US-based electric utility American Electric Power (AEP) has reported an increase in revenue and earnings for the first quarter of this year.

In accordance with generally accepted accounting principles (GAAP), the company’s earnings in the quarter amounted to $575m, or $1.16 per share. This figure was $495m, or $1.00 per share, in the same period a year prior.

Operating earnings for the first quarter were $571m, compared to $504m in the first quarter of last year. The operating earnings represent GAAP earnings excluding special items.

AEP’s quarterly revenue increased from $3.7bn to $4.3bn on a year-on-year basis.

The company expects its operating earnings (non-GAAP) for this year to be in the range of $4.55 to $4.75 per share, with a 5% to 7% long-term growth rate.

AEP chairman, president and CEO Nicholas Akins said: “Our solid earnings for the quarter reflect the continued investments we are making to enhance service for our customers and modernise the grid as we accelerate our transition to a clean energy future.

“We are making significant progress in diversifying our generation fleet with investments in renewable energy resources. Last week, we reached a milestone with the commercial operation of Sundance, the first of three North Central wind projects.

“These wind projects will provide clean energy to our customers in Arkansas, Louisiana and Oklahoma while also saving them an estimated $3bn in electricity costs over the next 30 years.

“We have reviewed the resource needs for each of our regulated operating companies and propose to add almost 16,600MW of wind and solar generation to our fleet by 2030, growing our renewable generating portfolio to more than 50% of our total capacity.”

Based in Columbus, Ohio, AEP delivers power to around 5.5 million customers in 11 US states.

In 2019, the company acquired Sempra Energy’s renewables business, as well as its operating wind generation and battery assets, for almost $1.05bn.