Latest news with #Fehrman
Yahoo
20-05-2025
- Business
- Yahoo
AEP Names Industry Veteran Doug Cannon President of AEP Transmission
COLUMBUS, Ohio, May 20, 2025 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has named Douglas A. Cannon president of AEP Transmission, effective June 11. Cannon will report to Bill Fehrman, AEP president and chief executive officer. In this role, he will lead all aspects of AEP's transmission business, including planning, projects, engineering, operations and growth. Cannon currently serves as the president and chief executive officer of NV Energy and is responsible for all aspects of service to its 1.4 million customers in Nevada. "AEP owns the largest transmission network in the country, and we owe it to our customers, employees, investors and other stakeholders to be best-in-class operators of that system," Fehrman said. "Between unprecedented load growth over the next decade, the joint venture transmission projects in PJM announced in February, and building one of the first 765- kilovolt lines in Texas, AEP is expanding our transmission footprint by thousands of miles. We were looking for an experienced leader who could immediately make an impact and drive results in this crucial part of our business. Doug is a respected industry leader who understands the importance of building coalitions to drive strong regulatory and operational results, and under his tenure, NV Energy is building the more than 700-mile Greenlink transmission network, Nevada's longest and largest transmission project. He also has a demonstrated track record of creating outstanding teams and leading with a growth mindset. We welcome Doug to AEP and look forward to working with him to strengthen our transmission organization to power the exciting opportunities ahead and provide depth to AEP's overall succession plan." "Now more than ever, AEP's robust transmission network is the catalyst for supporting growth across its footprint and the nation," Cannon said. "I am committed to working with the AEP team to drive industry-leading results while meeting customers' changing energy needs." Bob Bradish, currently interim president of AEP Transmission, has been named chief transmission officer and will report to Cannon. "Bob has been a steady, knowledgeable leader during his time with AEP and especially over the past few months," Fehrman said. "He will remain a vital part of Transmission leadership and will continue to provide his expertise and institutional knowledge in his new role." After leaving private law practice, Cannon joined the Berkshire Hathaway Energy organization in 2011, working as an attorney for PacifiCorp Energy in Salt Lake City. In 2013, Cannon was the lead attorney in obtaining the regulatory approvals necessary for NV Energy to join Berkshire Hathaway Energy. With the closing of the NV Energy merger, Cannon joined the NV Energy team as senior vice president and general counsel, corporate secretary and chief compliance officer. Cannon was named president of NV Energy in 2018 and added the CEO role in 2019 with responsibility over the fully integrated gas and electric operations of NV Energy and its subsidiaries. Cannon received his bachelor's degree in environmental geoscience from Weber State University, his master's degree in environmental studies from the University of Colorado and his juris doctor from the University of Colorado School of Law. He has served on the board of trustees for the Las Vegas Council of the Boy Scouts of America, The National Judicial College and the Desert Research Institute. About AEP Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit View original content to download multimedia: SOURCE American Electric Power
Yahoo
08-05-2025
- Yahoo
Beware of locksmith scams in a lockout
(WHTM) — If you find yourself locked out, calling the first locksmith that pops up could be very expensive. Before you get on your phone to search for the cheapest locksmith in your area, Cathie Fehrman has a warning. She said the door from her garage turned into a very expensive lesson when she locked herself out one morning. 'When I came home, I couldn't get in the house,' she said. She needed a locksmith urgently. 'I looked online,' she said. 'I took the first one that came up and it was a 24/7; because the others weren't open yet.' Fehrman said the company quoted her a fee of less than $100. But when a worker showed up in an unmarked car, 'he tried to pick it and couldn't, so he broke the lock,' she said. Fehrman said the worker put in a new lock and handed her a huge bill. 'He said $450. I went, 'What?' It shocked me,' she said. Fly-by-night locksmiths often charge much more than the estimate This is a common ploy, according to Rod Herdman of Keystop Locksmiths. 'They are not locksmiths,' he said. 'These are people without formal training.' Herdman, who has been in the lock business for more than 40 years, said national call centers that often pop up first in a Google search, send out unscrupulous handymen who find a reason to double or triple the estimate. 'They always quote a low service call, which entices people to use them,' Herdman said. 'But once they get there, they say there is a locksmith fee on top of it which can be hundreds of dollars. 'Herdman said he, and other trained professionals, can pick almost any home lock, and said he would only charge about $75 for a service visit to get you into a home or car. The Better Business Bureau also warns of the scheme, warning on its website that, 'Scammers prey on consumers' feelings of desperation, and victims often end up paying hundreds more than what they were initially quoted.' To protect yourself, the BBB and Herdman suggest consumers check reviews, not just testimonials on a company's website, which could be written by employees. Download the abc27 News+ app on your Roku, Amazon Fire TV Stick, and Apple TV devices 'Go to Yelp or Google and see if there are some real interviews or referrals,' Herdman said. The BBB suggests you: Check reviews before you call (including at the BBB's website). Check identification, including a company name on a vehicle. Demand an invoice when you pay, so you can dispute questionable charges. Finally, Herdman recommends you look for a company with a local address and storefront. In retrospect, Fehrman said, 'I wish I had just told him to leave.'She wants others to learn from her experience so you don't waste your money. Find more stories on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to ABC27.
