COLUMBUS, Ohio, July 22,
2021 /PRNewswire/ --
|
|
AMERICAN ELECTRIC
POWER
|
Preliminary,
unaudited results
|
|
|
|
Second Quarter
ended June 30
|
|
Year-to-date ended
June 30
|
|
|
2021
|
2020
|
Variance
|
|
2021
|
2020
|
Variance
|
Revenue ($ in
billions):
|
3.8
|
|
3.5
|
|
0.3
|
|
|
8.1
|
|
7.2
|
|
0.9
|
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
|
GAAP
|
578.2
|
|
520.8
|
|
57.4
|
|
|
1,153.2
|
|
1,016.0
|
|
137.2
|
|
|
Operating
(non-GAAP)
|
589.5
|
|
533.5
|
|
56.0
|
|
|
1,160.0
|
|
1,037.7
|
|
122.3
|
|
|
|
|
|
|
|
|
|
|
EPS
($):
|
|
|
|
|
|
|
|
|
|
GAAP
|
1.16
|
|
1.05
|
|
0.11
|
|
|
2.31
|
|
2.05
|
|
0.26
|
|
|
Operating
(non-GAAP)
|
1.18
|
|
1.08
|
|
0.10
|
|
|
2.33
|
|
2.10
|
|
0.23
|
|
|
EPS based on 500
million shares 2Q 2021, 496 million shares 2Q 2020, 498 million
shares YTD 2021 and 495 million shares YTD 2020
|
|
American Electric Power (Nasdaq: AEP) today reported
second-quarter 2021 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $578 million or $1.16 per share, compared with GAAP earnings of
$521 or $1.05 per share in second-quarter 2020. Operating
earnings for second-quarter 2021 were $590
million or $1.18 per share,
compared with operating earnings of $534
million or $1.08 per share in
second-quarter 2020.
Operating earnings is a non-GAAP measure representing GAAP
earnings excluding special items. The difference between 2021 GAAP
earnings and operating earnings for the quarter was due to recent
changes in state tax legislation and the mark-to-market impact of
economic hedging activities.
A full reconciliation of GAAP earnings to operating earnings for
the quarter is included in the tables at the end of this news
release.
"The investments we are making in a cleaner, more efficient and
resilient energy system to serve our customers continue to drive
our strong earnings results. Our Transmission Holding Co.
contributed 34 cents per share in the
second quarter, up 15 cents from the
same period last year. Net plant for the Transmission Holding Co.
business increased $1.4 billion, or
13 percent since June 2020," said
Nicholas K. Akins, AEP chairman,
president and chief executive officer.
"In addition to investments in the grid, we are advancing our
plan to transition AEP's generation capacity to approximately 50
percent renewables by 2030. We recently issued requests for
proposals (RFP) for large-scale renewable energy resources to serve
our Appalachian Power and Southwestern Electric Power Company
customers. We also plan to issue an RFP in October 2021 for Public Service Company of
Oklahoma's resource needs as we
work to bring up to 16,600 megawatts of new, clean energy online
for our customers this decade.
"We are seeing positive signs of economic improvement as the
nation recovers from the pandemic. Commercial and industrial sales
have bounced back throughout our service territory across nearly
all sectors. Residential sales are down compared with the second
quarter last year as many customers we serve are now returning to
the workplace.
"Our operations and maintenance expenses increased year over
year, reflecting reduced O&M spending in the second quarter of
2020 largely in response to the pandemic. We continue to focus on
containing costs and have a solid track record of controlling
expenses while making needed investments on behalf of our
customers," Akins said.
SUMMARY OF RESULTS
BY SEGMENT
|
$ in
millions
|
|
GAAP
Earnings
|
2Q 21
|
|
2Q 20
|
|
Variance
|
|
YTD
21
|
|
YTD
20
|
|
Variance
|
|
Vertically Integrated
Utilities (a)
|
228.2
|
|
255.9
|
|
(27.7)
|
|
498.6
|
|
501.2
|
|
(2.6)
|
|
Transmission &
Distribution Utilities (b)
|
153.7
|
|
139.5
|
|
14.2
|
|
268.1
|
|
255.7
|
|
12.4
|
|
AEP Transmission
Holdco (c)
|
168.7
|
|
91.5
|
|
77.2
|
|
340.7
|
|
232.1
|
|
108.6
|
|
Generation &
Marketing (d)
|
52.4
|
|
65.9
|
|
(13.5)
|
|
89.0
|
|
94.3
|
|
(5.3)
|
|
All Other
|
(24.8)
|
|
(32.0)
|
|
7.2
|
|
(43.2)
|
|
(67.3)
|
|
24.1
|
|
Total GAAP
Earnings (Loss)
|
578.2
|
|
520.8
|
|
57.4
|
|
1,153.2
|
|
1,016.0
|
|
137.2
|
|
|
|
|
|
|
|
|
Operating Earnings
(non-GAAP)
|
2Q 21
|
|
2Q 20
|
|
Variance
|
|
YTD
21
|
|
YTD
20
|
|
Variance
|
|
Vertically Integrated
Utilities (a)
|
227.0
|
|
270.4
|
|
(43.4)
|
|
497.4
|
|
517.6
|
|
(20.2)
|
|
Transmission &
Distribution Utilities (b)
|
153.7
|
|
144.9
|
|
8.8
|
|
268.1
|
|
261.9
|
|
6.2
|
|
AEP Transmission
Holdco (c)
|
168.9
|
|
93.9
|
|
75.0
|
|
340.9
|
|
234.5
|
|
106.4
|
|
Generation &
Marketing (d)
|
45.3
|
|
55.9
|
|
(10.6)
|
|
77.4
|
|
90.6
|
|
(13.2)
|
|
All Other
|
(5.4)
|
|
(31.6)
|
|
26.2
|
|
(23.8)
|
|
(66.9)
|
|
43.1
|
|
Total Operating
Earnings (non-GAAP)
|
589.5
|
|
533.5
|
|
56.0
|
|
1,160.0
|
|
1,037.7
|
|
122.3
|
|
|
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 reaffirmed its 2021 operating earnings guidance
range of $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.
