COLUMBUS, Ohio, Feb. 25, 2021 /PRNewswire/ --
|
AMERICAN ELECTRIC
POWER
Preliminary,
unaudited results
|
|
|
|
Fourth Quarter
ended December 31
|
|
Year-to-date ended
December 31
|
|
|
2020
|
2019
|
Variance
|
|
2020
|
2019
|
Variance
|
Revenue ($ in
billions):
|
3.6
|
|
3.6
|
|
—
|
|
|
14.9
|
|
15.6
|
|
(0.7)
|
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
|
GAAP
|
435.5
|
|
153.5
|
|
282.0
|
|
|
2,200.1
|
|
1,921.1
|
|
279.0
|
|
|
Operating
(non-GAAP)
|
432.7
|
|
294.1
|
|
138.6
|
|
|
2,198.6
|
|
2,094.8
|
|
103.8
|
|
|
|
|
|
|
|
|
|
|
EPS
($):
|
|
|
|
|
|
|
|
|
|
GAAP
|
0.88
|
|
0.31
|
|
0.57
|
|
|
4.44
|
|
3.89
|
|
0.55
|
|
|
Operating
(non-GAAP)
|
0.87
|
|
0.60
|
|
0.27
|
|
|
4.44
|
|
4.24
|
|
0.20
|
|
|
EPS based on 496
million shares 4Q 2020, 494 million shares 4Q 2019, 496 million
shares YTD 2020 and 494 million shares YTD 2019.
|
American Electric Power (Nasdaq: AEP) today reported
fourth-quarter 2020 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $436 million or $0.88 per share, compared with GAAP earnings of
$154 million or $0.31 per share in fourth-quarter 2019. Operating
earnings for fourth-quarter 2020 were $433
million or $0.87 per share,
compared with operating earnings of $294
million or $0.60 per share in
fourth-quarter 2019. Operating earnings is a non-GAAP measure
representing GAAP earnings excluding special items.
Year-end 2020 GAAP earnings were $2.2
billion or $4.44 per share,
compared with GAAP earnings of $1.921
billion or $3.89 per share for
year-end 2019. Year-end 2020 operating earnings were $2.199 billion or $4.44 per share, compared with operating earnings
of $2.095 billion or $4.24 per share for year-end 2019.
A full reconciliation of GAAP earnings to operating earnings for
the quarter and year-to-date is included in the tables at the end
of this news release.
"Throughout 2020, our employees continued their critical work to
keep safe, reliable power flowing to our customers during the
pandemic. I'm grateful for their agility and commitment to
providing this essential service in our communities. We remain
focused on working proactively with our customers to help them
manage their energy bills and offer support for those who are
facing economic hardships during this time," said Nicholas K. Akins, AEP's chairman, president and
chief executive officer.
"Our earnings performance in 2020 was driven by our long-term
strategy to invest in the infrastructure and energy solutions that
enhance service for our customers and support the transition to a
clean energy future, while remaining focused on cost efficiency.
We've raised our 2021 operating earnings guidance range to
$4.55 to $4.75 per share based on these results and are
committed to our long-term growth rate of 5% to 7% from this
revised guidance.
"We continue to transform our generation fleet and plan to add
more than 10,000 megawatts of wind and solar generation in our
regulated states by 2030. We've also established revised carbon
dioxide emissions reduction goals as we accelerate our transition
to a clean energy future. Our new goals are to achieve an 80%
reduction in emissions by 2030 from our 2000 baseline and reach net
zero emissions by 2050. We are focused on diversifying our fuel
mix, deploying and investing in new technologies, and modernizing
the grid to help us meet these targets and deliver clean energy to
our customers," Akins said.
"Investments in our transmission system will help ensure
we can maintain a reliable and resilient grid and advance the
adoption of efficient, cost-effective renewables to support the
path to net zero emissions. In 2020, our Transmission Holding Co.
contributed $1.03 per share to
operating earnings, and net plant assets grew by $1.3 billion, or 13%.
"We saw some improvement in load at the end of 2020 as the
economy began to bounce back from the impacts of the pandemic.
Overall, we expect modest load growth this year as the economy
continues to recover, led by expected growth in industrial sales,"
Akins said.
