Q3 2025 American Electric Power Co Inc Earnings Call

October 29, 2025

25 earnings call.

All lines have been placed on mute to prevent any background noise and after the Speakers' remarks, there will be a question and answer session.

If you'd like to ask a question at that time. Please press Star then the number one on your telephone keypad.

If you'd like to withdraw your question at any time press Star one again.

Thank you.

I'd now like to turn the call over to you to your host for today Darcy Reese Vice President of Investor Relations you may begin.

Good morning, and welcome to American Electric power third quarter 2025 earnings call. A live webcast of this teleconference and slide presentation are available on our website under events and presentations.

Joining me today are Bill Herman Chair, President and Chief Executive Officer, and Trevor Mihalik Executive Vice President and Chief Financial Officer. In addition, we have other members of our management team in the room to answer questions if needed, including Kate surges Senior Vice President controller, and Chief Accounting Officer, we will be.

Forward looking statements during the call actual results may differ materially from those projected in any forward looking statements we make today.

Factors that could cause our actual results to differ materially are discussed in the company's most recent SEC filings.

Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures.

We will take your questions. Following opening remarks, please turn to slide six and let me hand, the call over to Bill.

Thank you Dorothy and welcome to American Electric Power's third quarter 2025 earnings call I'm.

I am happy to be with everyone. This morning. This is a transformative moment for our industry and I am proud that AEP is standing out among our peers.

One of the fastest growing high quality pure play electric utilities.

Over the last year and to ensure AEP is extremely well situated for unprecedented growth and value creation. We have welcomed several new proven leaders. We have made significant changes to the organization to grow financial strength and deliver constructive regulatory and legislative outcomes, while at the same time driving accountability and operational.

Excellence I believe this is a different AEP from the past.

Our winning team is executing at an accelerated pace of play to grow this incredible company and deliver results for our customers and shareholders as we invest significantly in infrastructure across high growth regions and our impressive 11 State service territory.

Align our business with state and federal goals and achieve positive legislative and regulatory outcomes.

And leverage our size and scale to manage costs and supply chain pressures.

For example, AEP is one of the best positioned utilities in the industry with $8 seven Gigawatts of gas turbine capacity currently secured from major manufacturers and a high voltage equipment agreement in place with a key industry player.

As a result of our tremendous progress in the rapidly growing opportunity in front of US. We are extremely excited to announce our new increased long term operating earnings growth rate of 7% to 9% for 2026 to 2030 with an expected 9% compounded annual growth rate over the five year period.

This impressive growth rate is driven by one of the largest capital plans in the industry 72 billion.

Which is underpinned by massive system demand and supported by our balance sheet demonstrating strong credit quality.

There's a lot to be excited about at AEP and in my remarks today I will provide an overview of our strong financial results and outlook before speaking to the drivers behind our growth trajectory, our recent regulatory and legislative progress and are focused on affordability for customers.

An overview of our new financial plans and key messages can be found on slides six and seven of our presentation.

We are pleased to share that AEP reported third quarter 2025 operating earnings of $1 80 per share or $963 million.

These results in combination with our strong financial performance in the first half of the year and ability to execute gives us confidence in reaffirming our 2025 full year operating earnings range of $5 75.

The $5 95 per share while guiding to the upper half of this range.

We are also unveiling our 2026 operating earnings guidance range of $6 15.

To $6 45 per share, which is an approximate 8% increase based off the 2025 guidance range midpoint.

A few minutes Trevor will walk through third quarter performance drivers and provide additional details surrounding our outlook for 2026 and beyond.

Electricity demand growth is happening and we're seeing it play out across the country and real time regions with concentrated datacenter and industrial development, including Aep's footprint.

We're emerging as clear winners large annual capital budgets from Hyperscale totaling hundreds of billions of dollars reinforces our conviction strength and staying power of this demand growth.

At a high level Adp's revised long term earnings trajectory has been updated to reflect the strong load growth we are experiencing across the communities we serve.

We project the system peak demand of 65, Gigawatts by 2030 within our diversified service territory, especially in Indiana, Ohio, Oklahoma and Texas.

This growth is fueled by data centers re shoring of manufacturing and further economic development, which we expect to create jobs in local communities and maintain affordability as our load grows by almost 76% in the next five years.

The 65 gigawatt AEP system wide projections now includes 28 gigawatts of contracted load additions on top of our existing 37 gigawatt system.

These incremental 28 Gigawatts up from our formerly reported 24 Gigawatts are backed by electric service agreements or letters of agreement protecting us and our customers from changes in plans usage.

I also want to emphasize that it is critically important that costs associated with these large loads are allocated fairly and the right investments are made for the long term success of our grid.

For that reason, we have secured commission approvals for datacenter tariffs in Ohio, and large low tariff modifications in Indiana, Kentucky, and West, Virginia with pending tariff filings in Michigan, Texas and Virginia. These.

These baselines are designed to protect other customers from bearing the cost of grid improvements required to meet the energy demands of large load customers.

As you can see on slide eight we have unmatched transmission scale and expertise and large load customers are drawn to our footprint because of AEP has advanced transmission system.

Through innovation, we pioneered the modern 765 kv transmission system in North America.

These are the highest voltage lines that form the backbone of the transmission network. We have over 60 years of expertise and design construction and operation of assets like these and many current industry standards and practices for 765 kv transmission were developed by AEP.

Today AEP owns and operates in excess of 2100 miles of these ultra high voltage 765 kv transmission lines across six states, representing 90% of the 765 kv infrastructure in the U S.

As more 765 kv lines than all other utilities combined uniquely positioning us with the biggest electric transmission system in the country to attract customers, who need large volumes of consistent and reliable power Bill.

Building on this AEP was recently awarded 765 kv projects and the aircraft Permian basin through the PJM regional transmission expansion plan, setting us up well for future growth opportunities.

These transmission awards were included in our new $72 billion capital plan spanning over the next five years by.

By combining aep's vision for a modern reliable grid and our partnership with a major energy infrastructure equipment provider.

It can accelerate the development of 765 kv projects that are essential to meeting future reliability, resiliency and energy delivery needs.

Turning to slide nine we are focused on operational excellence to advanced service and reliability interest in each of the states. We operate in while achieving constructive outcomes that are good for our customers and our shareholders.

Adp's operating company leadership, just changing how we run our businesses and we are working diligently with legislators and policymakers for a constructive outcomes.

Personally have been actively engaged in met with regulators and leaders across all 11 states that we have the privilege of serving to better understand each of their needs and priorities.

In addition to better serving our customers all of these efforts will help us to reduce regulatory lag and improve forecasted regulated Roe to nine 5% by 2030.

This will support operating cash flows as we drive forward with 72 billion.

Infrastructure investment while maintaining affordability.

In 2025, we have been involved in the passage of constructive state legislation.

Some of these positive legislative outcomes include Ohio House, Bill <unk>, which establishes a new regulatory framework with a multi year forward looking test period with true up provisions for AEP, Ohio rate cases, Oklahoma Senate Bill 99, eight which authorizes the deferral of plant cost placed in service between rate cases.

So.

And Texas House, Bill five to $4 seven that allows for a single annual unified tracker mechanism to recover depreciation and carrying costs associated with capital investments at AEP, Texas.

The improvement in the customer experience and stakeholder relationships also results in positive regulatory outcomes as we put power in the hands of our local leaders to build financially strong utilities in the communities. We serve our operating companies continue to advance ongoing base rate cases, including AEP, Ohio, Kentucky power.

Bill Fehrman: For their needs and priorities. In addition to better serving our customers, all of these efforts will help us to reduce regulatory lag and improve forecasted regulated ROEs to 9.5% by 2030. This will support operating cash flows as we drive forward with $72 billion of infrastructure investment while maintaining affordability. In 2025, we have been involved in the passage of constructive state legislation. Some of these positive legislative outcomes include Ohio House Bill 15, which establishes a new regulatory framework with a multi-year forward-looking test period with truer provisions for AEP Ohio rate cases, Oklahoma Senate Bill 998, which authorizes the deferral of plant costs placed in service between rate cases at PSO, and Texas House Bill 5247 that allows for a single annual unified tracker mechanism to recover depreciation and carrying costs associated with capital investments at AEP Texas.

Into better serving our customers all of these efforts will help us to reduce regulatory lag and improve forecasted regulated Roe to nine 5% by 2030.

This will support operating cash flows as we drive forward with $72 billion of infrastructure investment while maintaining affordability.

Sure and swept co in Arkansas, and Texas, we look forward to working with stakeholders to achieve positive and balanced outcomes that benefit both our customers and investors.

In 2025, we have been involved in the passage of constructive state legislation.

Some of these positive legislative outcomes include Ohio House, Bill 15, which establishes a new regulatory framework with a multi year forward looking test period with terrific provisions for AEP, Ohio rate cases, Oklahoma Senate Bill 99, eight which authorizes the deferral of plant cost placed in service between rate cases.

As an update on the case that <unk> filed late last year in West Virginia.

We were pleased that the commission issued an interim order with full approval of the $2 4 billion securitization proposal.

Which will enable the redeployment of capital throughout our business while at the same time driving affordability to our West Virginia customers. However, we are not finished with the recent base case order in West Virginia.

No.

In Texas House, Bill five to $4 seven that allows for a single annual unified tracker mechanism to recover depreciation and carrying costs associated with capital investments at a pre tax loss.

There is more work to be done as evidenced by <unk> reconsideration finally made last month's centered around adjustments to the authorized Roe.

Bill Fehrman: The improvement in the customer experience and stakeholder relationships also result in positive regulatory outcomes as we put power in the hands of our local leaders to build financially strong utilities in the communities we serve. Our operating companies continue to advance ongoing base rate cases, including AEP Ohio, Kentucky Power, and SWEPCO in Arkansas and Texas. We look forward to working with stakeholders to achieve positive and balanced outcomes that benefit both our customers and investors. As an update on the case that APCO filed late last year in West Virginia, we are pleased that the Commission issued an interim order with full approval of the $2.4 billion securitization proposal, which will enable the redeployment of capital throughout our business while at the same time driving affordability to our West Virginia customers. However, we are not finished with the recent base case order in West Virginia.

Improvement in the customer experience and stakeholder relationships also result in positive regulatory outcomes as we put power in the hands of our local leaders to build financially strong utilities in the communities. We serve our operating companies continue to advance ongoing base rate cases, including AEP, Ohio and <unk>.

Capital structure and rate base.

We continue to have conversations with state leaders regarding fair financial returns.

They desire to attract more capital and make west Virginia on energy hub moving.

Moving onto resource adequacy electricity demand growth is putting pressure on reliability.

This new demand is driving the need for generation diversity, including significant generation additions our retirement delays I will.

<unk> power and swept go in Arkansas, and Texas, We look forward to working with stakeholders to achieve positive and balanced outcomes that benefit both our customers and investors.

I'll highlight several recent key developments that help support Aep's generation resource adequacy needs.

As an update on the case that <unk> filed late last year in West Virginia.

And reinforce grid stability for our communities.

We were pleased that the commission issued an interim order with full approval of the $2 4 billion securitization proposal.

August parties reached a unanimous settlement on <unk> acquisition of the 870 megawatt combined cycle natural gas generation facility in Oregon, Ohio.

This follows commission approval of Green country, which is <unk> 795 megawatt natural gas fired facility in Oklahoma.

Bill Fehrman: There is more work to be done, as evidenced by APCO's reconsideration filing made last month centered around adjustments to the authorized ROE, capital structure, and rate base. We continue to have conversations with state leaders regarding fair financial returns as they desire to attract more capital and make West Virginia an energy hub. Moving on to resource adequacy, electricity demand growth is putting pressure on reliability, and this new demand is driving the need for generation diversity, including significant generation additions or retirement delays. I will highlight several recent key developments that help support AEP's generation resource adequacy needs and reinforce grid stability for our communities. In August, parties reached a unanimous settlement on I&M's acquisition of the 870-megawatt combined cycle natural gas generation facility in Oregon, Ohio. This follows Commission approval of Green Country, which is PSO's 795-megawatt natural gas-fired facility in Jenks, Oklahoma.

There is more work to be done as evidenced by <unk> reconsideration finally made last month's centered around adjustments to the authorized Roe.

In September generation resource filings were submitted by <unk>.

The four one gigawatts and by peso for approximately one three gigawatts.

Capital structure and rate base.

We continue to have conversations with state leaders regarding fair financial returns.

And earlier this month <unk>.

<unk> filed an integrated resource plan in West Virginia for roughly five nine gigawatts of resource needs over the next 10 years outlining our strategic approach to meeting future energy and capacity requirements through a balanced approach.

They desire to attract more capital and make west, Virginia and energy hub moving.

Moving onto resource adequacy electricity demand growth is putting pressure on reliability and this new demand is driving the need for generation diversity, including significant generation additions our retirement delays.

In summary, additional capacity is needed to ensure the availability of continued reliable power for both current and future customer needs, while providing more efficient and timely regulatory approval processes.

I will highlight several recent key developments that help support aep's generation resource adequacy needs.

And reinforce grid stability for our communities.

<unk> is well positioned to be a significant player in meeting these generation needs.