Reflecting special items recorded through the second quarter,
the estimated earnings per share on a GAAP basis would be
$4.53 to $4.73 per share. See the table below for a full
reconciliation of 2021 earnings guidance.
2021 EPS Guidance
Reconciliation
|
|
|
|
|
Estimated EPS on a
GAAP basis
|
$4.53
|
to
|
$4.73
|
|
|
|
|
Mark-to-market impact
of commodity hedging activities
|
|
(0.02)
|
|
|
|
|
|
State tax law
changes
|
|
0.04
|
|
|
|
|
|
Operating EPS
Guidance
|
$4.55
|
to
|
$4.75
|
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 powering a cleaner,
brighter energy future for its customers and communities. 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 safely deliver reliable and affordable
power to 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 5,600 megawatts of renewable energy. The
company's plans include growing its renewable generation portfolio
to approximately 50% of total capacity by 2030. AEP is on track to
reach an 80% reduction in carbon dioxide emissions from 2000 levels
by 2030 and has committed to achieving net zero by 2050. AEP is
recognized consistently for its focus on sustainability, community
engagement, and diversity, equity and inclusion. 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, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com.
WEBSITE DISCLOSURE
AEP may use its website as a distribution channel for material
company information. Financial and other important information
regarding AEP is routinely posted on and accessible through AEP's
website at https://www.aep.com/investors/. In addition, you may
automatically receive email alerts and other information about AEP
when you enroll your email address by visiting the "Email Alerts"
section at https://www.aep.com/investors/.
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 Second Quarter of 2021
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
Vertically Integrated
Utilities
|
|
|
Transmission &
Distribution Utilities
|
|
|
AEP Transmission
Holdco
|
|
|
Generation &
Marketing
|
|
|
Corporate
and Other
|
|
|
Total
|
|
|
EPS
|
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
228.2
|
|
|
153.7
|
|
|
168.7
|
|
|
52.4
|
|
|
(24.8)
|
|
|
578.2
|
|
|
$
|
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.1)
|
|
|
—
|
|
|
(7.1)
|
|
|
(0.02)
|
|
|
State Tax Law
Changes
|
(d)
|
(1.2)
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
19.4
|
|
|
18.4
|
|
|
0.04
|
|
Total Special
Items
|
|
(1.2)
|
|
|
—
|
|
|
0.2
|
|
|
(7.1)
|
|
|
19.4
|
|
|
11.3
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
227.0
|
|
|
153.7
|
|
|
168.9
|
|
|
45.3
|
|
|
(5.4)
|
|
|
589.5
|
|
|
$
|
1.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the Second 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
|
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
255.9
|
|
|
139.5
|
|
|
91.5
|
|
|
65.9
|
|
|
(32.0)
|
|
|
520.8
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging
Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.4)
|
|
|
—
|
|
|
(10.4)
|
|
|
(0.02)
|
|
|
COVID-19
|
(b)
|
8.8
|
|
|
3.1
|
|
|
0.5
|
|
|
0.1
|
|
|
—
|
|
|
12.5
|
|
|
0.03
|
|
|
Achieving Excellence
Program
|
(c)
|
5.7
|
|
|
2.3
|
|
|
1.9
|
|
|
0.3
|
|
|
0.4
|
|
|
10.6
|
|
|
0.02
|
|
Total Special
Items
|
|
14.5
|
|
|
5.4
|
|
|
2.4
|
|
|
(10.0)
|
|
|
0.4
|
|
|
12.7
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
270.4
|
|
|
144.9
|
|
|
93.9
|
|
|
55.9
|
|
|
(31.6)
|
|
|
533.5
|
|
|
$
|
1.08
|
|
|
|
(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
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30
|
ENERGY &
DELIVERY SUMMARY
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