SUMMARY OF RESULTS
BY SEGMENT
$ in
millions
|
|
GAAP
Earnings
|
4Q 20
|
4Q 19
|
Variance
|
YTD
20
|
YTD
19
|
Variance
|
Vertically Integrated Utilities (a)
|
166.9
|
|
64.3
|
|
102.6
|
|
1,061.6
|
|
982.0
|
|
79.6
|
|
Transmission & Distribution Utilities (b)
|
93.3
|
|
29.4
|
|
63.9
|
|
496.4
|
|
451.0
|
|
45.4
|
|
AEP
Transmission Holdco (c)
|
134.4
|
|
111.5
|
|
22.9
|
|
504.8
|
|
516.3
|
|
(11.5)
|
|
Generation & Marketing (d)
|
15.9
|
|
(26.7)
|
|
42.6
|
|
226.9
|
|
112.8
|
|
114.1
|
|
All
Other
|
25.0
|
|
(25.0)
|
|
50.0
|
|
(89.6)
|
|
(141.0)
|
|
51.4
|
|
Total GAAP
Earnings (Loss)
|
435.5
|
|
153.5
|
|
282.0
|
|
2,200.1
|
|
1,921.1
|
|
279.0
|
|
|
|
|
|
|
|
|
Operating Earnings
(non-GAAP)
|
4Q 20
|
4Q 19
|
Variance
|
YTD
20
|
YTD
19
|
Variance
|
Vertically Integrated Utilities (a)
|
155.1
|
|
136.5
|
|
18.6
|
|
1,095.2
|
|
1,072.1
|
|
23.1
|
|
Transmission & Distribution Utilities (b)
|
93.8
|
|
71.0
|
|
22.8
|
|
508.3
|
|
492.8
|
|
15.5
|
|
AEP
Transmission Holdco (c)
|
134.6
|
|
111.5
|
|
23.1
|
|
508.7
|
|
516.4
|
|
(7.7)
|
|
Generation & Marketing (d)
|
24.2
|
|
0.1
|
|
24.1
|
|
178.0
|
|
148.9
|
|
29.1
|
|
All
Other
|
25.0
|
|
(25.0)
|
|
50.0
|
|
(91.6)
|
|
(135.4)
|
|
43.8
|
|
Total Operating
Earnings (non-GAAP)
|
432.7
|
|
294.1
|
|
138.6
|
|
2,198.6
|
|
2,094.8
|
|
103.8
|
|
|
A full reconciliation
of GAAP earnings with operating earnings is included in tables at
the end of this news release.
|
(a)
|
Includes AEP
Generating Co., Appalachian Power, Indiana Michigan Power, Kentucky
Power, Kingsport Power, Public Service Co. of Oklahoma,
Southwestern Electric Power and Wheeling Power
|
(b)
|
Includes Ohio Power
and AEP Texas
|
(c)
|
Includes wholly-owned
transmission-only subsidiaries and transmission-only joint
ventures
|
(d)
|
Includes AEP OnSite
Partners, AEP Renewables, competitive generation in ERCOT and PJM
as well as marketing, risk management and retail activities in
ERCOT, PJM and MISO
|
EARNINGS GUIDANCE
AEP management raised its 2021 operating earnings guidance range
to $4.55 to $4.75 per share. Operating earnings could differ
from GAAP earnings for matters such as impairments, divestitures or
changes in accounting principles. AEP management is not able to
forecast if any of these items will occur or any amounts that may
be reported for future periods. Therefore, AEP is not able to
provide a corresponding GAAP equivalent for earnings guidance.
WEBCAST
AEP's quarterly discussion with financial analysts and investors
will be broadcast live over the internet at 9 a.m. Eastern today at
http://www.aep.com/webcasts. The webcast will include audio of the
discussion and visuals of charts and graphics referred to by AEP
management. The charts and graphics will be available for download
at http://www.aep.com/webcasts.
AEP's earnings are prepared in accordance with accounting
principles generally accepted in the
United States and represent the company's earnings as
reported to the Securities and Exchange Commission. The company's
operating earnings, a non-GAAP measure representing GAAP earnings
excluding special items as described in the news release and
charts, provide another representation for investors to evaluate
the performance of the company's ongoing business activities. AEP
uses operating earnings as the primary performance measurement when
communicating with analysts and investors regarding its earnings
outlook and results. The company uses operating earnings data
internally to measure performance against budget, to report to
AEP's Board of Directors and also as an input in determining
performance-based compensation under the company's employee
incentive compensation plans.