Epoch Times
07-05-2025
- Business
- Epoch Times
AEP's First-Quarter Earnings Beat Estimates Amid Minimal Tariff Impact
One of the nation's largest utility operators said it remains committed to its $54 billion capital plan over the next five years to support its growing power demand, driven mainly by hyperscale data center demand, manufacturing reshoring, and major economic development growth across the United States. Columbus, Ohio-based American Electric Power Inc. (AEP), which operates 11 regulated utilities across the Midwest, said the Trump administration's tariff policy will have minimal impact on its multibillion-dollar capital plan, which includes customer commitments for more than 20 gigawatts of new commercial power through 2030. 'We remain excited about the significant growth opportunities ahead, including the load growth in many parts of our service territory. This growth is not a show-me story, it is happening,' AEP CEO Bill Fehrman told Wall Street analysts during the company's first-quarter For the period ended March 31, AEP According to FactSet, the Ohio utility giant easily beat Wall Street's earnings estimates of $1.34 per share on revenue of $5.33 billion. In highlighting the utility operator's strong first-quarter performance, Fehrman said the company plans to invest more than $34 billion of its $54 billion capital outlay to expand its transmission and distribution system and enhance its power grid nationwide. Related Stories 4/25/2025 4/25/2025 Nationally, AEP's commercial power load grew by 12.4 percent from a year ago across the company's 11-state footprint, primarily driven by historic large-load power growth from commercial and industrial customers in Indiana, Ohio, Oklahoma, and Texas. Two weeks ago, AEP The new transmission project will also support the growing power needs of the oil and gas industry in West Texas's Permian Basin, the nation's top shale-producing region. In 2023, Texas Gov. Greg Abbott signed legislation to develop an electric reliability plan for the area. On April 24, Texas regulators Fehrman, who was named AEP's president and chief executive in August 2024 after former CEO Julia Float abruptly resigned early in the year, also reaffirmed the company's yearly operating earnings guidance of $5.75 to $5.95 per share and long-term growth rate of 6 percent to 8 percent annually. 'This guidance is reinforced by a balanced and flexible $54 billion, five-year capital plan with the potential for incremental investments of up to $10 billion over the same period,' Fehrman told analysts, adding that AEP may need to add infrastructure to support the company's growing power demand. In response to several questions from analysts concerning the growing power demand for artificial intelligence (AI)-driven hyperscale data centers and other large projects, Fowke said AEP is working with various stakeholders and policymakers in areas where the company has regulated utilities to address these issues. 'As our generation needs increase to meet growing demand, we are engaging with key stakeholders and making thoughtful investments in new generation align with their needs and state policies,' Fehrman said. 'Our team has worked diligently to develop creative energy solutions that keep our customers' needs top of mind.' According to a recent S&P Global Market Intelligence The most significant impetus behind the discussion on AI data centers and power grid infrastructure is President Donald Trump's According to Fehrman, AEP has submitted integrated resource plan filings with Arkansas, Indiana, Kentucky, Michigan, Virginia, and West Virginia utility regulators to support its generating capacity obligations in those states. Since the previous quarter, he said AEP has connected hyperscale AI-data centers for Amazon and Google in Indiana, 'representing billions of dollars' in investments. At the same time, high-tech customers in Ohio and Texas have planned projects coming online in 2025. 'You can expect to see us continue to work with federal policymakers, regulators and state legislators as we further modernize our energy grid,' said Fehrman. 'Across our 11 state operating footprints, we currently have more than 500 existing and potential customers actively requesting to connect almost 80 gigawatts of load to our transmission system.' As of 2:16 p.m. EST, AEP shares were up by 0.72 percent at $108.22 on the Nasdaq Stock Exchange.