August parties reached a unanimous settlement on <unk> acquisition of the 870 megawatt combined cycle natural gas generation facility in Oregon, Ohio.

Beyond these filings and in line with our history of innovation, we continue to explore generation solutions for the benefit of our customers. During this period of massive demand we previously.

This follows commission approval of Green country, which is <unk> 795 megawatt natural gas fired facility in Oklahoma.

We announced our participation in the early site permit process for two potential small modular reactor <unk> locations.

Bill Fehrman: In September, generation resource filings were submitted by I&M for up to 4.1 gigawatts and by PSO for approximately 1.3 gigawatts. Earlier this month, APCO filed an integrated resource plan in West Virginia for roughly 5.9 gigawatts of resource needs over the next 10 years, outlining our strategic approach to meeting future energy and capacity requirements through a balanced approach. In summary, additional capacity is needed to ensure the availability of continued reliable power for both current and future customer needs while providing more efficient and timely regulatory approval processes. AEP is well-positioned to be a significant player in meeting these generation needs. Beyond these filings and in line with our history of innovation, we continue to explore generation solutions for the benefit of our customers during this period of massive demand.

In September generation resource filings were submitted by <unk>.

One in Indiana, and another one in Virginia.

As we evaluate these exciting opportunities are moving forward with SM art considerations will require strong capital investment protections safeguards for our balance sheet and credit metrics strength and clear regulatory and governmental support.

Up to four one gigawatts and buy <unk> for approximately one three gigawatts and earlier this month <unk> filed an integrated resource plan in West Virginia for roughly five nine gigawatts of resource needs over the next 10 years.

And finally as seen on slide 10, I would like to reiterate that our team is keenly focused on customer affordability as we advance our 72 billion capital plan over the next five years.

Outlining our strategic approach to meeting future energy and capacity requirements through a balanced approach.

We are mitigating residential rate impacts through affordability levers, including incremental load growth rate design continuous focus on O&M efficiency and financing mechanisms like securitization.

AEP is well positioned to be a significant player in meeting these generation needs.

Earlier this month AEP also closed on a loan guarantee from the U S Department of energy.

Beyond these filings and in line with our history of innovation, we continue to explore generation solutions for the benefit of our customers. During this period of massive demand.

To upgrading 5000 miles of transmission lines.

<unk> projects that enhance reliability, while also supporting economic growth in our states and reducing bill impacts for customers.

Bill Fehrman: We previously announced our participation in the early site permit process for two potential small modular reactors, or SMRs, locations, one in Indiana and another one in Virginia. As we evaluate these exciting opportunities, our moving forward with SMR considerations will require strong capital investment protections, safeguards for our balance sheet and credit metric strength, and clear regulatory and governmental support. Finally, as seen on slide 10, I would like to reiterate that our team is keenly focused on customer affordability as we advance our $72 billion capital plan over the next five years. We are mitigating residential rate impacts through affordability levers, including incremental load growth, rate design, continuous focus on O&M efficiency, and financing mechanisms like securitization. Earlier this month, AEP also closed on a loan guarantee from the U.S. Department of Energy related to upgrading 5,000 miles of transmission lines.

We previously announced our participation in the early site permit process for two potential small modular reactor <unk> locations.

As we ramp up our investments in this electric infrastructure Super cycle more of the incremental costs are assigned to commercial and industrial customers, who are driving the increased investment.

One in Indiana, and another one in Virginia.

We forecast residential customer rates to increase on the system average by approximately three 5% annually over the five year period. This is relatively mild and below the five year historical average inflation rate of over 4%.

And finally as seen on slide 10, I would like to reiterate that our team is keenly focused on customer affordability as we advance our 72 billion capital plan over the next five years.

Wrapping up we have had an extremely busy and productive year, so far with the entire team working at an unmatched pace to deliver results for all stakeholders.

We are mitigating residential rate impacts through affordability levers, including incremental load growth rate design.

We are investing substantially to meet an extraordinary moment in our industry engaging with our regulators and state leaders to deliver on their key policy objectives, and taking concrete steps to keep customer bills affordable.

<unk> focus on O&M efficiency and financing mechanisms like securitization.

Earlier this month AEP also closed on a loan guarantee from the U S Department of energy related to upgrading 5000 miles of transmission lines.

I have great confidence in our strategy and team and I am excited about the opportunities ahead, as we drive growth and create value for our investors.

Bill Fehrman: The loan backs projects that enhance reliability while also supporting economic growth in our states and reducing bill impacts for customers. As we ramp up our investments in this electric infrastructure supercycle, more of the incremental costs are assigned to commercial and industrial customers who are driving the increased investment. We forecast residential customer rates to increase on the system average by approximately 3.5% annually over the five-year period. This is relatively mild and below the five-year historical average inflation rate of over 4%. Wrapping up, we have had an extremely busy and productive year so far, with the entire team working at an unmatched pace to deliver results for all stakeholders. We are investing substantially to meet an extraordinary moment in our industry, engaging with our regulators and state leaders to deliver on their key policy objectives, and taking concrete steps to keep customer bills affordable.

The loan backs projects that enhance reliability, while also supporting economic growth in our states and reducing bill impacts for customers.

With that I will now turn the call over to Trevor who will walk us through the third quarter performance drivers and provide details surrounding our incredible financial growth outlook.

As we ramp up our investments.

Thank you Bill and good morning, everyone.

Electric infrastructure Super cycle more of the incremental costs are assigned to commercial and industrial customers, who are driving the increased investment with.

Im excited to share several key updates with you today I will begin with a review of our third quarter and year to date financial results followed by an in depth look at our newly established long term operating earnings growth rate of 7% to 9%.

We forecast residential customer rates to increase system average by approximately three 5% annually over the five year period. This is relatively mild and below the five year historical average inflation rate of over 4%.

<unk> on Bill's comments I will also highlight the exceptional loan growth we are seeing.

Supported by the updated 72 billion five year capital plan, and finally, I will wrap up with remarks on our financing strategy.

Wrapping up we have had an extremely busy and productive year so far.

The entire team working at an unmatched pace to deliver results for all stakeholders.

That's not walk through our financial results starting on slide 12.

Operating earnings for the third quarter totaled $1 <unk> per share compared to $1 85 per share in the same period last year.

This change primarily reflects the impact of the prior year sale of the onsite partners distributed resources business within generation and marketing.

Bill Fehrman: I have great confidence in our strategy and team, and I am excited about the opportunities ahead as we drive growth and create value for our investors. With that, I will now turn the call over to Trevor, who will walk us through the third quarter performance drivers and provide details surrounding our incredible financial growth outlook.

I have great confidence in our strategy and team and I am excited about the opportunities ahead, as we drive growth and create value for our investors.

With that I'll now turn the call over to Trevor who will walk us through the third quarter performance drivers and provide details surrounding our incredible financial growth outlook.

Turning to slide 13.

Year to date operating earnings totaled $4 78 per share up from $4 38 per share in 2024.

Thank you Bill and good morning, everyone.

Trevor Mihalik: Thank you, Bill, and good morning, everyone. I'm excited to share several key updates with you today. I will begin with a review of our third quarter and year-to-date financial results, followed by an in-depth look at our newly established long-term operating earnings growth rate of 7% to 9%. Building on Bill's comments, I will also highlight the exceptional load growth we are seeing, supported by the updated $72 billion five-year capital plan. Finally, I will wrap up with remarks on our financing strategy. Let's now walk through our financial results, starting on slide 12. Operating earnings for the third quarter totaled $1.80 per share, compared to $1.85 per share in the same period last year. This change primarily reflects the impact of the prior year's sale of the onsite partners' distributed resources business within generation and marketing.

I'm excited to share several key updates with you today I will begin with a review of our third quarter and year to date financial results followed by an in depth look at our newly established long term operating earnings growth rate of 7% to 9% Bill.

You will see that this represents an increase of <unk> 40 per share or approximately 9% year over year.

This strong year to date performance was mainly driven by favorable rate changes across multiple jurisdictions.

Building on Bill's comments I will also highlight the exceptional loan growth we are seeing some.

Strong transmission investment execution and continued benefit from load growth.

Supported by the updated 72 billion five year capital plan, and finally, I will wrap up with remarks on our financing strategy.

Notably, we saw significant commercial and industrial load growth of nearly 8% on a rolling 12 month basis as of September 32025.

That's not walk through our financial results starting on slide 12.

Compared to the same period last year.

Operating earnings for the third quarter totaled $1 <unk> per share compared to $1 85 per share in the same period last year.

Recall, a majority of our large load customers or undertake or pay contracts, which I'll address in more detail shortly.

Additional information on our sales performance can be found in the appendix.

This change primarily reflects the impact of the prior year sale of the onsite partners distributed resources business within generation and marketing.

These positive drivers were partially offset by increased spending on system improvements dupree.

Turning to slide 13.

Trevor Mihalik: Turning to slide 13, year-to-date operating earnings totaled $4.78 per share, up from $4.38 per share in 2024. You will see that this represents an increase of $0.40 per share, or approximately 9% year over year. This strong year-to-date performance was mainly driven by favorable rate changes across multiple jurisdictions, strong transmission investment execution, and continued benefit from load growth. Notably, we saw significant commercial and industrial load growth of nearly 8% on a rolling 12-month basis as of September 30, 2025, compared to the same period last year. Recall, a majority of our large load customers are under taker pay contracts, which I'll address in more detail shortly. Additional information on our sales performance can be found in the appendix. These positive drivers were partially offset by increased spending on system improvements, depreciation tied to higher capital investments, and interest expense.

Depreciation tied to higher capital investments and interest expense.

Year to date operating earnings totaled $4 78 per share up from $4 38 per share in 2024.

Similar to the quarterly results our year to date performance and the generation and marketing segment reflects the prior year sale of the distributed resources business.

You will see that this represents an increase of <unk> 40 per share or approximately 9% year over year.

While this transition led to a lower contribution from this segment. It was meaningfully offset by favorable energy margins, which helped support overall results.

This strong year to date performance was mainly driven by favorable rate changes across multiple jurisdictions.

Strong transmission investment execution and continued benefit from load growth.

Our strong year to date results provide us with the confidence to guide to the upper half of our 2025 operating earnings range of $5 and 75.

Notably, we saw significant commercial and industrial load growth of nearly 8% on a rolling 12 month basis as of September 32025.

The $5 95.

Please turn to the next slide.

Compared to the same period last year.

We have established our 2026 operating earnings guidance range at $6 15 to $6 45 per share with a midpoint of $6 30.

Recall, a majority of our large load customers or undertake or pay contracts, which I'll address in more detail shortly.

This reflects nearly an 8% increase over our 2025 guidance midpoint and is fully aligned with our newly introduced long term operating earnings growth rate.

Additional information on our sales performance can be found in the appendix.

These positive drivers were partially offset by increased spending on system improvements.

As Bill mentioned earlier, we are excited to announce our increased long term operating earnings growth rate of 7% to 9% annually from 2026 through 2030 with an expected CAGR of 9% over the five year period.

<unk> tied to higher capital investments and interest expense.

Similar to the quarterly results our year to date performance and the generation and marketing segment.

Trevor Mihalik: Similar to the quarterly results, our year-to-date performance in the generation and marketing segment reflects the prior year's sale of the distributed resources business. While this transition led to a lower contribution from the segment, it was meaningfully offset by favorable energy margins, which help support overall results. Our strong year-to-date results provide us with the confidence to guide to the upper half of our 2025 operating earnings range of $5.75 to $5.95. Please turn to the next slide. We have established our 2026 operating earnings guidance range at $6.15 to $6.45 per share, with a midpoint of $6.30. This reflects nearly an 8% increase over our 2025 guidance midpoint and is fully aligned with our newly introduced long-term operating earnings growth rate.

Flex the prior year sale of the distributed resources business.

We anticipate growth to be in the lower half of the range for the first two years and at or above the high end of the range.

While this transition led to a lower contribution from this segment it was meaningfully offset by favorable energy margins, which help support overall results.

In 2028, 2029 and 2030.

Our strong year to date results provide us with the confidence to guide to the upper half of our 2025 operating earnings range of $5 and 75 to.

This outlook is supported by our exceptional load growth fundamentals highlighted by 28 gigawatts of incremental and contracted load backed by electric service agreements or letters of agreement.

To $5 95.

Please turn to the next slide.

This unprecedented demand serves as the foundation of our expanded 72 billion capital investment plan.

We have established our 2026 operating earnings guidance range at $6 15 to $6 45 per share with a midpoint of $6 30.

<unk> us to deploy the critical infrastructure needed today, while actively shaping the energy infrastructure landscape up tomorrow building, a more reliable resilient grid of the future.

This reflects nearly an 8% increase over our 2025 guidance midpoint and is fully aligned with our newly introduced long term operating earnings growth rate.

Turning to slide 15.

We are illustrating aep's strong load forecast for the period from 2026 through 2030.

