American Electric (AEP) Power said it received conditional commitment from the Department of Energy’s Loan Program Office to support the company’s upgrade of nearly 5,000 miles of transmission lines in Indiana, Michigan, Ohio, Oklahoma and West Virginia. “These upgrades replace existing transmission lines in existing rights-of-way with new lines capable of carrying more energy,” the company said in a statement. American Electric notes the Loan Program Office is making up to $1.6B available to the company at a preferred interest rate. This program will save AEP customers an estimated $278M in financing costs over the life of the loan, it added.
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