Yahoo
06-05-2025
- Business
- Yahoo
AEP Reports First-Quarter 2025 Earnings, Reaffirms Guidance
"We continue to successfully execute on initiatives to meet our five-year, $54 billion capital needs and are focused on putting dollars to work expanding and improving our power grid and bringing on new generation resources. Completing our anticipated equity needs for the next five years through our forward stock offering and the expected closing of the minority interest transmission transaction, which offer significant benefits to our customers and shareholders alike, gives us the foundation we need to bring our capital plan to fruition. Our capital investments are key to enhancing reliability and customer service and meeting the over 20 gigawatts of new power demand we expect by the end of the decade. With our team's consistent focus on accountability, and commitment to finding innovative solutions to meet customers' power needs, we continue to see potential for an additional $10 billion of investments over the next five years. In addition, we have determined that the direct tariff exposure on our $54 billion capital plan is minimal at approximately 0.3%," Fehrman said. AEP secured funding in the first quarter to complete the anticipated equity needs for its five-year, $54 billion capital growth plan through an agreement for a minority equity interest investment in the Ohio and Indiana Michigan transmission companies and a forward equity offering. The $2.82 billion transmission company transaction, announced in January, is on track to close in the coming months. Authorization from the Federal Energy Regulatory Commission is the final remaining step in the approval process. AEP's equity offering secured $2.3 billion and was completed in March. The equity will be settled under a forward contract by December 2026. These two transactions are equivalent to issuing common stock at approximately $140 per share, a premium to AEP's current share price. "Our robust operating earnings results this quarter reflect our team's continued focus on execution and innovation to deliver on our commitments to our customers, communities, regulators and investors. This strong performance gives us the confidence to reaffirm our 2025 operating earnings guidance of $5.75 to $5.95 per share. We also reaffirm our projected long-term growth rate of 6% to 8%," said Bill Fehrman, AEP president and chief executive officer. COLUMBUS, Ohio, May 6, 2025 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) today reported first-quarter 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $800 million or $1.50 per share, compared with GAAP earnings of $1,003 million or $1.91 per share in first-quarter 2024. Operating earnings for first-quarter 2025 were $823 million or $1.54 per share, compared with operating earnings of $670 million or $1.27 per share in first-quarter 2024. See the detailed GAAP to operating earnings reconciliation at the end of this press release. Story Continues Supporting Significant Load Growth with a Focus on Customer Affordability In the first quarter of 2025, commercial load grew 12.3% over the same period in 2024. This continues the trend from last year, when AEP saw overall commercial load grow by 10.6%. AEP forecasts annual total retail load growth of 8% to 9% over the next three years. The historic growth continues to be driven by large-load customer demand in Indiana, Ohio, Oklahoma and Texas. AEP's five-year capital plan includes $34 billion for distribution and transmission investments across its footprint, supporting this demand growth. AEP, through its Transource Energy joint venture, and in collaboration with other regional utilities, was selected in February by the PJM board to complete projects totaling $1.7 billion. AEP Texas received approval in April from the Public Utility Commission of Texas to construct one of the first 765-kilovolt transmission line projects in the state. Additionally, the commission approved AEP Texas' proposed grid resiliency plans. "We operate the nation's largest extra-high voltage transmission system that serves as America's energy backbone. Our unique experience building and operating extra-high voltage lines has positioned us as an ideal partner to expand the grid to deliver reliable power. AEP's transmission business is expected to contribute 55% of operating earnings this year. With more than 500 new and existing customers interested in connecting to our transmission system, we recognize the enormous potential these projects have for our communities. New infrastructure will allow us to handle this increased demand, improve reliability and expand growth and prosperity in the communities we serve," Fehrman added. At the same time, AEP remains committed to ensuring the costs to meet the needs of large-load commercial and industrial customers are balanced with affordability for all customers. In the first quarter, regulators in Indiana, Kentucky and West Virginia approved large-load tariff modifications in each state. In Ohio, a regulatory decision is expected in the second half of the year, following a first-of-its-kind data center tariff and settlement filed by AEP Ohio last year. Delivering on Energy Policy Goals