Trevor Mihalik: As Bill Fehrman mentioned earlier, we are excited to announce our increased long-term operating earnings growth rate of 7% to 9% annually from 2026 through 2030, with an expected CAGR of 9% over the five-year period. We anticipate growth to be in the lower half of the range for the first two years and at or above the high end of the range in 2028, 2029, and 2030. This outlook is supported by our exceptional load growth fundamentals, highlighted by 28 gigawatts of incremental and contracted load backed by energy service agreements or letters of agreement. This unprecedented demand serves as the foundation of our expanded $72 billion capital investment plan, positioning us to deploy the critical infrastructure needed today while actively shaping the energy infrastructure landscape of tomorrow, building a more reliable, resilient grid of the future.

There are three defining characteristics I'd like to emphasize.

Load growth forecast is big conservative and drives our capital strategy.

First it is big.

We anticipate growth to be in the lower half of the range for the first two years and at or above the high end of the range in 2028, 2029 and 2030.

In this quarter alone approximately two gigawatts of datacenter load came online roughly equivalent to two large scale nuclear power plants.

For the 28 Gigawatts of forecasted additions this is equivalent to almost doubling our current system.

This outlook is supported by our exceptional load growth fundamentals highlighted by 28 gigawatts of incremental and contracted load backed by electric service agreements or letters of agreement.

Customers behind this growth are substantial with approximately 80% coming from data processors, including large hyper scaler, such as Google AWS and matter.

This unprecedented demand serves as the foundation of our expanded 72 billion capital investment plan.

These are well capitalized global firms with sustained demand profiles.

<unk> us to deploy the critical infrastructure needed today, while actively shaping the energy infrastructure landscape up tomorrow building, a more reliable Brazilian grid of the future.

The remaining 20% is driven by new industrial customers. These include major projects, such as Nucor steel mill in West, Virginia, and Cheniere LNG facilities in Texas.

Trevor Mihalik: Turning to slide 15, we're illustrating American Electric Power Company's strong load forecast for the period from 2026 through 2030. There are three defining characteristics I'd like to emphasize. Our load growth forecast is big, conservative, and drives our capital strategy. First, it is big. In this quarter alone, approximately 2 gigawatts of data center load came online, roughly equivalent to two large-scale nuclear power plants. For the 28 gigawatts of forecasted additions, this is equivalent to almost doubling our current system. Customers behind this growth are substantial, with approximately 80% coming from data processors, including large hyperscalers such as Google, Amazon Web Services (AWS), and Meta. These are well-capitalized global firms with sustained demand profiles. The remaining 20% is driven by new industrial customers. These include major projects such as Nucor Steel in West Virginia and Cheniere's LNG facilities in Texas.

Turning to slide 15.

Together these diverse customer groups form a strong foundation of long term partnerships and infrastructure development driving substantial energy demand and economic growth to the communities that we serve.

We are illustrating AEP strong load forecast for the period from 2026 through 2030.

There are three defining characteristics I'd like to emphasize.

Load growth forecast is big conservative and drives our capital strategy.

Second it's conservative.

Our forecast is not a theoretical model, it's built on signed contracts.

First it is big.

In this quarter alone approximately two gigawatts of datacenter load came online roughly equivalent to two large scale nuclear power plants.

From roughly 190 gigawatts of customer interest, we have distilled us down to 28 gigawatts of executed financial commitments.

For the 28 Gigawatts of forecasted additions this is equivalent to almost doubling our current system.

We have evolved our contracting strategy to sign full take or pay agreements earlier in the development cycle, helping us to filter out speculative load.

Customers behind this growth are substantial with approximately 80% coming from data processors, including large hyper scaler, such as Google AWS and matter.

Commission approved tariff reforms have strengthened these contracts, especially in our vertically integrated businesses, where generation investments must be tightly aligned with the real demand to protect customer rates.

These are well capitalized global firms with sustained demand profiles.

The remaining 20% is driven by new industrial customers. These include major projects, such as Nucor steel mill in West, Virginia, and Cheniere as LNG facilities in Texas.

Finally, this load forecast is the foundation of our capital plan.

Serve this growth AEP must deliver more than 100 million megawatt hours of incremental power annually by 2030.

Trevor Mihalik: Together, these diverse customer groups form a strong foundation of long-term partnerships in infrastructure development, driving substantial energy demand and economic growth to the communities that we serve. Second, it's conservative. Our forecast is not a theoretical model. It's built on signed contracts. From roughly 190 gigawatts of customer interest, we have distilled this down to 28 gigawatts of executed financial commitments. We have evolved our contracting strategy to sign full taker pay agreements earlier in the development cycle, helping us to filter out speculative load. Commission-approved tariff reforms have strengthened these contracts, especially in our vertically integrated businesses, where generation investments must be tightly aligned with the real demand to protect customer rates. Finally, this load forecast is the foundation of our capital plan. To serve this growth, AEP must deliver more than 100 million megawatt-hours of incremental power annually by 2030.

Meeting this demand will require a scale of capital investment that sets a new benchmark for AEP.

I will walk through the details of our large capital plan on slide 16.

Our 72 billion five year capital plan represents a more than 30% increase over our previous plan.

Second it's conservative.

Our forecast is not a theoretical model, it's built on signed contracts.

Over two thirds of this investment is directed towards transmission and generation supporting the extraordinary load growth I mentioned earlier.

From roughly 190 gigawatts of customer interest, we have distilled us down to 28 gigawatts of executed financial commitments.

In addition, nearly a quarter of the plan is focused on strengthening our distribution network, including system enhancement programs and other grid modernization efforts that are critical to improving reliability and performance for our customers.

We have evolved our contracting strategy to sign full take or pay agreements earlier in the development cycle, helping us to filter out speculative load.

Commission approved tariff reforms have strengthened these contracts, especially in our vertically integrated businesses are generation investments must be tightly aligned with the real demand to protect customer rates.

This capital plan drives a five year rate base CAGR of 10% with nearly 90% of the investment recovered through reduced lag mechanisms, including formula rates forward looking test years and capital riders and trackers.

Finally, this load forecast is the foundation of our capital plan.

To serve this growth AEP must deliver more than 100 million megawatt hours of incremental power annually by 2030.

Importantly, we are applying a ruthless capital allocation lens to every dollar we deploy ensure.

Trevor Mihalik: Meeting this demand will require a scale of capital investment that sets a new benchmark for AEP. I will walk through the details of our large capital plan on slide 16. Our $72 billion five-year capital plan represents a more than 30% increase over our previous plan. Over two-thirds of this investment is directed towards transmission and generation, supporting the extraordinary load growth I mentioned earlier. In addition, nearly a quarter of the plan is focused on strengthening our distribution network, including system enhancement programs and other grid modernization efforts that are critical to improving reliability and performance for our customers. This capital plan drives a five-year rate-based CAGR of 10%, with nearly 90% of the investment recovered through reduced lag mechanisms, including formula rates, forward-looking test years, and capital riders and trackers.

Meeting this demand will require a scale of capital investment that sets a new benchmark for AEP.

Ensuring that each investment is aligned with customer needs regulatory efforts and long term shareholder value.

We'll walk through the details of our large capital plan on slide 16.

This disciplined strategy allows us to prioritize high impact projects and maintain financial strength as we execute at scale.

Our 72 billion five year capital plan represents a more than 30% increase over our previous plan.

Let's turn to slide 17 to discuss our high growth transmission business.

Over two thirds of this investment is directed towards transmission and generation supporting the extraordinary load growth I mentioned earlier.

As Bill mentioned earlier.

Large load customers are drawn to our footprint because of Aep's world class transmission system.

Particularly our ultra high voltage 765 kv backbone.

Our unmatched expertise in the design and construction of ultra high voltage transmission.

Continues to secure major projects positioning AEP as one of the industry leaders best equipped to meet and capitalize on the accelerating AI driven demand.

This capital plan drives a five year rate base CAGR of 10% with nearly 90% of the investment recovered through reduced lag mechanisms, including formula rates.

Transmission is a core engine of value creation for AEP and <unk>.

Looking test years and capital riders and trackers.

Trevor Mihalik: Importantly, we are applying a ruthless capital allocation lens to every dollar we deploy, ensuring that each investment is aligned with customer needs, regulatory efforts, and long-term shareholder value. This disciplined strategy allows us to prioritize high-impact projects and maintain financial strength as we execute at scale. Let's turn to slide 17 to discuss our high-growth transmission business. As Bill Fehrman mentioned earlier, large load customers are drawn to our footprint because of AEP's world-class transmission system, particularly our ultra-high voltage 765 kV backbone. Our unmatched expertise in the design and construction of ultra-high voltage transmission continues to secure major projects, positioning AEP as one of the industry leaders best equipped to meet and capitalize on the accelerating AI-driven demand. Transmission is a core engine of value creation for AEP. In fact, more than 50% of our projected 2026 operating earnings will come from this high-growth business.

In fact more than 50% of our projected 2026 operating earnings will come from this high growth business.

Importantly, we are applying a ruthless capital allocation lens to every dollar we deploy.

Ensuring that each investment is aligned with customer needs regulatory efforts and long term shareholder value.

Looking ahead, our transmission rate base is expected to exceed $50 billion by 2030.

<unk> substantial shareholder value through highly constructive regulatory framework.

This disciplined strategy allows us to prioritize high impact projects and maintain financial strength as we execute at scale.

Next I will cover our five year financing plan on slide 18.

This plan is built on strong cash flow from operations.

Let's turn to slide 17 to discuss our high growth transmission business.

Driven by disciplined investment execution phase.

As Bill mentioned earlier.

Favorable legislative and regulatory developments and a continued focus on cost management.

Large load customers are drawn to our footprint because of Aep's world class transmission system.

It supports robust liquidity with only about 25% of our outstanding debt maturing through 2030.

Particularly our ultra high voltage 765 kv backbone.

Our unmatched expertise in the design and construction of ultra high voltage transmission.

In addition, we remain committed to returning capital to our shareholders through consistent dividend growth.

Continues to secure major projects positioning AEP is one of the industry leaders best equipped to meet and capitalize on the accelerating AI driven demand.

A key component of the plan includes a modest amount of growth equity totaling $5 9 billion.

In fact, we have limited near term equity needs with over 80% of the growth equity projected to be issued during the back half of the five year plan. Thus.

Transmission is a core engine of value creation for AEP in fact more than 50% of our projected 2026 operating earnings will come from this high growth business.

This financing plan is designed with flexibility in mind.

Enabling us to evaluate and deploy the most efficient financing tools to support our capital expansion.

Trevor Mihalik: Looking ahead, our transmission rate base is expected to exceed $50 billion by 2030, generating substantial shareholder value through a highly constructive regulatory framework. Next, I will cover our five-year financing plan on slide 18. This plan is built on strong cash flow from operations, driven by disciplined investment execution, favorable legislative and regulatory developments, and a continued focus on cost management. It supports robust liquidity, with only about 25% of our outstanding debt maturing through 2030. In addition, we remain committed to returning capital to our shareholders through consistent dividend growth. A key component of the plan includes a modest amount of growth equity totaling $5.9 billion. In fact, we have limited near-term equity needs, with over 80% of the growth equity projected to be issued during the back half of the five-year plan.

Looking ahead, our transmission rate base is expected to exceed $50 billion by 2030.

Over the plan horizon, we are targeting an <unk> to debt ratio of 14% to 15% for both S&P and Moody's weaker.

<unk> substantial shareholder value through highly constructive regulatory framework.

Next I will cover our five year financing plan on slide 18.

We currently exceed our <unk> to debt target with S&P at 15, 7% this quarter and comparatively we are above our 13% downgrade threshold at Moody's we expect to be near our 14% target with Moody's by the end of 2026 and in the targeted range for the remainder of the plan additional details.

This plan is built on strong cash flow from operations.

Driven by disciplined investment execution phase.

Favorable legislative and regulatory developments and a continued focus on cost management.

It supports robust liquidity with only about 25% of our outstanding debt maturing through 2030.

On our third quarter <unk> to debt metrics can be found in the appendix.

Before we open the line for your questions, let's turn to slide 19, and recap the key takeaways from today's discussion each one reinforcing why we are so energized about aep's future as a high growth high quality pure play electric utility.

In addition, we remain committed to returning capital to our shareholders through consistent dividend growth.

A key component of the plan includes a modest amount of growth equity totaling $5 $9 billion. In fact, we have limited near term equity needs with over 80% of the growth equity projected to be issued during the back half of the five year plan. Thus.

First we have delivered exceptional financial performance year to date, which gives us the confidence to guide to the upper half of our 2025 operating earnings range of $5 75.

Trevor Mihalik: This financing plan is designed with flexibility in mind, enabling us to evaluate and deploy the most efficient financing tools to support our capital expansion. Over the planned horizon, we are targeting an FFO-to-debt ratio of 14% to 15% for both S&P and Moody's. We currently exceed our FFO-to-debt target with S&P at 15.7% this quarter, and comparatively, we are above our 13% downgrade threshold at Moody's. We expect to be near our 14% target with Moody's by the end of 2026 and in the targeted range for the remainder of the plan. Additional details on our third quarter FFO-to-debt metrics can be found in the appendix. Before we open the line for your questions, let's turn to slide 19 and recap the key takeaways from today's discussion, each one reinforcing why we're so energized about American Electric Power Company’s future as a high-growth, high-quality, pure-play electric utility.

This financing plan is designed with flexibility in mind.

