Another Utility Bets Billions on Renewable Energy
The number of utilities betting their futures on renewable energy seems to be growing by the day. Giants like NextEra Energy (NYSE: NEE), Southern Company (NYSE: SO), AES (NYSE: AES), and Duke Energy (NYSE: DUK) are slowly but surely seeing the fossil fuels aren't the profit drivers of their future; renewable energy is.
American Electric Power (NYSE: AEP), who generates nearly half of its electricity from coal, says it will invest $1.8 billion in renewable energy by 2020. That's only about 10% of its total capital spending, but it's a transition other utilities have already begun.
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Source: Fool.com