American Electric Power Co., Inc. Files Quarterly Report (10-Q)

TL;DR

<b>American Electric Power Co., Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

AMERICAN ELECTRIC POWER CO INC (AEP) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Filing is a 10-Q for the period ending March 31, 2024. Filed on April 30, 2024. Includes data for subsidiaries: Indiana Michigan Power Co., AEP Texas Inc., Public Service Co. of Oklahoma, Southwestern Electric Power Co., AEP Transmission Company, LLC, and Appalachian Power Co. Company's principal executive offices are located at 1 Riverside Plaza, Columbus, OH 43215. Standard Industrial Classification is Electric Services [4911].

Why It Matters

For investors and stakeholders tracking AMERICAN ELECTRIC POWER CO INC, this filing contains several important signals. This filing provides an update on the company's financial and operational status for the first quarter of 2024. The inclusion of multiple subsidiaries indicates the consolidated nature of AEP's operations and reporting.

Risk Assessment

Risk Level: low — AMERICAN ELECTRIC POWER CO INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial and operational updates, posing no immediate elevated risk.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand AEP's performance and outlook for Q1 2024.

Key Numbers

• 108 — Public Document Count (Total number of documents in the filing)
• 20240331 — Conformed Period of Report (End date of the reporting period)
• 20240430 — Filed as of Date (Date the filing was submitted)
• 1231 — Fiscal Year End (Indicates the company's fiscal year ends on December 31st)
• 614-716-1000 — Business Phone (Contact number for the company)

Key Players & Entities

• AMERICAN ELECTRIC POWER CO INC (company) — Filer
• AEP (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-04-30 (date) — Filed as of date
• 1 RIVERSIDE PLAZA (address) — Business address
• COLUMBUS (location) — City
• OH (location) — State
• 4911 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

American Electric Power Co., Inc. operates in the electric services industry, providing electricity generation, transmission, and distribution.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and net income for Q1 2024.
2. Review any disclosed risk factors or management discussion and analysis for potential impacts on future operations.
3. Compare key financial metrics to previous periods to identify trends and performance changes.

Key Dates

• 2024-03-31: End of Reporting Period — Marks the conclusion of the financial quarter being reported.
• 2024-04-30: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, following the 2023 annual report.

Key Financial Figures

• $6.50 — ectric Power Company Inc. Common Stock, $6.50 par value AEP The NASDAQ Stock Market L
• $0.01 — ($6.50 par value) AEP Texas Inc. 100 ($0.01 par value) AEP Transmission Company, L
• $15 — Service Company of Oklahoma 9,013,000 ($15 par value) Southwestern Electric Power
• $18 — hwestern Electric Power Company 3,680 ($18 par value) (a) 100% interest is held
• $397 million — AEP Common Shareholders increased from $397 million in 2023 to $1,003 million in 2024 prima
• $1,003 million — increased from $397 million in 2023 to $1,003 million in 2024 primarily due to: A favorable
• $224 million — .3 $ 263.0 (a) Primarily relates to a $224 million remeasurement of Excess ADIT Regulatory
• $29 million — ulatory Liabilities partially offset by $29 million of tax expense on favorable pretax inco

Filing Documents

• aep-20240331.htm (10-Q) — 7855KB
• ex4caep20241q.htm (EX-4.C) — 702KB
• ex4daep20241q.htm (EX-4.D) — 811KB
• ex10aaep20241q.htm (EX-10.A) — 42KB
• ex10baep20241q.htm (EX-10.B) — 60KB
• ex10caep20241q.htm (EX-10.C) — 249KB
• ex31aaep20241q.htm (EX-31.A) — 10KB
• ex31aaeptco20241q.htm (EX-31.A) — 10KB
• ex31aaeptexas20241q.htm (EX-31.A) — 10KB
• ex31aapco20241q.htm (EX-31.A) — 10KB
• ex31aim20241q.htm (EX-31.A) — 10KB
• ex31aopco20241q.htm (EX-31.A) — 10KB
• ex31apso20241q.htm (EX-31.A) — 10KB
• ex31aswepco20241q.htm (EX-31.A) — 10KB
• ex31baep20241q.htm (EX-31.B) — 10KB
• ex31baeptco20241q.htm (EX-31.B) — 10KB
• ex31baeptexas20241q.htm (EX-31.B) — 10KB
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• ex31bpso20241q.htm (EX-31.B) — 10KB
• ex31bswepco20241q.htm (EX-31.B) — 10KB
• ex32aaep20241q.htm (EX-32.A) — 4KB
• ex32aaeptco20241q.htm (EX-32.A) — 4KB
• ex32aaeptexas20241q.htm (EX-32.A) — 4KB
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• ex32aopco20241q.htm (EX-32.A) — 4KB
• ex32apso20241q.htm (EX-32.A) — 4KB
• ex32aswepco20241q.htm (EX-32.A) — 4KB
• ex32baep20241q.htm (EX-32.B) — 4KB
• ex32baeptco20241q.htm (EX-32.B) — 4KB
• ex32baeptexas20241q.htm (EX-32.B) — 4KB
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• ex32bpso20241q.htm (EX-32.B) — 4KB
• ex32bswepco20241q.htm (EX-32.B) — 4KB
• image_01a.jpg (GRAPHIC) — 0KB
• image_0a.jpg (GRAPHIC) — 0KB
• 0000004904-24-000046.txt (&nbsp;) — 36560KB
• aep-20240331.xsd (EX-101.SCH) — 195KB
• aep-20240331_cal.xml (EX-101.CAL) — 105KB
• aep-20240331_def.xml (EX-101.DEF) — 1176KB
• aep-20240331_lab.xml (EX-101.LAB) — 1637KB
• aep-20240331_pre.xml (EX-101.PRE) — 1282KB
• aep-20240331_htm.xml (XML) — 8210KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION Items 1, 2, 3 and 4 - Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk and Controls and Procedures: American Electric Power Company, Inc. and Subsidiary Companies:

Management's Discussion and Analysis of Financial Condition and Results of Operations 1

Management's Discussion and Analysis of Financial Condition and Results of Operations 1 Condensed Consolidated Financial Statements 37 AEP Texas Inc. and Subsidiaries: Management's Narrative Discussion and Analysis of Results of Operations 43 Condensed Consolidated Financial Statements 45 AEP Transmission Company, LLC and Subsidiaries: Management's Narrative Discussion and Analysis of Results of Operations 51 Condensed Consolidated Financial Statements 52 Appalachian Power Company and Subsidiaries: Management's Narrative Discussion and Analysis of Results of Operations 57 Condensed Consolidated Financial Statements 59 Indiana Michigan Power Company and Subsidiaries: Management's Narrative Discussion and Analysis of Results of Operations 65 Condensed Consolidated Financial Statements 68 Ohio Power Company and Subsidiaries: Management's Narrative Discussion and Analysis of Results of Operations 74 Condensed Consolidated Financial Statements 77 Public Service Company of Oklahoma: Management's Narrative Discussion and Analysis of Results of Operations 82 Condensed Financial Statements 84 Southwestern Electric Power Company Consolidated: Management's Narrative Discussion and Analysis of Results of Operations 90 Condensed Consolidated Financial Statements 93 Index of Condensed Notes to Condensed Financial Statements of Registrants 99

Controls and Procedures 163

Controls and Procedures 163

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings 164

Item 1. Legal Proceedings 164

Risk Factors 164

Item 1A. Risk Factors 164

Unregistered Sales of Equity Securities and Use of Proceeds 164

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 164

Defaults Upon Senior Securities 164

Item 3. Defaults Upon Senior Securities 164

Mine Safety Disclosures 164

Item 4. Mine Safety Disclosures 164

Other Information 164

Item 5. Other Information 164

Exhibits 165

Item 6. Exhibits 165 SIGNATURE 167 This combined Form 10-Q is separately filed by American Electric Power Company, Inc., AEP Texas Inc., AEP Transmission Company, LLC, Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Except for American Electric Power Company, Inc., each registrant makes no representation as to information relating to the other registrants. GLOSSARY OF TERMS When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below. Term Meaning AEGCo AEP Generating Company, an AEP electric utility subsidiary. AEP American Electric Power Company, Inc., an investor-owned electric public utility holding company which includes American Electric Power Company, Inc. (Parent) and majority owned consolidated subsidiaries and consolidated affiliates. AEP Credit AEP Credit, Inc., a consolidated VIE of AEP which securitizes accounts receivable and accrued utility revenues for affiliated electric utility companies. AEP Energy Supply LLC A nonregulated holding company for AEP's competitive generation, wholesale and retail businesses, and a wholly-owned subsidiary of AEP. AEP Renewables A division of AEP Energy Supply LLC that develops and/or acquires large scale renewable projects that are backed with long-term contracts with creditworthy counterparties. AEP Texas AEP Texas Inc., an AEP electric utility subsidiary. AEP Transmission Holdco AEP Transmission Holding Company, LLC, a wholly-owned subsidiary of AEP. AEPEP AEP Energy Partners, Inc., a subsidiary of AEP dedicated to wholesale marketing and trading, hedging activities, asset management and commercial and industrial sales in deregulated markets. AEPSC American Electric Power Service Corporation, an AEP service subsidiary

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE OVERVIEW AEP Consolidated Earnings Attributable to Common Shareholders First Quarter of 2024 Compared to First Quarter of 2023 Earnings Attributable to AEP Common Shareholders increased from $397 million in 2023 to $1,003 million in 2024 primarily due to: A favorable impact from the receipt of PLRs in 2024 related to the treatment of NOLCs in retail rate making. See "NOLCs in Retail Jurisdictions - IRS PLRs" section below for additional information. Favorable rate proceedings in AEP's various jurisdictions. Investment in transmission assets, which resulted in higher revenues and income. An increase in sales volumes driven by favorable weather and increased load in the commercial customer class. A loss on the sale of the competitive contracted renewables portfolio in 2023. See "Results of Operations" section for additional information by operating segment. Customer Demand AEP's weather-normalized retail sales volumes for the first quarter of 2024 increased by 2.9% from the first quarter of 2023. Weather-normalized residential sales decreased by 0.7% in the first quarter of 2024 from the first quarter of 2023. Weather-normalized commercial sales increased by 10.5% in the first quarter of 2024 compared to the first quarter of 2023. The increase in commercial sales was primarily due to new data center loads and economic development. AEP's first quarter 2024 industrial sales volumes increased by 0.4% from the first quarter of 2023. Supply Chain Disruption and Inflation The Registrants have experienced certain supply chain disruptions driven by several factors including international tensions and the ramifications of regional conflict, increased demand due to the economic recovery from the pandemic, inflation, labor shortages in certain trades and shortages in the availability of certain raw materials. These supply chain disruptions have not had a mater