6,525
|
|
|
6,976
|
|
|
(6.5)
|
%
|
Commercial
|
|
5,670
|
|
|
5,150
|
|
|
10.1
|
%
|
Industrial
|
|
8,611
|
|
|
7,699
|
|
|
11.8
|
%
|
Miscellaneous
|
|
549
|
|
|
511
|
|
|
7.4
|
%
|
Total
Retail
|
|
21,355
|
|
|
20,336
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
4,487
|
|
|
4,924
|
|
|
(8.9)
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
25,842
|
|
|
25,260
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
6,065
|
|
|
6,299
|
|
|
(3.7)
|
%
|
Commercial
|
|
6,488
|
|
|
5,559
|
|
|
16.7
|
%
|
Industrial
|
|
6,338
|
|
|
5,148
|
|
|
23.1
|
%
|
Miscellaneous
|
|
185
|
|
|
180
|
|
|
2.8
|
%
|
Total
Retail (b)
|
|
19,076
|
|
|
17,186
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
445
|
|
|
455
|
|
|
(2.2)
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
19,521
|
|
|
17,641
|
|
|
10.7
|
%
|
|
|
(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 2021
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
Vertically Integrated
Utilities
|
|
|
Transmission &
Distribution Utilities
|
|
|
AEP Transmission
Holdco
|
|
|
Generation &
Marketing
|
|
|
Corporate
and Other
|
|
|
Total
|
|
|
EPS
|
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
498.6
|
|
|
268.1
|
|
|
340.7
|
|
|
89.0
|
|
|
(43.2)
|
|
|
1,153.2
|
|
|
$
|
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.6)
|
|
|
—
|
|
|
(11.6)
|
|
|
(0.02)
|
|
|
State Tax Law
Changes
|
(d)
|
(1.2)
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
19.4
|
|
|
18.4
|
|
|
0.04
|
|
Total Special
Items
|
|
(1.2)
|
|
|
—
|
|
|
0.2
|
|
|
(11.6)
|
|
|
19.4
|
|
|
6.8
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
497.4
|
|
|
268.1
|
|
|
340.9
|
|
|
77.4
|
|
|
(23.8)
|
|
|
1,160.0
|
|
|
$
|
2.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
501.2
|
|
|
255.7
|
|
|
232.1
|
|
|
94.3
|
|
|
(67.3)
|
|
|
1,016.0
|
|
|
$
|
2.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.1)
|
|
|
—
|
|
|
(4.1)
|
|
|
(0.01)
|
|
|
COVID-19
|
(b)
|
10.7
|
|
|
3.9
|
|
|
0.5
|
|
|
0.1
|
|
|
—
|
|
|
15.2
|
|
|
0.04
|
|
|
Achieving Excellence
Program
|
(c)
|
5.7
|
|
|
2.3
|
|
|
1.9
|
|
|
0.3
|
|
|
0.4
|
|
|
10.6
|
|
|
0.02
|
|
Total Special
Items
|
|
16.4
|
|
|
6.2
|
|
|
2.4
|
|
|
(3.7)
|
|
|
0.4
|
|
|
21.7
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
517.6
|
|
|
261.9
|
|
|
234.5
|
|
|
90.6
|
|
|
(66.9)
|
|
|
1,037.7
|
|
|
$
|
2.10
|
|
|
|
(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
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30
|
ENERGY &
DELIVERY SUMMARY
|
|
2021
|
|
|
2020
|
|
|
Change
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
16,006
|
|
|
15,238
|
|
|
5.0
|
%
|
Commercial
|
|
10,928
|
|
|
10,516
|
|
|
3.9
|
%
|
Industrial
|
|
16,313
|
|
|
16,174
|
|
|
0.9
|
%
|
Miscellaneous
|
|
1,068
|
|
|
1,041
|
|
|
2.6
|
%
|
Total
Retail
|
|
44,315
|
|
|
42,969
|
|
|
3.1
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
9,129
|
|
|
8,542
|
|
|
6.9
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
53,444
|
|
|
51,511
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
12,989
|
|
|
12,599
|
|
|
3.1
|
%
|
Commercial
|
|
12,064
|
|
|
11,432
|
|
|
5.5
|
%
|
Industrial
|
|
11,619
|
|
|
11,056
|
|
|
5.1
|
%
|
Miscellaneous
|
|
351
|
|
|
362
|
|
|
(3.0)
|
%
|
Total
Retail (b)
|
|
37,023
|
|
|
35,449
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
1,048
|
|
|
845
|
|
|
24.0
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
38,071
|
|
|
36,294
|
|
|
4.9
|
%
|
|
|
(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:https://www.prnewswire.com/news-releases/aep-reports-strong-second-quarter-2021-earnings-301339163.html
SOURCE American Electric Power