AEP plans to spend $33 billion from 2019 to 2023, and the vast majority of that will go toward regulated operations where utilities earn a set rate of return. AEP also has $2.7 billion in new renewable generation in its capital plan, which includes approximately $2.2 billion for competitive, contracted renewable projects.

AEP said it "intends to work with regulators to identify additional opportunities to add renewable generation in its regulated jurisdictions."

The company's "capital investments over the next five years will be focused on advanced infrastructure, innovative technologies and cleaner generation resources," Chairman, President and CEO Nicholas Akins said in a statement.

Earlier this year, AEP unveiled a plan to cut carbon dioxide emissions 60% from 2000 levels by 2030. To get there, the company says it will add more than 8,300 MW of wind and solar generation and more than 2,600 MW of gas-fired generation to its regulated generation fleet by 2030.