American Electric Power, based in Columbus, Ohio, is focused on building a
smarter energy infrastructure and delivering new technologies and
custom energy solutions to our customers. AEP's approximately
16,800 employees operate and maintain the nation's largest
electricity transmission system and more than 223,000 miles of
distribution lines to efficiently deliver safe, reliable power to
nearly 5.5 million regulated customers in 11 states. AEP also is
one of the nation's largest electricity producers with
approximately 30,000 megawatts of diverse generating capacity,
including more than 5,300 megawatts of renewable energy. AEP's
family of companies includes utilities AEP Ohio, AEP Texas,
Appalachian Power (in Virginia and
West Virginia), AEP Appalachian
Power (in Tennessee), Indiana
Michigan Power, Kentucky Power, Public Service Company of
Oklahoma, and Southwestern
Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, AEP Energy Partners,
AEP OnSite Partners, and AEP Renewables, which provide innovative
competitive energy solutions nationwide. For more information,
visit aep.com.
This report made by American Electric Power and its Registrant
Subsidiaries contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934. Although AEP
and each of its Registrant Subsidiaries believe that their
expectations are based on reasonable assumptions, any such
statements may be influenced by factors that could cause actual
outcomes and results to be materially different from those
projected. Among the factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changes in economic conditions, electric market demand and
demographic patterns in AEP service territories; the impact of
pandemics, including COVID-19, and any associated disruption of
AEP's business operations due to impacts on economic or market
conditions, electricity usage, employees, customers, service
providers, vendors and suppliers; inflationary or deflationary
interest rate trends; volatility in the financial markets,
particularly developments affecting the availability or cost of
capital to finance new capital projects and refinance existing
debt; the availability and cost of funds to finance working capital
and capital needs, particularly during periods when the time lag
between incurring costs and recovery is long and the costs are
material; decreased demand for electricity; weather conditions,
including storms and drought conditions, and AEP's ability to
recover significant storm restoration costs; the cost of fuel and
its transportation, the creditworthiness and performance of fuel
suppliers and transporters and the cost of storing and disposing of
used fuel, including coal ash and spent nuclear fuel; the
availability of fuel and necessary generation capacity and the
performance of AEP's generation plants; AEP's ability to recover
fuel and other energy costs through regulated or competitive
electric rates; AEP's ability to build or acquire renewable
generation, transmission lines and facilities (including the
ability to obtain any necessary regulatory approvals and permits)
when needed at acceptable prices and terms, including favorable tax
treatment, and to recover those costs; new legislation, litigation
and government regulation, including changes to tax laws and
regulations, oversight of nuclear generation, energy commodity
trading and new or heightened requirements for reduced emissions of
sulfur, nitrogen, mercury, carbon, soot or particulate matter and
other substances that could impact the continued operation, cost
recovery, and/or profitability of AEP's generation plants and
related assets; evolving public perception of the risks associated
with fuels used before, during and after the generation of
electricity, including coal ash and nuclear fuel; timing and
resolution of pending and future rate cases, negotiations and other
regulatory decisions, including rate or other recovery of new
investments in generation, distribution and transmission service
and environmental compliance; resolution of litigation; AEP's
ability to constrain operation and maintenance costs; prices and
demand for power generated and sold at wholesale; changes in
technology, particularly with respect to energy storage and new,
developing, alternative or distributed sources of generation; AEP's
ability to recover through rates any remaining unrecovered
investment in generation units that may be retired before the end
of their previously projected useful lives; volatility and changes
in markets for coal and other energy-related commodities,
particularly changes in the price of natural gas; changes in
utility regulation and the allocation of costs within regional
transmission organizations, including ERCOT, PJM and SPP; changes
in the creditworthiness of the counterparties with whom AEP has
contractual arrangements, including participants in the energy
trading market; actions of rating agencies, including changes in
the ratings of AEP debt; the impact of volatility in the capital
markets on the value of the investments held by AEP's pension,
OPEB, captive insurance entity and nuclear decommissioning trust
and the impact of such volatility on future funding requirements;
accounting standards periodically issued by accounting
standard-setting bodies; other risks and unforeseen events,
including wars, the effects of terrorism (including increased
security costs), embargoes, naturally occurring and human-caused
fires, cyber security threats and other catastrophic events; and
the ability to attract and retain the requisite work force and key
personnel.
