AEP Partners With Amazon And X-energy On Indiana Nuclear Study

(RTTNews) - Electric utility American Electric Power Co., Inc. (AEP) announced on Monday that it has signed a joint development agreement with Amazon.com, Inc. (AMZN) and X-energy, Inc. (XE) to evaluate the feasibility of an advanced nuclear project in Sullivan County, Indiana.

The plan would study construction of a facility using X-energy's Xe-100 small modular reactor technology at the site of a former coal plant. If built, the project would include 12 Xe-100 units totaling 960 megawatts of generation capacity. Amazon intends to purchase the power under a long-term contract, covering the costs of the facility and its operations.

AEP said the agreements are designed to provide financial safeguards for customers and investors. The companies are working with state and local stakeholders as Indiana pursues advanced nuclear development.

On the Nasdaq, shares of AEP were losing 0.11 percent, changing hands at $127.00.