Energy Department offers $1.6 billion loan guarantee to upgrade transmission lines across Midwest

Trump DOE decides to keep at least one Biden-era energy program

The loan guarantee will backstop $1.6 billion for AEP, one of the nation's largest utilities, as it seeks to modernize a portion of its transmissions lines.

How the Loan Programs Office Became the Energy Dominance Financing Office

Energy Secretary Chris Wright on Thursday announced a $1.6 billion loan guarantee for American Electric Power to replace 5,000 miles of transmission lines with more advanced wires that can carry more electricity. He also hinted at his vision for how the Trump administration could recast the role of the department's Loan Programs Office in the years to come.The LPO actually announced that it had finalized an agreement, conditionally made in Janua…

Energy Department Offers $1.6 Billion Loan Guarantee to Upgrade Lines Across Midwest

The Trump administration finalized a $1.6 billion loan guarantee on Oct. 16 through the Department of Energy to upgrade nearly 5,000 miles of transmission lines throughout five states, mostly in the Midwest. The project offers billions to AEP Transmission, a subsidiary of Ohio-based American Electric Power—one of the nation’s largest power companies—to upgrade power lines in Michigan, Indiana, Ohio, Oklahoma, and West Virginia, mostly enhancing …

Trump finalizes $1.6B loan for power lines initiated by Biden

The Trump administration is finalizing a $1.6 billion loan for power lines in Indiana, Michigan, Ohio, Oklahoma and West Virginia, finding itself in rare agreement with its predecessor on funding an energy project. The Energy Department announced Thursday that it would move forward with the loan, which is expected to help improve or rebuild about…

DOE closes $1.6 billion transmission loan guarantee for utility giant

AEP gets $1.6B to update lines in Midwest states

AEP said the upgrades would save customers an estimated $275 million in financing costs over the lifetime of the loan.