American Electric
Power
|
Financial Results
for the Fourth Quarter of 2020
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
166.9
|
|
|
93.3
|
|
|
134.4
|
|
|
15.9
|
|
|
25.0
|
|
|
435.5
|
|
|
$
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
4.4
|
|
|
—
|
|
|
4.4
|
|
|
0.01
|
|
|
COVID-19
|
(b)
|
1.7
|
|
|
0.5
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
CARES Act
|
(d)
|
—
|
|
|
—
|
|
|
—
|
|
|
3.8
|
|
|
—
|
|
|
3.8
|
|
|
0.01
|
|
|
Virginia Triennial
Review
|
(e)
|
(13.5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.5)
|
|
|
$
|
(0.03)
|
|
Total Special
Items
|
|
(11.8)
|
|
|
0.5
|
|
|
0.2
|
|
|
8.3
|
|
|
—
|
|
|
(2.8)
|
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
155.1
|
|
|
93.8
|
|
|
134.6
|
|
|
24.2
|
|
|
25.0
|
|
|
432.7
|
|
|
$
|
0.87
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the Fourth Quarter of 2019
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
64.3
|
|
|
29.4
|
|
|
111.5
|
|
|
(26.7)
|
|
|
(25.0)
|
|
|
153.5
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
2.3
|
|
|
0.01
|
|
|
Severance
Charges
|
(c)
|
(1.2)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.2)
|
|
|
—
|
|
|
Previously Retired
Coal Generation Assets
|
(f)
|
73.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73.4
|
|
|
0.15
|
|
|
Conesville
Impairment
|
(f)
|
—
|
|
|
—
|
|
|
—
|
|
|
24.5
|
|
|
—
|
|
|
24.5
|
|
|
0.05
|
|
|
Texas Base Rate
Case
|
(g)
|
—
|
|
|
41.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41.6
|
|
|
0.08
|
|
Total Special
Items
|
|
72.2
|
|
|
41.6
|
|
|
—
|
|
|
26.8
|
|
|
—
|
|
|
140.6
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
136.5
|
|
|
71.0
|
|
|
111.5
|
|
|
0.1
|
|
|
(25.0)
|
|
|
294.1
|
|
|
$
|
0.60
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
(b)
|
Reflected in Fuel
Expenses, Other Operation Expenses and Income Tax
Expense
|
(c)
|
Reflected in Other
Related Charges and Income Tax Expense
|
(d)
|
Reflected in Income
Tax Expense
|
(e)
|
Reflected in
Revenues, Other Operation Expenses and Income Tax
Expense
|
(f)
|
Reflected in Asset
Impairments and Other Related Charges and Income Tax
Expense
|
(g)
|
Reflected in
Revenues, Asset Impairments and Other Related Charges, Interest
Expense and Income Tax Expense
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31
|
ENERGY &
DELIVERY SUMMARY
|
|
2020
|
|
2019
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
7,222
|
|
|
7,574
|
|
|
(4.6)
|
%
|
Commercial
|
|
5,452
|
|
|
5,656
|
|
|
(3.6)
|
%
|
Industrial
|
|
8,525
|
|
|
8,719
|
|
|
(2.2)
|
%
|
Miscellaneous
|
|
549
|
|
|
568
|
|
|
(3.3)
|
%
|
Total
Retail
|
|
21,748
|
|
|
22,517
|
|
|
(3.4)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
3,871
|
|
|
3,596
|
|
|
7.6
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
25,619
|
|
|
26,113
|
|
|
(1.9)
|
%
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
5,642
|
|
|
5,793
|
|
|
(2.6)
|
%
|
Commercial
|
|
5,844
|
|
|
5,949
|
|
|
(1.8)
|
%
|
Industrial
|
|
5,959
|
|
|
5,797
|
|
|
2.8
|
%
|
Miscellaneous
|
|
181
|
|
|
184
|
|
|
(1.6)
|
%
|
Total
Retail (b)
|
|
17,626
|
|
|
17,723
|
|
|
(0.5)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
512
|
|
|
804
|
|
|
(36.3)
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
18,138
|
|
|
18,527
|
|
|
(2.1)
|
%
|
|
|
(a)
|
Includes off-system
sales, municipalities and cooperatives, unit power and other
wholesale customers
|
(b)
|
Represents energy
delivered to distribution customers
|
American Electric
Power
|
Financial Results
for Year-to-Date 2020
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
1,061.6
|
|
|
496.4
|
|
|
504.8
|
|
|
226.9
|
|
|
(89.6)
|
|
|
2,200.1
|
|
|
$
|
4.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.1)
