ Smart Score ranking tool which implies that it is most likely to perform in line with market averages.
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