Enabling us to evaluate and deploy the most efficient financing tools to support our capital expansion.

To $5 95.

This reflects not only disciplined execution as we leverage our size and scale, but also the strength of our streamlined organization, which is driving accountability operational excellence and results second we formalized our large $72 billion capital plan driving a 10 <unk>.

Over the plan horizon, we are targeting an <unk> to debt ratio of 14%, 15%, both S&P and Moody's we.

<unk> five year rate base CAGR of nearly 90% of investment recovered through reduced lag mechanisms where.

We're applying ruthless capital discipline to ensure every dollar deployed delivers on customer priorities regulatory alignment and long term shareholder value.

On our third quarter <unk> to debt metrics can be found in the appendix.

Third today, we introduced an increased long term growth rate of 7% to 9% with growth expected to be at or above the high end of the range in the final three years of the plan.

This marks a strategic step forward.

Trevor Mihalik: First, we have delivered exceptional financial performance year to date, which gives us the confidence to guide to the upper half of our 2025 operating earnings range of $5.75 to $5.95. This reflects not only disciplined execution as we leverage our size and scale, but also the strength of our streamlined organization, which is driving accountability, operational excellence, and results. Second, we formalized our large $72 billion capital plan, driving a 10% five-year rate-based CAGR with nearly 90% of investment recovered through reduced lag mechanisms. We're applying ruthless capital discipline to ensure every dollar deployed delivers on customer priorities, regulatory alignment, and long-term shareholder value. Third, today we introduced an increased long-term growth rate of 7% to 9%, with growth expected to be at or above the high end of the range in the final three years of the plan.

First we have delivered exceptional financial performance year to date, which gives us the confidence to guide to the upper half of our 2025 operating earnings range of $5 75.

Our outlook grounded in real accelerating demand.

Fourth our earnings growth is underpinned by strong load growth.

To $5 95.

Driven by our ultra high voltage transmission backbone that continues to attract new customers into our footprint.

This growth outlook is not only substantial but it's also conservative and it forms the foundation of our 72 billion capital plan.

We formalized our large $72 billion capital plan driving a 10% five year rate base CAGR of nearly 90% of investment recovered through reduced lag.

Fifth affordability and balance sheet strength remains central to our strategy as we execute our multibillion dollar capital plan with discipline.

We are forecasting average system residential customer rates to increase at approximately three 5%.

We're applying ruthless capital discipline to ensure every dollar deployed delivers on customer priorities regulatory alignment and long term shareholder value.

Annually through 2030.

Well below the five year average rate of inflation of 4%.

This reflects our commitment to ensuring cost stability for our customers as we invest in the system.

Third today, we introduced and increase long term growth rate of 7% to 9% with growth expected to be at or above the high end of the range in the final three years of the plan.

At the same time, our financing strategy is grounded in strong cash flow from operations with over 80% of growth equity projected to be issued during the back half of the plan.

Trevor Mihalik: This marks a strategic step forward in our outlook, grounded in real accelerating demand. Fourth, our earnings growth is underpinned by strong load growth, driven by our ultra-high voltage transmission backbone that continues to attract new customers into our footprint. This growth outlook is not only substantial, but it's also conservative, and it forms the foundation of our $72 billion capital plan. Fifth, affordability and balance sheet strength remain central to our strategy as we execute our multi-billion dollar capital plan with discipline. We are forecasting average system residential customer rates to increase at approximately 3.5% annually through 2030, well below the five-year average rate of inflation of 4%. This reflects our commitment to ensuring cost stability for our customers as we invest in the system.

This marks a strategic step forward in our outlook grounded in real accelerating demand.

This approach is intentionally designed to support disciplined capital expansion through efficient financing, while maintaining financial strength and flexibility.

Fourth our earnings growth is underpinned by strong load growth.

Driven by our ultra high voltage transmission backbone that continues to attract new customers into our footprint.

And finally, our momentum is further supported by constructive legislative and regulatory progress as we continue to empower local leadership and built financially strong utilities in the communities we serve.

This growth outlook is not only substantial but it's also conservative and it forms the foundation of our 72 billion capital plan.

These efforts are expected to reduce regulatory lag.

Fifth affordability and balance sheet strength remains central to our strategy as we execute our multibillion dollar capital plan with discipline.

Trimmed the gap between earned and authorized ROE.

And support strong operating cash flows.

I am truly excited to be part of this journey.

We are forecasting average system residential customer rates to increase at approximately three 5%.

I firmly believe AEP is one of the most compelling companies in our industry uniquely positioned to lead grow and deliver in today's transformative environment.

Annually through 2030.

Well below the five year average rate of inflation of 4%.

With a clear strategy the strength of our size and scale.

This reflects our commitment to ensuring cost ability for our customers as we invest in the system.

Disciplined execution and unmatched infrastructure capabilities, we are well equipped to seize the opportunities ahead with confidence and create significant value for our stakeholders.

Trevor Mihalik: At the same time, our financing strategy is grounded in strong cash flow from operations, with over 80% of growth equity projected to be issued during the back half of the plan. This approach is intentionally designed to support disciplined capital expansion through efficient financing while maintaining financial strength and flexibility. Finally, our momentum is further supported by constructive legislative and regulatory progress as we continue to empower local leadership and build financially strong utilities in the communities we serve. These efforts are expected to reduce regulatory lag, trim the gap between earned and authorized ROEs, and support strong operating cash flows. I am truly excited to be part of this journey. I firmly believe American Electric Power Company is one of the most compelling companies in our industry, uniquely positioned to lead, grow, and deliver in today's transformative environment.

At the same time, our financing strategy is grounded in strong cash flow from operations with over 80% of growth equity projected to be issued during the back half of the plan.

We appreciate everyone's time today and your interest in AEP we.

This approach is intentionally designed to support disciplined capital expansion through efficient financing, while maintaining financial strength and flexibility.

We look forward to seeing many of you at the EI conference in the next couple of weeks and with that I'll now ask the operator to open the lines. So we can take your questions.

And finally, our momentum is further supported by constructive legislative and regulatory progress as we continue to empower local leadership and build financially strong utilities in the communities we serve.

Thank you we will now begin the question and answer session.

If you would like to ask a question. Please press Star then the number one on your telephone keypad to raise your hand and entered the queue.

These efforts are expected to reduce regulatory lag trimmed the gap between earned and authorized Roe.

If you would like to withdraw your question at any time. Please press star one again thank.

Thank you.

And support strong operating cash flows.

Our first question comes from the line of Ross <unk> from Bank of America.

I am truly excited to be part of this journey.

I firmly believe AEP is one of the most compelling companies in our industry uniquely positioned to lead grow and deliver in today's transformative environment.

Line is open.

Morning.

Morning Trevor.

Thanks for the great update today.

Just a couple of questions if I'm looking at slide 14, it looks like a pretty big step up as I look at the CAGR going out on the bars in 2028.

Trevor Mihalik: With a clear strategy, the strength of our size and scale, disciplined execution, and unmatched infrastructure capabilities, we are well equipped to seize the opportunities ahead with confidence and create significant value for our stakeholders. We appreciate everyone's time today and your interest in American Electric Power Company. We look forward to seeing many of you at the EEI conference in the next couple of weeks. I will now ask the operator to open the line so we can take your questions.

With a clear strategy the strength of our size and scale disciplined execution and unmatched infrastructure capabilities. We are well equipped to seize the opportunities ahead with confidence and create significant value for our stakeholders.

Can you just kind of maybe kind of walk through the drivers of that and as part of that maybe that schedule and timing of the Ohio rate case filing or under the new construct or how should I be thinking about.

We appreciate everyone's time today and your interest in AEP.

Yes, Thanks, Ross and I appreciate you joining today.

We look forward to seeing many of you at the EI conference in the next couple of weeks and with that I will now ask the operator to open the lines. So we can take your questions.

We do see.

A lot of the earnings being driven by the capital plan and certainly in the middle part of the plan in 2007 and 28 is when the most capex gets deployed and so we're seeing about.

Thank you we will now begin the question and answer session.

Operator: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star then the number one on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your question at any time, please press star one again. Thank you. Our first question comes from the line of Ross Faller from Bank of America. Your line is open.

The capital plan, peaking at about $17 billion in the middle part of the plan and that's really what's driving a lot of the increase in the the earnings for that step up in that period. The other thing is as you say, we've also gotten some positive legislative and regulatory outcomes.

If you'd like to ask a question. Please press Star then the number one on your telephone keypad to raise your hand and entered the queue.

If you would like to withdraw your question at any time, Please press star one again.

Thank you.

Our first question comes from the line of Ross <unk> from Bank of America. Your line is open.

And that will manifest itself in that part of the planning cycle and that includes the forward looking test year in Ohio, certainly HB $52 47 in Texas is a huge benefit to attracting capital to the states and having us deploy capital which also is.

Morning Bill.

[Analyst 1]: Morning, Bill. Morning, Trevor. Thanks for the great update today. Just a couple of questions. If I'm looking at slide 14, that looks like a pretty big earnings step up as I look at the CAGR going out on the bars in 2028. Can you just kind of maybe, Trevor, walk through the drivers of that? As part of that, maybe the schedule and timing of the Ohio rate case filing or under the new construct, or how should I be thinking about that?

Trevor.

Thanks for the great update today.

Just a couple of questions if I'm looking at slide 14, it looks like a pretty big earnings step up as I look at the CAGR going out on the bars. In 2028 can you just kind of maybe walk through the drivers of that and as part of that maybe that schedule and timing of the Ohio rate case might linger under the new construct or how should I be thinking about.

Is helping to.

Narrow the gap around Roe.

And then also SB 998 in Oklahoma.

Is another piece of legislation that also is helping narrow the gap and so those are where you see that a little bit of a step change and I know, it's been a little unorthodox with regards to how we have put out.

Yes, Thanks, Ross and I appreciate you joining today.

Trevor Mihalik: Yeah, thanks, Ross, and I appreciate you joining today. We do see a lot of the earnings being driven by the capital plan. Certainly, in the middle part of the plan in 2027 and 2028 is when the most CapEx gets deployed. We're seeing the capital plan peaking at about $17 billion in the middle part of the plan. That's really what's driving a lot of the increase in the earnings for that step up in that period. The other thing is, as you say, we've also gotten some positive legislative and regulatory outcomes that will manifest itself in that part of the planning cycle. That includes the forward-looking test year in Ohio. Certainly, House Bill 5247 in Texas is a huge benefit to attracting capital to the state and having us deploy capital, which also is helping to narrow the gap around ROEs.

We do see a.

A lot of the earnings being driven by the capital plan and certainly in the middle part of the plan in 2007 and 28 is when the most capex gets deployed and so we're seeing about.

The growth rate, saying that we would be at or below the midpoint of the growth rate in the first couple of years of the plan and in fact, you can see us going from the midpoint of the $5 85 to $6 30.

In 'twenty five to 'twenty six.

But then where we're pretty confident of being at or above the high end of the range in the back three years of the plan and that's why we also put that 9% CAGR out there for the overall earnings.

That will manifest itself in that part of the planning cycle and that includes the forward looking test year in Ohio, certainly HB $52 47 in Texas is a huge benefit to attracting capital to the states and having us deploy capital which also is.

Yeah, that's very fair to us. Thank you for that detail, but I guess I guess as I look at slide 18, I'm talking about is $5 9 billion of equity into plan. How are you thinking about the composition of the business do you think there's more potential for minority stake sell downs or how should I think about addressing that.

Is helping too.

Narrow the gap around Roe.

Trevor Mihalik: Also, Senate Bill 998 in Oklahoma is another piece of legislation that also is helping narrow the gap. Those are where you see that little bit of the step change. I know it's been a little unorthodox with regards to how we have put out the growth rate, saying that we would be at below the midpoint of the growth rate in the first couple of years of the plan. In fact, you can see us going from the midpoint of the 585 to the 630 in 2025 to 2026. We're pretty confident of being at or above the high end of the range in the back three years of the plan. That's why we also put that 9% CAGR out there for the overall earnings.

And then also SB 909, eight in Oklahoma.

QWERTY need overtime.

Yeah, I'll take the the equity and then I'll, let bill address where he thinks we are with regards to a.

Is another piece of legislation that also is helping narrow the gap and so those are where you see that little bit of a step change and I know, it's been a little unorthodox with regards to how we have put out.

Potential any other sell downs.

But what we've tried to do is recall that we've said.

That we anticipate between 30% and 40% <unk>.

Equity with regards to increasing the capital plan and so when we laid out the $18 billion increase in the capital plan.

This is roughly call it 33% of growth equity. The good news is because we've been very proactive under the $54 billion of existing capital plan with both the asset sale in the Transco as this year as well as issuing the equity for the full five year plan.

25% to 26.

But then we are pretty confident of being at or above the high end of the range in the back three years of the plan and that's why we also put that 9% CAGR out there for the overall earnings.

Yes, that's very fair Trevor Thank you for that detail.

[Analyst 1]: Yeah, that's very fair, Trevor. Thank you for that detail. I guess, as I look at slide 18, we're talking about this $5.9 billion of equity in the plan. How are you thinking about the composition of the business? Do you think there's more potential for minority stake sell-downs, or how should I think about addressing that equity need over time?