|
|
|
—
|
|
|
(6.1)
|
|
|
(0.01)
|
|
|
COVID-19
|
(b)
|
15.6
|
|
|
4.8
|
|
|
0.8
|
|
|
0.2
|
|
|
—
|
|
|
21.4
|
|
|
0.05
|
|
|
Achieving Excellence
Program
|
(c)
|
30.7
|
|
|
9.1
|
|
|
3.1
|
|
|
1.3
|
|
|
0.4
|
|
|
44.6
|
|
|
0.09
|
|
|
CARES Act
|
(d)
|
0.8
|
|
|
(2.0)
|
|
|
—
|
|
|
(44.3)
|
|
|
(2.4)
|
|
|
(47.9)
|
|
|
(0.10)
|
|
|
Virginia Triennial
Review
|
(e)
|
(13.5)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.5)
|
|
|
(0.03)
|
|
Total Special
Items
|
|
33.6
|
|
|
11.9
|
|
|
3.9
|
|
|
(48.9)
|
|
|
(2.0)
|
|
|
(1.5)
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
1,095.2
|
|
|
508.3
|
|
|
508.7
|
|
|
178.0
|
|
|
(91.6)
|
|
|
2,198.6
|
|
|
$
|
4.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for Year-to-Date 2019
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
982.0
|
|
|
451.0
|
|
|
516.3
|
|
|
112.8
|
|
|
(141.0)
|
|
|
1,921.1
|
|
|
$
|
3.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
5.9
|
|
|
0.01
|
|
|
Severance
Charges
|
(c)
|
16.7
|
|
|
0.2
|
|
|
0.1
|
|
|
(0.1)
|
|
|
0.5
|
|
|
17.4
|
|
|
0.04
|
|
|
Acquisition
Fees
|
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
5.8
|
|
|
5.1
|
|
|
10.9
|
|
|
0.02
|
|
|
Previously Retired
Coal Generation Assets
|
(f)
|
73.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73.4
|
|
|
0.15
|
|
|
Conesville
Impairment
|
(f)
|
—
|
|
|
—
|
|
|
—
|
|
|
24.5
|
|
|
—
|
|
|
24.5
|
|
|
0.05
|
|
|
Texas Base Rate
Case
|
(g)
|
—
|
|
|
41.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41.6
|
|
|
0.08
|
|
Total Special
Items
|
|
90.1
|
|
|
41.8
|
|
|
0.1
|
|
|
36.1
|
|
|
5.6
|
|
|
173.7
|
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
1,072.1
|
|
|
492.8
|
|
|
516.4
|
|
|
148.9
|
|
|
(135.4)
|
|
|
2,094.8
|
|
|
$
|
4.24
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
(b)
|
Reflected in Fuel
Expenses, Other Operation Expenses and Income Tax
Expense
|
(c)
|
Reflected in Other
Related Charges and Income Tax Expense
|
(d)
|
Reflected in Income
Tax Expense
|
(e)
|
Reflected in
Revenues, Other Operation Expenses and Income Tax
Expense
|
(f)
|
Reflected in Asset
Impairments and Other Related Charges and Income Tax
Expense
|
(g)
|
Reflected in
Revenues, Asset Impairments and Other Related Charges, Interest
Expense and Income Tax Expense
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31
|
ENERGY &
DELIVERY SUMMARY
|
|
2020
|
|
2019
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
31,526
|
|
|
32,359
|
|
|
(2.6)
|
%
|
Commercial
|
|
22,225
|
|
|
23,839
|
|
|
(6.8)
|
%
|
Industrial
|
|
32,860
|
|
|
35,252
|
|
|
(6.8)
|
%
|
Miscellaneous
|
|
2,185
|
|
|
2,302
|
|
|
(5.1)
|
%
|
Total
Retail
|
|
88,796
|
|
|
93,752
|
|
|
(5.3)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
16,987
|
|
|
20,090
|
|
|
(15.4)
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
105,783
|
|
|
113,842
|
|
|
(7.1)
|
%
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
26,518
|
|
|
26,407
|
|
|
0.4
|
%
|
Commercial
|
|
23,998
|
|
|
25,018
|
|
|
(4.1)
|
%
|
Industrial
|
|
22,432
|
|
|
23,289
|
|
|
(3.7)
|
%
|
Miscellaneous
|
|
749
|
|
|
779
|
|
|
(3.9)
|
%
|
Total
Retail (b)
|
|
73,697
|
|
|
75,493
|
|
|
(2.4)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
1,859
|
|
|
2,335
|
|
|
(20.4)
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
75,556
|
|
|
77,828
|
|
|
(2.9)
|
%
|
|
|
(a)
|
Includes off-system
sales, municipalities and cooperatives, unit power and other
wholesale customers
|
(b)
|
Represents energy
delivered to distribution customers
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/aep-reports-strong-2020-earnings-raises-2021-operating-earnings-guidance-301235292.html
SOURCE American Electric Power