and Bolstering Communities AEP is committed to working collaboratively with regulators and policymakers to achieve the energy goals of the states it serves. Updated integrated resource plans (IRPs) have been filed in Arkansas and Indiana and will be filed over the next year in Kentucky, Michigan, Virginia and West Virginia. The diverse resource plan in Indiana includes the purchase of the 870-megawatt combined cycle power plant located in Oregon, Ohio. Indiana Michigan Power filed for regulatory approval of this acquisition in April. "AEP is working every day with policymakers at the local, state and federal levels to ensure they understand our commitment to investing in a safe, reliable and affordable energy system that benefits our customers and drives our economy. We have set a strong foundation with balanced and constructive regulatory outcomes achieved so far this year in most of our states. This is an exciting time in our history, and as we navigate the significant changes in the energy landscape, AEP is committed to prioritizing the energy needs of our states, meeting the needs of our customers and supporting our communities," Fehrman concluded. AMERICAN ELECTRIC POWER Preliminary, unaudited results First Quarter ended March 31 2025 2024 Change Revenue ($ in millions): 5,463.4 5,025.7 437.7 Earnings ($ in millions): GAAP 800.2 1,003.1 (202.9) Operating (non-GAAP) 823.3 670.4 152.9 EPS ($): GAAP 1.50 1.91 (0.41) Operating (non-GAAP) 1.54 1.27 0.27 EPS based on 533 million shares 1Q 2025, 527 million shares 1Q 2024. SUMMARY OF RESULTS BY SEGMENT $ in millions GAAP Earnings 1Q 25 1Q 24 Change Vertically Integrated Utilities (a) 324.1 560.8 (236.7) Transmission & Distribution Utilities (b) 164.6 150.3 14.3 AEP Transmission Holdco (c) 234.6 208.7 25.9 Generation & Marketing (d) 102.4 137.6 (35.2) All Other (25.5) (54.3) 28.8 Total GAAP Earnings (Loss) 800.2 1,003.1 (202.9) Operating Earnings (non-GAAP) 1Q 25 1Q 24 Change Vertically Integrated Utilities (a) 349.9 300.3 49.6 Transmission & Distribution Utilities (b) 192.3 150.3 42.0 AEP Transmission Holdco (c) 234.6 208.7 25.9 Generation & Marketing (d) 76.3 65.4 10.9 All Other (29.8) (54.3) 24.5 Total Operating Earnings (non-GAAP) 823.3 670.4 152.9 A full reconciliation of GAAP earnings with operating earnings is included in tables at the end of this news release. a. Includes AEP Generating Co., Appalachian Power, Indiana Michigan Power, Kentucky Power, Kingsport Power, Public Service Co. of Oklahoma, Southwestern Electric Power and Wheeling Power b. Includes Ohio Power and AEP Texas c. Includes wholly-owned transmission-only subsidiaries and transmission-only joint ventures d. Includes AEP Renewables, competitive generation in ERCOT and PJM as well as marketing, risk management and retail activities in ERCOT, PJM and MISO EARNINGS GUIDANCE AEP confirmed its 2025 operating earnings guidance range of $5.75 to $5.95 per share and long-term growth rate of 6% to 8%. Operating earnings could differ from GAAP earnings for matters such as impairments, divestitures, mark-to-market impacts or changes in accounting principles. AEP management is not able to forecast if any of these items will occur or any amounts that may be reported for future periods. Therefore, AEP is not able to provide a corresponding GAAP equivalent for 2025 earnings guidance. Reflecting certain items recorded through the first quarter, the estimated earnings per share on a GAAP basis would be $5.71 to $5.91 per share. See the table below for a full reconciliation of 2025 earnings guidance. 2025 EPS Guidance Reconciliation Estimated EPS on a GAAP basis $5.71 to $5.91 Mark-to-market impact of commodity hedging activities (0.03) Sale of AEP OnSite Partners 0.02 Impact of Ohio Legislation 0.05 Operating EPS Guidance $5.75 to $5.95 WEBCAST AEP's quarterly discussion with financial analysts and investors will be broadcast live over the internet at 9 a.m. Eastern today at The webcast will include audio of the discussion and visuals of charts and graphics referred to by AEP management. The charts and graphics will be available for download at AEP's earnings are prepared in accordance with accounting principles generally accepted in the United States and represent the company's earnings as reported to the Securities and Exchange Commission. The company's operating earnings, a non-GAAP measure representing GAAP earnings excluding certain items as described in the news release and charts, provide another representation for investors to evaluate the performance of the company's ongoing business activities. AEP uses operating earnings as the primary performance measurement when communicating with analysts and investors regarding its earnings outlook and results. The company uses operating earnings data internally to measure performance against budget, to report to AEP's Board of Directors and also as an input in determining performance-based compensation under the company's employee incentive compensation plans. A full reconciliation of GAAP earnings to operating earnings for the quarter and year to date is included in the tables at the end of this news release. ABOUT AEP Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit WEBSITE