We really have a situation where a lot of that growth equity is now in the back end of the plan and so what we will do is we're showing an ATM in 2026 of call. It roughly $1 billion and then we don't need equity.

I guess as I look at slide 18, I'm talking about is $5 9 billion of equity in the plan. How are you thinking about the composition of the business do you think there's more potential for minority stake sell downs or how should I think about addressing that equity need overtime.

For a period of time in the middle part of the plan and then as we get to the back end of the plan, we will either do an ATM or potentially a block equity deal and the back end of the plan, but again I think this is very indicative of US, saying, we will issue equity to fund growth and great growth at that.

Yes, I'll take the equity and then I'll, let bill address where he thinks we are with regards to.

Trevor Mihalik: Yeah, I'll take the equity, and then I'll let Bill address where he thinks we are with regards to potential any other sell-downs. What we've tried to do is recall that we've said that we anticipate between 30% and 40% equity with regards to increasing the capital plan. When we laid out the $18 billion increase in the capital plan, this is roughly, call it, 33% of growth equity. The good news is because we've been very proactive under the $54 billion existing capital plan with both the asset sale in the TransCos this year, as well as issuing the equity for the full five-year plan, we really have a situation where a lot of that growth equity is now in the back end of the plan. What we will do is we're showing an ATM in 2026 of, call it, roughly $1 billion.

Potential any other sell downs.

But what we've tried to do is recall that we've said.

That we anticipate between 30% and 40% <unk>.

Across the system and then Bill do you want to take the question on on any further sell downs, yes, thanks, Trevor and good morning.

Equity with regards to increasing the capital plan and so when we laid out the $18 billion increase in the capital plan.

As Trevor noted we are.

Very encouraged by very favorable legislative and regulatory developments across our states in our continued focus on disciplined cost management.

This is going to continue to be a major effort of ours to support <unk> and so at this time were not planning any asset sales to fund the plan.

Going forward, but obviously, we'll continue to assess these as they come up.

Fantastic guys. Thank you I'll see you soon down in Florida.

Trevor Mihalik: We don't need equity for a period of time in the middle part of the plan. As we get to the back end of the plan, we'll either do an ATM or potentially a block equity deal in the back end of the plan. I think this is very indicative of us saying we will issue equity to fund growth and great growth at that across the system. Bill, do you want to take the question on any further sell-downs?

Thanks Robert.

Our next question comes from the line of Shar <unk> from Wells Fargo. Your line is open.

Yeah.

Shar Your line is open for questions.

Across the system and then Bill do you want to take the question on on any further sell downs, yes, thanks, Trevor and good morning.

And our next question comes from the line of Steve Policeman from Wolfe Research. Your line is open.

Bill Fehrman: Yeah, thanks, Trevor, and good morning. As Trevor noted, we're very encouraged by very favorable legislative and regulatory developments across our states. Our continued focus on disciplined cost management is going to continue to be a major effort of ours to support FFO. At this time, we're not planning any asset sales to fund the plan going forward. Obviously, we'll continue to assess things as they come up.

As Trevor noted, we're very encouraged by very favorable legislative and regulatory developments across our states in our continued focus on disciplined cost management.

Yes, hi, thanks.

And congrats.

Yes.

I guess, maybe Trevor on the.

The 28 to 30, the par where youre kind of 9% or better or is there like a.

It is going to continue to be a major effort of ours to support <unk> and so at this time, we're not planning any asset sales to fund the plan.

Is there.

Some type of shaping to that over those periods like does it accelerate higher.

Going forward, but obviously, we'll continue to assess these as they come up.

Or.

Or is it just pretty consistently.

Fantastic guys. Thank you I'll see you soon down in Florida.

9% or better so tiers.

[Analyst 1]: Fantastic. Thank you. I'll see you soon down in Florida.

Yes, Steve I think.

Thanks Robert.

Trevor Mihalik: Thanks, Ross.

Where we are is it kind of gets back a little bit too.

Our next question comes from the line of Shar <unk> from Wells Fargo. Your line is open.

Bill Fehrman: Great.

Operator: Our next question comes from the line of Shar Pourreza from Wells Fargo. Your line is open. Shar, your line is open for questions. Our next question comes from the line of Steve Fleishman from Wolfe Research. Your line is open.

Ross's question as we see the earnings step up in the mid part of the plan.

And I would say, what what we feeling pretty confident about is that giving the guidance, where we said of 28 29 and 30, we will be at or above the high end of the plan I think you can assume that that is pretty flat.

Shar Your line is open for questions.

Our next question comes from the line of Steve's Leishman from Wolfe Research. Your line is open.

As of this point now I will say the good news is we continue to see a lot of.

Yes, hi, thanks.

[Analyst 2]: Yeah, hi. Thanks. Congrats. I guess maybe Trevor on the 28 to 30, the part where you're kind of 9% or better. Is there like a, is there some type of shaping to that over those periods? Does it accelerate higher or is it just pretty consistently 9% or better those years?

Of growth and we're excited to rollout this new plan.

And congrats.

I guess, maybe Trevor on the.

829, and 30 are out quite a ways with regards to the plan and so it still gives us potential to see.

The 28% to 30, the par where youre kind of 9% or better or is there like a.

Incremental deployments, we continue to sign <unk> and Esa, but right now the way we've got it modeled and again this gets back to my mantra of make sure that we're very confident in the numbers, we put out and deliver on those numbers.

Is there.

Some type of shaping to that over those periods like does it accelerate higher.

Or.

Or is it just pretty consistently.

9% or better those years.

Yes, Steve I think.

So this gets back to the under promise and over deliver.

Trevor Mihalik: Yeah, Steve, I think where we are is it kind of gets back a little bit to Ross's question as we see the earnings step up in the mid part of the plan. I would say what we're feeling pretty confident about is that giving the guidance where we said of 2028, 2029, and 2030, we will be at or above the high end of the plan. I think you can assume that that is pretty flat as of this point. Now, I will say the good news is we continue to see a lot of growth, and we're excited to roll out this new plan. 2028, 2029, and 2030 are out quite a ways with regards to the plan. It still gives us potential to see incremental deployments. We continue to sign LOAs and ESAs.

Where we are is it kind of gets back a little bit too.

And from my perspective by saying that we are at at or above the 9%.

Ross's question as we see the earnings step up in the mid part of the plan.

You can assume that that's pretty flat in those three years at or above that 9%.

And I would say, what we feeling pretty confident about is that giving the guidance, where we said of 28 29 and 30, we will be at or above the high end of the plan I think you can assume that that is pretty flat.

One just clarification whats what could you just clarify what the differences between <unk> and <unk>.

Esa.

Yes, so really.

And <unk> for the letter of agreement is.

As of this point now I will say the good news is we continue to see a lot of.

Generally our first step before you get to an Esa.

Both have financial obligations, but an Esa and energy service agreement it tends to be more binding now that being said I will say down in Texas in ERCOT, we only sign loayza not Esa and so from that perspective, we want to make sure that when we talk about that 28 gigs.

Of growth and we're excited to rollout this new new plan.

100930 are out quite a ways with regards to the plan and so it still gives us a potential to see.

We're very confident in that because theyre, all under <unk> or <unk>.

Trevor Mihalik: Right now, the way we've got it modeled, and again, this gets back to my mantra of make sure that we're very confident in the numbers we put out and deliver on those numbers. This gets back to the underpromise and overdeliver. From my perspective, by saying that we're at or above the 9%, you can assume that that's pretty flat in those three years at or above that 9%.

And in Texas, where there is no Esa.

We feel very good about those alloys that are getting signed down there I will say as we distill down from that 190 gigs and when we continue to scrub that that ultimately generates the 28 gigs of incremental load growth.

So this gets back to the under promise and over deliver.

And from my perspective by saying that we are at at or above the 9%.

You can assume that that's pretty flat in those three years at or above that 9%.

I will say there are some <unk>.

<unk> that are executed that are not included in that 28, as we continue to negotiate and work through to ultimately get to an Esa. So again it gets back to my point in the prepared remarks, where I said.

One just clarification whats what could you just clarify what the differences between an <unk> and an Esa.

Bill Fehrman: One clarification. Can you just clarify what the difference is between an LOA and an ESA?

Yes, so really.

Trevor Mihalik: Yeah, so really, an LOA, or letter of agreement, is generally a first step before you get to an ESA. Both have financial obligations, but an ESA, an energy service agreement, tends to be more binding. That being said, I will say down in Texas, in ERCOT, we only sign LOAs and not ESAs. From that perspective, we want to make sure that when we talk about that 28 gigs, we're very confident in that because they're all under LOAs or ESAs. In Texas, where there is no ESA, we feel very good about those LOAs that are getting signed down there.

And <unk> for the letter of agreement is generally a first step before you get to an Esa.

That it's real and it's conservative on the 28.

Okay and then last question maybe for Bill on just you mentioned something about a partnership with our infrastructure provider.

Could you maybe give more color there and just the turbine orders like that I think those are somewhat new kind of when do those come in and.

We're very confident in that because theyre all under <unk>.

Any update on Bloom, so just all your different.

Partnerships and supply chain. Thank you sure. Thanks, Steve.

And in Texas, where there is no Esa we feel very good about those alloys that are getting signed down there I will say as we distill down from that 190 gigs and when we continue to scrub that that ultimately generates the 28 gigs of incremental load growth.

So we're in the process of putting in place.

Long term supply framework agreements for the major equipment components.

Trevor Mihalik: As we distill down from that 190 gigs, and when we continue to scrub that, that ultimately generates the 28 gigs of incremental load growth, I will say there are some LOAs that are executed that are not included in that 28 as we continue to negotiate and work through to ultimately get to an ESA. Again, it gets back to my points in the prepared remarks where I said that it's real and it's conservative on the 28.

We will need to deliver on the plan and.

The good news for US is that we have in place.

I will say there are some.

Significant agreements for four turbines and four.

The high voltage transmission transformer equipment that we need and so.

I'm very comfortable with where we sit the team has done a nice job of positioning us well to deliver on this.

That it's real and it's conservative on the 28.

As I noted in my comments I have added a lot of strengths into this management team, particularly from Berkshire, who are very skilled at delivering multibillion dollar capital programs and bringing them in to deliver.

Okay, and then last question maybe for Bill just.

[Analyst 2]: Okay. Last question maybe for Bill on just the, you mentioned something about a partnership with an infrastructure provider. Could you maybe give more color there and just the turbine orders? I think those are somewhat new. Kind of when do those come in and any update on Bloom? Just all your different partnerships and supply chain. Thank you.

You mentioned something about a partnership with the infrastructure provider could.

Could you maybe give more color there and just the turbine orders like that I think those are somewhat new kind of when do those come in and.

So again.

Quite comfortable with where we said both on.

The management talent and on the major equipment that we have on bloom.

Any update on Blue just all your different.

Partnerships and supply chain. Thank you sure. Thanks, Steve.

Bill Fehrman: Sure. Thanks, Steve. We're in the process of putting in place long-term supply framework agreements for the major equipment components that we'll need to deliver on the plan. The good news for us is that we have in place significant agreements for turbines and for the high voltage transmission transformer equipment that we need. I'm very comfortable with where we sit. The team's done a nice job of positioning us well to deliver on this. As I noted in my comments, I've added a lot of strength into this management team, particularly from Berkshire, who are very skilled at delivering multi-billion dollar capital programs and bringing them in to deliver. I'm quite comfortable with where we sit both on the management talent and on the major equipment that we have.

<unk> working.

Working with potential customers to deploy the additional megawatts that we have with them.

So we're in the process of putting in place.

Long term supply framework agreements for the major equipment components that will need to deliver on the plan and.

And look forward to hopefully.

Having more to report on that perhaps by Eni.

The good news for US is that we have in place.

Great. Thank you.

<unk> agreements for four turbines and four.

Yeah.

Our next question comes from the line of Jeremy Tonet from Jpmorgan. Your line is open.

The high voltage transmission transformer equipment that we need and so.

Hi, good morning.

I'm very comfortable with where the team has done a nice job of positioning us well to deliver on this.

Good morning.

Just wanted to walk through the planned roll forward a little.

More as it relates to dividends I was just wondering if you could talk a bit more specifically on what you see the Dps CAGR.

Over that time period being particularly in the back part of the plan.

Yeah. So Jeremy I appreciate that question, what we've really done here is we just got out of our board meeting and our board did recently raised the dividend by 2% going into this next year.

Comfortable with where we said bolt on.

The management talent.

The major equipment that we have on bloom.

Bill Fehrman: On Bloom, we're still working with potential customers to deploy the additional megawatts that we have with them and look forward to hopefully having more to report on that, perhaps by EEI.

<unk> working.

And we're also signaling that we are going to be at a 50% to 60% payout ratio and the reason for this is because we have this robust capital plan and deploying capital is critical right now during this period of growth and so what we've done is in the plan. We've assumed that the dividends are really increasing by the <unk>.

Working with potential customers to deploy the additional megawatts that we have with them.

And look forward to hopefully.

Having more to report on that perhaps by Eni.

Great. Thank you.

[Analyst 2]: Great. Thank you.

Number of shares outstanding and then we would make recommendations to the board as you know this is a board discretionary item and the board would ultimately make the decision as to where we're going with the dividends that said certainly the discussion that we had with the board was they are supportive of us growing the dividend.

Yeah.

Our next question comes from the line of Jeremy Tonet from Jpmorgan. Your line is open.

Operator: Our next question comes from the line of Jeremy Tonnet from J.P. Morgan. Your line is open.

Hi, good morning.

[Analyst 1]: Hi, good morning.

[Analyst 2]: Morning.

Good morning.

[Analyst 1]: Just wanted to look through the plan roll forward a little bit more as it relates to dividends. I was just wondering if you could talk a bit more specifically on what you see the DPS CAGR over that time period being, particularly in the back part of the plan.

Just wanted to walk through the planned roll forward, a little bit more as it relates to dividends I was just wondering if you could talk a bit more specifically on what you see the GPS CAGR.

<unk>.

Over a period of time and I will say this marks a 115 consecutive years of AEP paying a dividend and we have had a continued dividend growth.

Over that time period being particularly in the back part of the plan.

Yeah. So Jeremy I appreciate that question, what we've really done here is we just got out of our board meeting and our board did recently raised the dividend by 2% going into this next year.

Trevor Mihalik: Yeah. Jeremy, I appreciate that question. What we've really done here is we just got out of our board meeting, and our board did recently raise the dividend by 2% going into this next year. We're also signaling that we are going to be at a 50% to 60% payout ratio. The reason for this is because we have this robust capital plan, and deploying capital is critical right now during this period of growth. What we've done is in the plan, we've assumed that the dividends are really increasing by the number of shares outstanding. We would make recommendations to the board. As you know, this is a board discretionary item, and the board would ultimately make the decision as to where we're going with the dividends.

The last.

Ill call a decade or so and so this is something that we really.

Look at as part of the overall total shareholder return and getting value back to our shareholders as both the dividends as well as the growing.

And we're also signaling that we're going to be at a $50 to 60% payout ratio and the reason for this is because we have this robust capital plan and deploying capital is critical right now during this period of growth and so what we've done is in the plan we've assumed that the dividends are.

Earnings over that period of time, so again I would say in conclusion. The board is very committed to our dividend and getting.

A dividend that it has a yield as well as a payout ratio that is well within the industry norms, but we.

The number of shares outstanding and then we would make recommendations to the board as you know this is a board discretionary items.

We did moderated a little bit and made that recommendation to the board given the the 30 plus percent increase in the capital plan.

But he made the decision as to where we're going with the dividends that said.

Trevor Mihalik: That said, certainly, the discussion that we had with the board was they are supportive of us growing the dividend over a period of time. I will say, you know, this marks 115 consecutive years of American Electric Power Company paying a dividend, and we have had continued dividend growth over the last, call it, decade or so. This is something that we really look at as part of the overall total shareholder return. Getting value back to our shareholders is both the dividends as well as the growing earnings over that period of time. I would say in conclusion, the board is very committed to our dividend and getting a dividend that has a yield as well as a payout ratio that is well within the industry norms.

Certainly the discussion that we had with the board was they are supportive of us growing the dividend.

Got it that's very helpful. Thank you and then just wanted to come back to the EPS EPS CAGR, if I could one more time to put maybe a finer point.

Over a period of time and I will say this marks 115 consecutive years of AEP paying a dividend and we have had a continued growth.

When you're referring to the high end of 28 to 30 is that year over year or CAGR. So basically is this a CAGR of 26 or is this year over year from 27 into 'twenty eight.

Over the last.

It's a year over year.

Call a decade or so and so this is something that we really.

Got it very helpful. I'll leave it there thank you.

Thanks, Jeremy I appreciate it.

Look at as part of the overall total shareholder return and getting value back to our shareholders as both the dividends as well as the growing earnings over that period of time. So again I would say in conclusion. The board is very committed to our dividend and getting.

Your next question comes from the line of.

David Arcaro from Morgan Stanley Your line is open.

Oh, hey, thanks, so much good morning.

Good morning, David I was wondering good morning, I was wondering if you could.

Can you just give us.

A dividend that it has a yield as well as a payout ratio that is well within the industry norms, but we.

More of a sense of how the conversations are going with Datacenters and.

Constraints on the system that Youre seeing.

Trevor Mihalik: We did moderate it a little bit and made that recommendation to the board, given the 30% plus increase in the capital plan.

We did moderated a little bit and made that recommendation to the board given the the 30 plus percent increase in the capital plan.

So I guess I'm curious are you able to keep up with the transmission capacity needs.

For data centers to handle all of this load growth you know what's the.

Got it that's very helpful. Thank you and then just wanted to come back to the EPS EPS CAGR, if I could one more time to put maybe a finer point.

[Analyst 1]: Got it. That's very helpful. Thank you. I just wanted to come back to the EPS CAGR, if I could, one more time, to put maybe a finer point. When you're referring to the high end of 28 through 30, is that year over year or CAGR? Basically, is this a CAGR off 26, or is this year over year from 27 into 28?

Time to connect that Youre, having to discuss with these customers.

And is it fair to characterize you know a lot of this transmission capex that youre, adding to the plan here.

When you're referring to the high end of 28 to 30 is that year over year or CAGR. So basically is this a CAGR of 26 or is this year over year from 27 into 'twenty eight.

Is that opening up additional capacity to bring in these new customers wondering how that all kind of balances right now.

It's a year over year.

Trevor Mihalik: It's a year-over-year.

Yes. Thanks for the question really really excited about where we sit in this regard.

Got it very helpful. I'll leave it there. Thank you. Thanks.

[Analyst 1]: Got it. Very helpful. I'll leave it there. Thank you.

Thanks, Jeremy I appreciate it.

Trevor Mihalik: Thanks, Jeremy. Appreciate it.

We've noted in here.

Increased incremental load growth.

Your next question comes from the line.

Operator: Your next question comes from the line of David Arcaro from Morgan Stanley. Your line is open.

Projected through 2030 is the 28 gigawatts up from the 24 that we talked about before.

David Arcaro from Morgan Stanley Your line is open.

Oh, hey, thanks, so much good morning.

And that.

[Analyst 1]: Oh, hey, thanks so much. Good morning.

Good morning, David I was wondering good morning, I was wondering if you could.

Demand growth is roughly 80% tied to data centers and the commercial class in about 20% tied to the industrials.

Trevor Mihalik: Morning, David.

[Analyst 1]: Morning. I was wondering if you could maybe just give a bit more of a sense of how the conversations are going with data centers and constraints on the system that you're seeing. I'm curious, you know, are you able to keep up with the transmission capacity needs for data centers to handle all of this load growth? What's the wait time to connect that you're having to discuss with these customers? Is it fair to characterize a lot of this transmission CapEx that you're adding to the plan here? Is that opening up additional capacity to bring in these new customers? Wondering how that all kind of balances right now.

Can you just give a bit.

More of a sense of how the conversations are going with Datacenters and constraints on the system that you are seeing.

<unk>.

Breaking it up a little more about 75% is related to transmission and distribution.

So I guess I'm curious are you able to keep up with the transmission capacity needs for data centers to handle all of this load growth.

While 25% is tied to the vertically integrated utilities and so as I look out across the <unk>.

Wait time to connect that Youre, having to discuss with these customers.

Roughly half ends up in ERCOT, 40% in PJM and about 10% then in the SPP.

And is it fair to characterize a lot of this transmission capex that youre, adding to the plan here is.

So as we look at where we sit.

Is that opening up additional capacity to bring in these new customers wondering how that all kind of balances right now.

Connect these customers.

Clearly, we're working with them to site, where we have available transmission today.

Yes. Thanks for the question really really excited about where we sit in this regard as.

Bill Fehrman: Yeah, thanks for that question. Really, really excited about where we sit in this regard. As we've noted in here, the increased incremental load growth projected through 2030 is the 28 gigawatts, up from the 24 that we talked about before. That demand growth is roughly 80% tied to data centers in the commercial class and about 20% tied to the industrials. Breaking that up a little more, about 75% is related to transmission and distribution, while 25% is tied to the vertically integrated utilities. As I look out across the RTOs, roughly half ends up in ERCOT, 40% in PJM, and about 10% in the SPP.

Help them with their ramps up ramp ups in the in the manner in which they want to.

As we noted in here the increased incremental load growth.

Run their side of the business and then in other cases, we're working with them to put in place behind the meter solutions. Obviously blooms are part of that in certain cases.

Projected through 2030.

28, Gigawatts up from the 24 that we talked about before.

And that demand growth is roughly 80% tied to data centers and.

But we also have other strategies that we're deploying to support the data centers and so.

In the commercial class in about 20% tied to the industrials.

For me.

This company is all about serving our customers and trying to figure out a way to get them connected as quickly as they can as we build out the transmission system of course, that's going to open up additional opportunities to perhaps bring on more of that 190 gigawatts.

Breaking it up a little more about 75% is related to transmission and distribution.

While 25% is tied to the vertically integrated utilities and so as I look out across the <unk>.

But in the meantime.

As Trevor noted.

Roughly half is up in ERCOT, 40% in PJM and about 10% then in the SPP.

We're very.

Focused on reporting what we have signed we're going to under promise and over deliver in this area, but I couldnt be more excited with where we sit across our service territory. We are in.

So as we look at where we sit.

Bill Fehrman: As we look at where we sit to connect these customers, clearly, we're working with them to site where we have available transmission today to help them with their ramp-ups in the manner in which they want to run their side of the business. In other cases, we're working with them to put in place behind-the-meter solutions. Obviously, Bloom Energy is a part of that in certain cases. We also have other strategies that we're deploying to support the data centers. For me, this company is all about serving our customers and trying to figure out a way to get them connected as quickly as they can. As we build out the transmission system, that's going to open up additional opportunities to perhaps bring on more of that 190 gigawatts. In the meantime, as Trevor noted, we're very focused on reporting what we have signed.

Connect these customers.

Clearly, we're working with them to site, where we have available transmission today.

I would say the cat bird seat and with regards to connecting data center load. The 765 kv transmission network that we have provides us with an extreme competitive advantage, where these folks are trying to site.

Help them with their ramps up ramp ups in the in the manner in which they want to.

We're on their side of the business and then in other cases, we're working with them to put in place behind the meter solutions. Obviously blooms are part of that in certain cases.

So I just see.

An amazing future ahead of us in this area.

But we also have other strategies that we're deploying to support the data centers and so.

Okay excellent yeah that's helpful.

And then I was wondering if you could characterize your at your strategy or your thoughts on the generation.

For me this.

That as well for vertically integrated utilities, it's just how do you manage the balance between how you're thinking about renewables, serving this new load versus gas.

Uh huh.

Yeah. That's basically the question just as you see you've talked about peak load for sure, but youre seeing energy demands across the entire system and then of course peak as well, but yeah, what's the balance there between renewables versus gas on the generation side.

But in the meantime.

As Trevor noted.

We're very.

Focused on reporting what we have signed.

Going to under promise and over deliver in this area, but I couldnt be more excited with where we sit across our service territory. We are in.

Bill Fehrman: We're going to underpromise and overdeliver in this area, but I couldn't be more excited with where we sit across our service territory. We are in, I would say, the catbird seat with regards to connecting data center load. The 765 kV transmission network that we have provides us with an extreme competitive advantage for where these folks are trying to site. I just see an amazing future ahead of us in this area.

Well, we're focused on doing what our states want as their energy policy and so us as we go across our major.

States in and work with the customers in those locales.

We will move forward with the types of generation planning that they want that of course gets sorted out generally through the integrated resource plans that we submit and if you look at our major states. Obviously, they are very much driven by.

An amazing future ahead of us in this area.

Okay excellent yeah that's helpful.

[Analyst 1]: Okay. Excellent. Yeah, that's helpful. I was wondering if you could characterize your strategy or your thoughts on the generation side as well for vertically integrated utilities. Just how do you manage the balance between how you're thinking about renewables serving this new load versus gas? That's basically the question. As you see, you've talked about peak load for sure, but you're seeing energy demands across the entire system and, of course, peak as well. What's the balance there between renewables versus gas on the generation side?

And then I was wondering if you could characterize your at your strategy or your thoughts on the generation side as well for vertically integrated utilities. It's just how do you manage the balance between how youre thinking about renewables, serving this new load versus gas.

Gas at this point in time that said.

<unk> of our customers are still heavily interested in renewables we have about.

Little over $7 billion in our capital plan.

For the deployment of renewables to support those customers and so we're going to continue to go down that path.

Make sure that we are balanced between what the states want and what our customers want and I feel very confident in our team that we have the capability to be able to deliver whatever approach those customers want to have in the state center located.

Yes, that's basically the question just as you've talked about peak load for sure, but you're seeing energy demands across the entire system and then of course peak as well, but yeah, what's the balance there between renewables versus gas on the generation side.

Well, we're focused on doing what our states want as their energy policy and so as we go across our major.