DISCLOSURE AEP may use its website as a distribution channel for material company information. Financial and other important information regarding AEP is routinely posted on and accessible through AEP's website at In addition, you may automatically receive email alerts and other information about AEP when you enroll your email address by visiting the "Email Alerts" section at --- This report made by the Registrants contains forward-looking statements, and for the Registrants other than Parent, this report contains forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Many forward-looking statements appear in "Part I – Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations" of this quarterly report, but there are others throughout this document which may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue" and similar expressions, and include statements reflecting future results or guidance and statements of outlook. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements in this document are presented as of the date of this document. Except to the extent required by applicable law, management undertakes no obligation to update or revise any forward-looking statement. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in economic conditions, electric market demand and demographic patterns in AEP service territories; the economic impact of increased global conflicts and trade tensions, and the adoption or expansion of economic sanctions, tariffs, trade restrictions or changes in trade policy; inflationary or deflationary interest rate trends; new legislation adopted in the states in which we operate that alters the regulatory framework or that prevents the timely recovery of costs and investments; volatility and disruptions in financial markets precipitated by any cause, including fiscal and monetary policy, turmoil related to federal budget or debt ceiling matters or instability in the banking industry; particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly (a) if expected sources of capital such as proceeds from the sale of assets, subsidiaries and tax credits and anticipated securitizations do not materialize or do not materialize at the level anticipated, and (b) during periods when the time lag between incurring costs and recovery is long and the costs are material; changing demand for electricity, including large load contractual commitments for interconnection; the risks and uncertainties associated with wildfires, including damages caused by wildfires, the extent of each Registrant's liability in connection with wildfires, investigations and outcomes associated with legal proceedings, demands or similar actions, inability to recover wildfire costs through insurance or through rates and the impact on financial condition and the reputation of each Registrant; the impact of extreme weather conditions, natural disasters and catastrophic events such as storms, wildfires and drought conditions that pose significant risks including potential litigation and the inability to recover significant damages and restoration costs incurred; limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters, wildfires or operations; the cost of fuel and its transportation, the creditworthiness and performance of parties who supply and transport fuel and the cost of storing and disposing of used fuel, including coal ash and spent nuclear fuel; the availability of fuel and necessary generation capacity and the performance of generation plants; the ability to recover fuel and other energy costs through regulated or competitive electric rates; the ability to build or acquire generation (including from renewable sources), transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) to meet the demand for electricity at acceptable prices and terms, including favorable tax treatment, cost caps imposed by regulators and other operational commitments to regulatory commissions and customers for generation projects, and to recover all related costs; the disruption of AEP's business operations due to impacts on economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers caused by pandemics, natural disasters or other events; new legislation, litigation or government regulation, including changes to tax laws and regulations, oversight of nuclear generation, energy commodity trading and new or modified requirements related to emissions of sulfur, nitrogen, mercury, carbon, soot or PM and other substances that could impact the continued operation, cost recovery and/or profitability of generation plants and related assets; the impact of federal tax legislation, including potential changes to existing tax incentives, on results of operations, financial condition, cash flows or credit ratings; the risks before, during and after generation of electricity associated with the fuels used or the by-products and wastes of such fuels, including coal ash and spent nuclear fuel; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation or regulatory proceedings or investigations; the ability to efficiently manage and recover operation, maintenance and development project costs; prices and demand for power generated and sold at wholesale; changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation; the ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for coal and other energy-related commodities, particularly changes in the price of natural gas; the impact of changing expectations and demands of customers, regulators, investors and stakeholders, including development, adoption, and use of artificial intelligence by us, our customers and our third party vendors and evolving expectations related to environmental, social and governance concerns; changes in utility regulation and the allocation of costs within RTOs including ERCOT, PJM and SPP; changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of debt; the impact of volatility in the capital markets on the value of the investments held by the pension, OPEB and nuclear decommissioning trust funds and a captive insurance entity and the impact of such volatility on future funding requirements; accounting standards periodically issued by accounting standard-setting bodies; other risks and unforeseen events, including wars and military conflicts, the effects of terrorism (including increased security costs), embargoes, cybersecurity threats, labor strikes impacting material supply chains, global information technology disruptions and other catastrophic events; or the ability to attract and retain the requisite work force and key personnel. American Electric Power Financial Results for the First Quarter of 2025 Reconciliation of GAAP to Operating Earnings (non-GAAP) 2025 Vertically Integrated Utilities Transmission & Distribution Utilities AEP Transmission Holdco Generation & Marketing Corporate and Other Total EPS (a) ($ in millions) GAAP Earnings (Loss) 324.1 164.6 234.6 102.4 (25.5) 800.2 $ 1.50 Adjustments to GAAP Earnings (b) Mark-to-Market Impact of Commodity Hedging Activities (c) 25.8 — — (39.8) — (14.0) (0.03) Sale of AEP OnSite Partners (d) — — — 13.7 (4.3) 9.4 0.02 Impact of Ohio Legislation (e) — 27.7 — — — 27.7 0.05 Total Adjustments 25.8 27.7 — (26.1) (4.3) 23.1 $ 0.04 Operating Earnings (Loss) (non-GAAP) 349.9 192.3 234.6 76.3 (29.8) 823.3 $ 1.54 Financial Results for the First Quarter of 2024 Reconciliation of GAAP to Operating Earnings (non-GAAP) 2024 Vertically Integrated Utilities Transmission & Distribution Utilities AEP Transmission Holdco Generation & Marketing Corporate and Other Total EPS (a) ($ in millions) GAAP Earnings (Loss) 560.8 150.3 208.7 137.6 (54.3) 1,003.1 $ 1.91 Adjustments to GAAP Earnings (b) Mark-to-Market Impact of Commodity Hedging Activities (c) 20.4 — — (72.2) — (51.8) (0.10) Remeasurement of Excess ADIT Regulatory Liability - Turk Plant (f) (32.4) — — — — (32.4) (0.06) Impact of NOLC on Retail Rate Making (g) (259.6) — — — — (259.6) (0.50) Disallowance - Dolet Hills Power Station (h) 11.1 — — — — 11.1 0.02 Total Adjustments (260.5) — — (72.2) — (332.7) $ (0.64) Operating Earnings (Loss) (non-GAAP) 300.3 150.3 208.7 65.4 (54.3) 670.4 $ 1.27 (a) Per share amounts are divided by Weighted Average Common Shares Outstanding – Basic (b) Excluding tax related adjustments, all items presented in the table are tax adjusted at the statutory rate unless otherwise noted (c) Represents the impact of mark-to-market economic hedging activities (d) Represents an adjustment to the estimated loss on the sale of AEP OnSite Partners as a result of the contractual working capital true-up (e) Represents the estimated reduction in regulatory assets for OVEC-related purchased power costs as a result of recently approved legislation in Ohio (f) Represents the impact of the remeasurement of excess accumulated deferred income taxes related to the Arkansas share of the Turk Plant as a result of the APSC's March 2024 order (g) Represents the impact of receiving IRS PLRs related to NOLCs in retail rate making (I&M, PSO and SWEPCo). Amount includes a reduction in excess accumulated deferred income taxes and activity related to prior periods (h) Represents the impact of a disallowance recorded at SWEPCo on the remaining net book value of the Dolet Hills Power Station as a result of an LPSC approved settlement agreement in April 2024 American Electric Power Summary of Selected Sales Data Regulated Connected Load (Data based on preliminary, unaudited results) Three Months Ended March 31 ENERGY & DELIVERY SUMMARY 2025 2024 Change Vertically Integrated Utilities Retail Electric (in millions of kWh): Residential 9,404 8,560 9.9 % Commercial 5,896 5,769 2.2 % Industrial 8,101 8,252 (1.8) % Miscellaneous 533 538 (0.9) % Total Retail 23,934 23,119 3.5 % Wholesale Electric (in millions of kWh): (a) 4,791 3,763 27.3 % Total KWHs 28,725 26,882 6.9 % Transmission & Distribution Utilities Retail Electric (in millions of kWh): Residential 7,011 6,280 11.6 % Commercial 9,588 7,991 20.0 % Industrial 6,756 6,812 (0.8) % Miscellaneous 172 180 (4.4) % Total Retail (b) 23,527 21,263 10.6 % Wholesale Electric (in millions of kWh): (a) 667 590 13.1 % Total KWHs 24,194 21,853 10.7 % (a) Includes off-system sales, municipalities and cooperatives, unit power and other wholesale customers (b) Represents energy delivered to distribution customers (PRNewsfoto/American Electric Power) Cision View original content to download multimedia: SOURCE American Electric Power