Bill Fehrman: We're focused on doing what our states want as their energy policy. As we go across our major states and work with the customers in those locales, we'll move forward with the types of generation planning that they want. That, of course, gets sorted out generally through the integrated resource plans that we submit. If you look at our major states, obviously, they're very much driven by gas at this point in time. That said, a number of our customers are still heavily interested in renewables. We have a little over $7 billion in our capital plan for the deployment of renewables to support those customers. We're going to continue to go down that path and make sure that we're balanced between what the states want and what our customers want.

Understood. Thanks, so much.

Yes. Thank you.

Your next question comes from Julien Dumoulin Smith from Jefferies. Your line is open.

States and work with the customers in those locales.

Hey, good morning came in nicely done what what a difference a year makes huh.

We'll move forward with the types of generation planning that they want that of course gets sorted out generally through the integrated resource plans that we submit and if you look at our major states. Obviously, they are very much driven by.

Yes. Thank you thanks Julian.

Absolutely Wow Dream team here, let me, let me frame that two questions one going back to the direction C. With price you guys with respect to cadence I mean, if youre accelerating towards the end of the plan naturally you would ask how does that trend beyond the current plan.

Gas at this point in time that said.

A number of our customers are still heavily interested in renewables, we have about <unk>.

And if I can cite evidence here your peers in Indiana.

A little over $7 billion in our capital plan.

At a growth rate that extends beyond 2030 at this point, how do you think about what you're seeing shape up whether its commitments for further ramp beyond 2030, <unk>, just being able to process some of that load in the longer term rate and I know that folks are trying to get in the queue quickly, but certainly some of that is just going to take longer to process and drive growth beyond that period of time, how do you.

Further deployment of renewables to support those customers and so we're going to continue to go down that path.

Make sure that were balanced between what the states want and what our customers want and I feel very confident in our team that we have the capability to be able to deliver whatever approach those customers want to have in the states that they are located.

Bill Fehrman: I feel very confident in our team that we have the capability to be able to deliver whatever approach those customers want to have in the states that they're located.

Think about that 31 32, if if there was anything let's say preliminarily.

Understood. Thanks, so much.

Yes, so Julian I appreciate the question and I would tell you. This kind of gets back again to what I have said earlier and what we want to do is be very confident in the numbers that we put out and deliver on those numbers and that's why I think this 9% CAGR and saying that in 2008% to 29% and 30 will be at or.

[Analyst 1]: Understood. Thanks so much.

Yes. Thank you.

Bill Fehrman: Thank you.

Your next question comes from Julien Dumoulin Smith from Jefferies. Your line is open.

Operator: Your next question comes from Julien Dumoulin-Smith from Jefferies. Your line is open.

Hey, good morning team at nicely done what what a difference a year makes huh.

Trevor Mihalik: Hey, good morning, team. Nicely done. What a difference the year makes, huh?

Yes. Thank you thanks Julian.

Bill Fehrman: Thank you.

[Analyst 1]: Thanks, Julian.

Absolutely Wow Dream team here look let me, let me frame that two questions one going back to the direction C. With price you guys with respect to cadence I mean, if youre accelerating towards the end of the plan naturally you would ask how does that trend beyond the current plan.

Trevor Mihalik: Absolutely. Wow. Dream team here. Look, let me frame the two questions. One, going back to the direction Steve was pressing you guys with respect to cadence. I mean, if you're accelerating towards the end of the plan, naturally, you'd ask, how does that trend beyond the current plan? If I can cite evidence here, your peers in Indiana put out a growth rate that extends beyond 2030 at this point. How do you think about what you're seeing shape up, whether it's commitments for further ramp beyond 2030 and/or just being able to process some of that load in the longer term, right? I know that folks are trying to get in the queue quickly, but certainly, some of that's just going to take longer to process and drive growth beyond that period of time.

The high end of the range, we have a great deal of confidence in that.

What I want to do is ensure that we are.

Going to deliver on what our commitments are over the next five years and then as we continue to see opportunities roll in we will revise that on an annual basis that being said I did intimate that of the 28 gig that we say, we see and are under firm <unk> in Esa.

And if I can cite evidence here your peers in Indiana.

That there is some additional opportunity to see continued load growth.

On the system as we convert some of the <unk> that are currently being discussed and signed before they get to Esa to come on but what I don't want to do is.

Think about that 31 32, if there was anything let's say preliminarily.

Trevor Mihalik: How do you think about that 2031, 2032, if there was anything to say preliminarily? Yeah. Julian, I appreciate the question. I tell you, this kind of gets back again to what I have said earlier, that what we want to do is be very confident in the numbers that we put out and deliver on those numbers. That's why I think this 9% CAGR and saying that in 2028, 2029, and 2030 we'll be at or above the high end of the range, we have a great deal of confidence in that. What I want to do is ensure that we are going to deliver on what our commitments are over the next five years. As we continue to see opportunities roll in, we will revise that on an annual basis.

Yes, so Julian I appreciate the question and I tell you. This kind of gets back again to what Ive said earlier and what we want to do is be very confident in the numbers that we put out and deliver on those numbers and thats why I think this 9% CAGR and saying that in 2008% to 29% and 30 will be at or above.

Put something out there that I don't feel very confident that we can deliver in and Thats why I'm I'm very.

Positive and comfortable with where we are on the five year.

And again, saying that we're at or above that 9% and then I don't want to kind of try to sculpt that.

The high end of the range, we have a great deal of confidence in that.

Beyond or where that is in that 2008, 2009 period and Thats why I told you that where we're going to be fairly flat in that area at the.

What I want to do is ensure that we are.

The 9% or above.

But again, what we're seeing is just incredible growth across the system right now.

And that has been accelerating and I think that will carry into the years beyond.

Trevor Mihalik: That being said, I did intimate that of the 28 gigs that we say we see and are under firm LOAs and ESAs, there is some additional opportunity to see continued load growth on the system as we convert some of the LOAs that are currently being discussed and signed before they get to ESAs to come on. What I don't want to do is put something out there that I don't feel very confident that we can deliver in. That's why I'm very positive and comfortable with where we are on the five-year and again saying that we're at or above that 9%. I don't want to kind of try to sculpt that beyond or where that is in the 2028, 2029 period. That's why I told Steve that we're going to be fairly flat in that area at the 9% or above.

And again, if I can come back to it and ask it in a slightly different manner with respect to the current five year outlook. Obviously, you have a lot of folks knocking on your door right. You've got this 28 as you described that you've got under contract to what extent could you actually see positive revisions further as you convert some of the interest into more of those low aes.

That there is some additional opportunity to see continued load growth.

On the system as we convert some of the <unk> that are currently being discussed and signed before they get to Esa to come on but what I don't want to do is.

Put something out there that I don't feel very confident that we can deliver in and that's why I'm I'm very.

Term sheets.

Is that people or do you think given what you understand about your system that look this is pretty locked in and we frankly have a pretty rigid ability to accommodate more in this five year period.

Positive and comfortable with where we are on the five year.

And again, saying that we're at or above that 9% and then I don't want to kind of try to sculpt that.

Yes look Julian I think.

We're excited about just like you said at the very opening comments here, what a difference a year makes and what we've been able to do within this one year as we continue to see this massive amount of growth on the system and I know that some people say that we should be somewhat cautious in talking about the 190 gigawatts that are backing the 28.

Beyond or where that is in the 2008 2009 period and Thats why I talked either.

Going to be fairly flat in that area at the.

The 9% or above.

But again, what we're seeing is just incredible growth across the system right now.

Trevor Mihalik: Again, what we're seeing is just incredible growth across the system right now. That has been accelerating, and I think that will carry into the years beyond. If I can come back to it and ask it in a slightly different manner, with respect to the current five-year outlook, obviously, you have a lot of folks knocking on your door, right? You've got this 28, as you described, that you've got under contract. To what extent could you actually see positive revisions further as you convert some of the interest into more of those LOA ESA term sheets? Is that conceivable, or do you think, given what you understand about your system, that, you know what, look, this is pretty locked in and we frankly have a pretty rigid ability to accommodate more in this five-year period?

<unk> and those are in various stages of discussion, but again, we feel very good about that 28 because of the 190 gigs behind it and so I think that really could color.

And that has been accelerating and I think that will carry into the years beyond.

Your view as to where we are on the the growth for the system as a conservative given that you've got 190 gigs in various stages of discussion and even if only a fraction of that were to come online, it's still a pretty compelling story.

Term sheets.

From where we are today.

That people or do you think given what you understand about your system that look this is pretty locked in and we frankly have a.

Yeah, absolutely alright, guys I appreciate it very much I'll leave it there. Thank you.

Pretty rigid ability to accommodate more in this five year period.

Thanks Julien.

Okay.

Your next question comes from Carly Davenport with Goldman Sachs. Your line is open.

Yes look Julian I think.

Trevor Mihalik: Yeah, look, Julien, I think we're excited about just, like you said at the very opening comment here, what a difference a year makes and what we've been able to do within this one year as we continue to see this mass amount of growth on the system. I know that some people say that we should be somewhat cautious in talking about the 190 gigawatts that are backing the 28 gigawatts, and those are in various stages of discussion. Again, we feel very good about that 28 because of the 190 gigs behind it. I think that really could color your view as to where we are on the growth for the system. Is it conservative, given that you've got 190 gigs in various stages of discussion? Even if only a fraction of that were to come online, it's still a pretty compelling story from where we are today.

We are excited about just like you said at the very opening comments here, what a difference a year makes and what we've been able to do within this one year as we continue to see this massive amount of growth on the system and I know that some people say that we should be somewhat cautious in talking about the 190 gigawatts that are backing the 28.

Hey, good morning, Thank you for taking the questions and for all the updates today, just a follow up on some of the condensate, making on the <unk> versus Esa is Arthur Eloise outside of Texas that are in the plan and then is there a defined term or gating factor for the alloys that are included in the 28 gigawatts versus those that are not.

And those are in various stages of discussion, but again, we feel very good about that 28 because of the 190 gigs behind it and so I think that really could color.

Yes, so there are some <unk>.

<unk> outside of Texas, So again in PJM, what we have is 100% of the increase is under LOI and then.

Your view as to where we are on the growth for the system as a conservative given that you've got 190 gigs in various stages of discussion and even if only a fraction of that were to come online, it's still a pretty compelling story.

Almost 80% is under Esa.

Likewise in SPP.

100% is under LOI and then there's a piece of it is under the <unk> and then an archived of course everything is under LOI.

From where we are today.

Yeah, absolutely alright, guys I appreciate it very much I'll leave it there. Thank you.

Trevor Mihalik: Yeah, absolutely. All right, guys, I appreciate it very much. I'll leave it there. Thank you. Thanks, Julien.

Again, what I want to emphasize though is these loa's do have financial commitments associated with them and Thats why we have so much confidence in the 28 Gigawatts Charlie.

Thanks Julien.

Bill Fehrman: Thanks, Julian.

Okay.

Your next question comes from Carly Davenport with Goldman Sachs. Your line is open.

Operator: Your next question comes from Carly Davenport with Goldman Sachs. Your line is open.

Hey, good morning, Thank you for taking the questions and for all the updates today, just a follow up on some of the condensate, making on the <unk> versus Esa is eloise outside of Texas that are in the plan and then is there a defined term or gating factor for the alloys that are included in the 28 gigawatts versus those that are not.

Carly Davenport: Hey, good morning. Thank you for taking the questions and for all the updates today. Just a follow-up on some of the comments that you've been making on the LOAs versus ESAs. Are there LOAs outside of Texas that are in the plan, and then is there a defined term or gating factor for the LOAs that are included in the 28 gigawatts versus those that are not?

Got it great. Thank you for the clarity on that and then just on the new transmission budget.

Curious what that assumes on the PJM open window opportunities is the most recent one does sort of baked in there or is that a source as you think about potential upside opportunities on the transmission piece of the business.

Yes, currently I would say we've taken into consideration into the five year capital plan everything that we know with regards to.

Yes, so there are some <unk>.

Trevor Mihalik: Yeah, so there are some LOAs outside of Texas. Again, in PJM, what we have is 100% of the increase is under LOA, and then almost 80% is under ESA. Likewise, in SPP, 100% is under LOA, and then there's a piece of it under the ESAs. In ERCOT, of course, everything is under LOA. What I want to emphasize, though, is these LOAs do have financial commitments associated with them, and that's why we have so much confidence in the 28 gigawatts, Carly.

<unk> outside of Texas, So again and PJM, what we have is 100% of the increase is under LOI and then.

Existing transmission.

We feel pretty confident about.

But again, we continue to see opportunities around incremental.

Almost 80% is under Esa.

Investments in the transmission system, maybe not under new transmission lines, but certainly the continuation of the rebuilding of some of the infrastructure.

Likewise in SPP.

100% is under LOI and then there is a piece of it is under the <unk> and then in Arcata of course everything is under LOI.

But the PJM opportunities are built into this five year capital plan.

Again, what I want to emphasize though is these loa's do have financial commitments associated with them and Thats why we have so much confidence in the 2008 Gigawatts Charlie.

Great. Thank you so much.

Thanks Karli. Thanks.

Your next question comes from Nick Campanella from Barclays. Your line is open.

Got it great. Thank you for the clarity on that and then just on the new transmission budget.

Carly Davenport: Got it. Great. Thank you for the clarity on that. Just on the new transmission budget, curious what that assumes on the PJM open window opportunities. Is the most recent window sort of baked in there, or is that a source as you think about potential upside opportunities on the transmission piece of the business?

Hey, good morning, Thanks for taking my questions.

Curious what that assumes on the PJM open window opportunities is the most recent window sort of baked in there or is that a source as you think about potential upside opportunities on the transmission piece of the business.

Maybe.

Hey, a lot of good questions have been asked but just.

Maybe just on the earned ROE improvement 2006 through 2030, just what are you kind of holding your team too in terms of improvement improvement.

Yes, currently I would say we've taken into consideration into the five year capital plan everything that we know with regards to.

Trevor Mihalik: Yeah, Carly, I would say, you know, we've taken into consideration into the five-year capital plan everything that we know with regards to existing transmission that we feel pretty confident about. Again, we continue to see opportunities around incremental investments in the transmission system, maybe not under new transmission lines, but certainly the continuation of the rebuilding of some of the infrastructure. The PJM opportunities are built into this five-year capital plan.

Improvement year by year.

To happen linearly through the plan I know you have some big rate cases, like Ohio that will be filed which can kind of help catalyze that but just maybe you can kind of comment on the cadence of ROE improvement between now and 2030 and what you expect to hear by year.

Existing transmission.

We feel pretty confident about.

But again, we continue to see opportunities around incremental.

Yeah. Thanks, Thanks for that question first and foremost I want to make sure that.

Investments in the transmission system, maybe not under new transmission lines, but certainly the continuation of the rebuilding of some of the infrastructure.

Everyone knows row is front and center with us and we've been spending an incredible time with.

But the PJM opportunities are built into this five year capital plan.

The states and our regulators to look for improvements in this arena and as I look back at where we were a year ago.

Great. Thank you so much.

Carly Davenport: Great, thank you so much.

Thanks Karli. Thanks.

Trevor Mihalik: Thanks, Carly.

Bill Fehrman: Thanks.

<unk> have shown steady improvement and the drivers of that were constructive regulatory outcomes in pretty favorable legislative developments.

Your next question comes from Nick Campanella from Barclays. Your line is open.

Operator: Your next question comes from Nick Campanella from Barclays. Line is open.

Hey, good morning, Thanks for taking my questions.

Nick Campanella: Hey, good morning. Thanks for taking my questions.

And so I know that.

Maybe.

Trevor Mihalik: Hey, Nick.

As we look forward, we're going to continue to drive.

Nick Campanella: Hey, a lot of good questions have been asked, but just maybe just on the earned ROE improvement 2026 through 2030, just what are you kind of holding your team to in terms of improvement year by year? Is that supposed to happen linearly through the plan? I know you have some big rate cases like Ohio that will be filed, which can kind of help catalyze that. Maybe you can kind of comment on the cadence of ROE improvement between now and 2030 and what you expect year by year.

Hey, a lot of good questions have been asked but just.

Maybe just on the earned ROE improvement 2006 through 2030, just what are you kind of holding your team too in terms of improvement improvement.

Better outcomes, but I really like where we're at just in the recent past we've had a lot of success.

Improvement year by year.

If you look at AEP transmission AEP, Ohio, A&M all of those have posted ROE is near or above their authorized AAM.

Texas is going to continue to improve their Roe.

Rising to 9% in quarter three from $8 six last quarter and again, that's due to our great legislative outcome and HPE $52 47, and then <unk> in Kentucky power, while those are impacted by regulatory lag, we would expect to see good improvements.

Yeah. Thanks, Thanks for that question and first and foremost I want to make sure that.

Bill Fehrman: Yeah, thanks. Thanks for that question. First and foremost, I want to make sure that everyone knows ROE is front and center with us, and we've been spending an incredible time with the states and our regulators to look for improvements in this arena. As I look back at where we were a year ago, our ROEs have shown steady improvement. The drivers of that were constructive regulatory outcomes and pretty favorable legislative developments. I know that as we look forward, we're going to continue to drive better outcomes. I really like where we're at. Just in the recent past, we've had a lot of success. If you look at AEP Transmission, AEP Ohio, INM, all of those have posted ROEs near or above their authorized. AEP Texas is going to continue to improve their ROE, rising to 9% in Q3 from 8.6% last quarter.

Everyone knows row is front and center with us and we've been spending an incredible time with.

The states and our regulators to look for improvements in this arena and as I look back at where we were a year ago.

In.

Sure.

Really better outcomes due to the new base cases, and the generation filings, we're making there and then I want to address West Virginia right upfront.

<unk> have shown steady improvement and the.

The drivers of that were constructive regulatory outcomes in pretty favorable legislative developments.

Obviously, there are we was affected by the most recent.

Regulatory order, we got but we're fully engaged in west Virginia, We have filed for reconsideration, we're working with all the stakeholders there.

And so I know that.

As we look forward, we're going to continue to drive.

And that continues to be a major focus of mine I'm spending a significant amount of time in west Virginia.

Better outcomes, but I really like where we're at just in the recent past we've had a lot of success.

Ryan support.

If you look at AEP transmission AEP, Ohio, A&M all of those are posted ROE is near or above their authorized AEP, Texas is going to continue to improve their Roe.

A better outcome, there and so.

When I when I add all that up and I think about where we're at.

Overall from from where we were just a year ago with the with the focus that we've had on ROE.

Rising to 9% in quarter three from $8 six last quarter and again thats due to our great legislative outcome and HPE $52 47, and then <unk> in Kentucky power, while those are impacted by regulatory lag, we would expect to see good improvements.

Feel very good about what we put in the plan I know were 20 basis points off where we thought we might be but for me when I look at the significant improvement we've had across all of our states I'm very excited about what the team has done and it just really sets us up very strongly for moving forward from here.

Bill Fehrman: That's due to a great legislative outcome in House Bill 5247. At PSO, SWEPCO, and Kentucky Power, while those are impacted by regulatory lag, we expect to see good improvements and really better outcomes due to the new base rate cases and the generation filings we're making there. I want to address West Virginia right up front. Obviously, their ROE was affected by the most recent regulatory order we got, but we're fully engaged in West Virginia. We have filed for reconsideration. We're working with all the stakeholders there. That continues to be a major focus of mine. I'm spending a significant amount of time in West Virginia to try and support a better outcome there.

<unk>.

Okay. Okay. Thank you for that.

Really better outcomes due to the new base cases, and the generation filings, we're making there and then I want to address West Virginia right upfront. It was obviously the ROE was affected by the most recent regulatory order, we got but we're fully engaged in west Virginia, We have filed for reconsideration.

I'm, sorry, if I'm not understanding ethylene, but just on the seven to nine.

Because of this dual communication here.

28 should we be growing that 9% plus off of 'twenty seven or should we look at that as a CAGR from 2006.

And what 9% would imply for 28. Thank you.

Duration, we're working with all the stakeholders there and that continues to be a major focus of mine I'm spending a significant amount of time in west Virginia.

Yes, So I think what you want to do is we've kind of bifurcated it into the two piece this year and we've said.

To try and support.

For the first two years of the plan, we will be growing at below the midpoint of the 7% to nine.

Better outcome, there and so.

Bill Fehrman: When I add all that up and I think about where we're at overall from where we were just a year ago with the focus that we've had on ROE, I feel very good about what we put in the plan. I know we're 20 basis points off where we thought we might be, but for me, when I look at the significant improvement we've had across all of our states, I'm very excited about what the team has done, and it just really sets us up very strongly for moving forward from here.

When I when I add all that up and I think about where we're at.

Overall from from where we were just a year ago with the.

And really on the back three years, we will be growing at or above the 9% and so from our standpoint, that's why I gave the 9% CAGR over that five year period, starting from the midpoint of 2025.

Focus that we've had on ROE I feel very good about what we put into place.

So we're 20 basis points off where we thought we might be but for me when I look at the significant improvement we've had across all of our states I'm very excited about what the team has done and it just really sets us up very strongly for moving forward from here.

And so I think what that does make us a really allows you to kind of.

Walked out the EPS numbers almost on an annual basis year, because I'm, giving you the midpoint of the 2026 and then you can assume that the 2027 is.

Okay. Okay. Thank you for that.

Nick Campanella: Okay. Thank you for that. I'm sorry if I'm not understanding it fully, but just on the 7 to 9, because there's just this dual communication here, just in 2028, should we be growing that 9% plus off of 2027, or should we look at that as a CAGR from 2026 and what 9% would imply for 2028? Thank you.

I'm, sorry, if I'm not understanding ethylene, but just on the 7% to nine.

Because there is this dual communication here.

Kind of consistent with that growth and then once we go up to 28, 29, and 30 will be growing at that.

And 28 should we be growing that 9% plus off of 'twenty seven or should we look at that as a CAGR from 2006.

Sickly.

High end of the range at or above that high end of the range for an overall CAGR over that five year period of 9%.

And what 9% would imply for 28. Thank you.

Yes, So I think what you want to do is we've kind of bifurcated it into the two piece this year and we've said.

Trevor Mihalik: Yeah. I think what you want to do is we've kind of bifurcated it into the two pieces here, and we've said for the first two years of the plan, we will be growing at below the midpoint of the 7 to 9%. Really, on the back three years, we will be growing at or above the 9%. From a standpoint, that's why I gave the 9% CAGR over that five-year period, starting from the midpoint of 2025. I think, you know, what that does, Nick, is it really allows you to kind of walk out the EPS numbers almost on an annual basis here because I'm giving you the midpoint of the 2026, and then you can assume that the 2027 is kind of consistent with that growth.

Thank you I'm, sorry to make you repeat yourself and looking forward I don't know.

No problem. Thank you.

For the first two years of the plan, we will be growing at below the mid point of this.

Yeah.

The 7% to nine.

And really on the back three years, we will be growing at or above the 9% and so from our standpoint, that's why I gave the 9% CAGR over that five year period start.

Are you there Colby we have time for one last question.

Starting from the midpoint to 2025.

And so I think what that does is it really allows you to kind of.

Operator.

Okay.

Walk out the EPS numbers.

Yes.

Basis year because.

The midpoint of the 2000.

Well it sounds like the calls coming to a close.

<unk> X and then you can assume that the 2020.

Really appreciate all of you joining us on today's call.

Is.

Kind of consistent with that growth and then once we go up to two.

Trevor Mihalik: Once we go up to 2028, 2029, and 2030, we'll be growing at that basically high end of the range, at or above that high end of the range for an overall CAGR over that five-year period of 9%.

And I'd like to close with just a few summary remarks, so I'm very excited about when I think.

<unk> 28, 29, and 30 will be growing.

Okay.

The high end of the range at or above that high end of the range for an overall CAGR over that five year period of 9%.

About the opportunities ahead at AEP as we advance on our long term strategy to drive growth and create value all enhancing the customer experience I'm also extremely proud of the entire AAP team and particularly all of the strong support received from our board of directors.

Okay, I'm, sorry to make you repeat yourself and looking forward I don't know.

Nick Campanella: Thank you. I'm sorry to make you repeat yourself, and looking forward to seeing EEI.

No problem. Thank you.

Trevor Mihalik: No, no.

Nick Campanella: Thanks.

Trevor Mihalik: No problem. Thank you.

We're putting a robust 72 billion capital plan to work as we continue to grow the business across our large footprint and deliver on our commitments for the benefit of our customers our communities and all of our other stakeholders and investors and finally is there are any follow up items. Please reach out to our IR team with your questions and we look forward to meeting with many of you.

Hello.

[Analyst 1]: Are you there, Colby? We have time for one last question. Operator?

Yeah.

Okay.

<unk> in a couple of weeks. This concludes our call. Thank you.

Peter.

Okay.

Yeah.

Okay.

Yes.

It looks like.

Okay.

Not really.

Joining us on today.

Bill Fehrman: It sounds like the call is coming to a close. Really appreciate all of you joining us on today's call. I'd like to close with just a few summary remarks. I'm very excited about when I think about the opportunities ahead at American Electric Power Company as we advance on our long-term strategy to drive growth and create value while enhancing the customer experience. I'm also extremely proud of the entire American Electric Power Company team and particularly all of the strong support received from our Board of Directors. We're putting our robust $72 billion capital plan to work as we continue to grow the business across our large footprint and deliver on our commitments for the benefit of our customers, our communities, and all of our other stakeholders and investors. Finally, if there are any follow-up items, please reach out to our IR team with your questions.

Yeah.

I'd like to close with just a few summary remarks, so I'm very excited about when I think.

About the opportunities ahead at AEP as we advance on our long term strategy to drive growth.

Create value all enhancing the customer experience I'm also extremely proud of the entire AAP team and.

And particularly all of the strong support received from our board of directors.

Putting in a robust $72 billion capital plan to win new business across our large footprint and deliver on our commitments for the benefit of our customers our communities and all of our other stakeholders and investors.

And finally, if there are any follow up items. Please reach out to our IR team with your questions and we look forward to meeting with many of you at <unk> in a couple of weeks. This concludes our call. Thank you.

Okay.

Bill Fehrman: We look forward to meeting with many of you at EEI in a couple of weeks. This concludes our call. Thank you.

Yeah.

Q3 2025 American Electric Power Co Inc Earnings Call

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