- Second-quarter 2022 GAAP earnings of $1.02 per share and $1.20 per share operating
- Company reaffirms 2022 operating earnings (non-GAAP) guidance
range of $4.87 to $5.07 and 6% to 7% long-term growth rate
- Continued focus on a responsible clean energy transition
through regulated renewables and grid investments
- Kentucky sale expected to
close this summer; unregulated renewable sales process will
officially launch by early September
COLUMBUS, Ohio, July 27,
2022 /PRNewswire/ --
AMERICAN ELECTRIC
POWER
|
Preliminary,
unaudited results
|
|
|
|
Second Quarter ended
June 30
|
|
Year-to-date ended
June 30
|
|
|
2022
|
2021
|
Variance
|
|
2022
|
2021
|
Variance
|
Revenue ($ in
billions):
|
4.6
|
3.8
|
0.8
|
|
9.2
|
8.1
|
1.1
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
|
GAAP
|
524.5
|
578.2
|
(53.7)
|
|
1,239.2
|
1,153.2
|
86.0
|
|
Operating
(non-GAAP)
|
617.7
|
589.5
|
28.2
|
|
1,234.1
|
1,160.0
|
74.1
|
|
|
|
|
|
|
|
|
|
EPS
($):
|
|
|
|
|
|
|
|
|
|
GAAP
|
1.02
|
1.16
|
(0.14)
|
|
2.43
|
2.31
|
0.12
|
|
Operating
(non-GAAP)
|
1.20
|
1.18
|
0.02
|
|
2.42
|
2.33
|
0.09
|
EPS based on 514
million shares 2Q 2022, 500 million shares 2Q 2021, 510 million
shares YTD 2022 and 498 million shares YTD 2021.
|
American Electric Power (Nasdaq: AEP) today reported
second-quarter 2022 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $525 million or $1.02 per share, compared with GAAP earnings of
$578 million or $1.16 per share in second-quarter 2021. Operating
earnings for second-quarter 2022 were $618
million or $1.20 per share,
compared with operating earnings of $590
million or $1.18 per share in
second-quarter 2021.
Operating earnings is a non-GAAP measure representing GAAP
earnings excluding special items. The difference between 2022 GAAP
and operating earnings for the quarter was largely due to the
write-off of an equity investment in the Flat Ridge 2 wind facility
in Kansas, charges related to the
anticipated sale of AEP's Kentucky
operations, a gain on the sale of mineral rights, and the
mark-to-market impact of economic hedging activities. 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.
"AEP is delivering on our long-term strategy to invest in new
energy resources and grid enhancements that improve service and
reliability for our customers, support a clean energy future and
provide value to our customers, communities and investors," said
Nicholas K. Akins, AEP chairman,
president and chief executive officer.
"We're making significant progress on our plan to responsibly
transform our generation fleet as we work to add approximately
16,000 megawatts of regulated renewable generation by 2030 and
achieve our goal of net zero emissions by 2050. Appalachian Power
recently received approval to own 409 megawatts of wind and solar,
and SWEPCO filed in May for regulatory approval to purchase three
renewable projects totaling 999 megawatts.
"We're currently seeking new wind and solar proposals in
multiple states and continue to add generation in line with our
integrated resource plans to best meet the future energy needs of
our customers. We also are making substantial progress on our
planned investments of nearly $25
billion in transmission and distribution from 2022 through
2026 as we develop a modern, reliable and resilient energy grid
that will benefit our customers. Net plant for our Transmission
Holding Co. grew $1.2 billion, or
10.5%, since June 2021," Akins
said.
"As part of our strategic focus, we continue to simplify and
de-risk the company. This includes the sale of our Kentucky operations, which we continue to make
progress on and expect to complete this summer. We're also
preparing to launch the sales process for our unregulated
renewables portfolio by early September. The proceeds from that
process will aid in the financing of planned direct investments in
our regulated businesses where we see a pipeline of opportunities
to enhance service for customers and advance our clean energy
transition. In May, we closed on the sale of five unregulated
renewable development sites in the Midwest, and we expect to
finalize the sale of an additional solar development site in
Ohio in the third quarter," Akins
said.
"Our service territory has fully recovered from the economic
impacts of the pandemic. We're seeing job growth and business
expansion across every operating company and most sectors, building
on the momentum we experienced in 2021. We continue to focus on
economic development activities that are bringing new load into our
communities, helping to mitigate the impact of macroeconomic
challenges," Akins said.
SUMMARY OF RESULTS
BY SEGMENT
|
|
|
$ in
millions
|
|
|
GAAP
Earnings
|
2Q 22
|
2Q 21
|
Variance
|
YTD
22
|
YTD
21
|
Variance
|
Vertically Integrated
Utilities (a)
|
301.2
|
228.2
|
73.0
|
599.4
|
498.6
|
100.8
|
Transmission &
Distribution Utilities (b)
|
164.8
|
153.7
|
11.1
|
317.6
|
268.1
|
49.5
|
AEP Transmission
Holdco (c)
|
141.8
|
168.7
|
(26.9)
|
314.9
|
340.7
|
(25.8)
|
Generation &
Marketing (d)
|
72.6
|
52.4
|
20.2
|
186.8
|
89.0
|
97.8
|
All Other
|
(155.9)
|
(24.8)
|
(131.1)
|
(179.5)
|
(43.2)
|
(136.3)
|
Total GAAP Earnings
(Loss)
|
524.5
|
578.2
|
(53.7)
|
1,239.2
|
1,153.2
|
86.0
|
|
|
|
|
|
|
|
Operating Earnings
(non-GAAP)
|
2Q 22
|
2Q 21
|
Variance
|
YTD
22
|
YTD
21
|
Variance
|
Vertically Integrated
Utilities (a)
|
301.2
|
227.0
|
74.2
|
599.4
|
497.4
|
102.0
|
Transmission &
Distribution Utilities (b)
|
164.8
|
153.7
|
11.1
|
317.6
|
268.1
|
49.5
|
AEP Transmission
Holdco (c)
|
141.8
|
168.9
|
(27.1)
|
314.9
|
340.9
|
(26.0)
|
Generation &
Marketing (d)
|
90.9
|
45.3
|
45.6
|
105.6
|
77.4
|
28.2
|
All Other
|
(81.0)
|
(5.4)
|
(75.6)
|
(103.4)
|
(23.8)
|
(79.6)
|
Total Operating
Earnings (non-GAAP)
|
617.7
|
589.5
|
28.2
|
1,234.1
|
1,160.0
|
74.1
|
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 the 2022 operating earnings guidance
range of $4.87 to $5.07 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
$4.88 to $5.08 per share. See the table below for a full
reconciliation of 2022 earnings guidance.
2022 EPS Guidance
Reconciliation
|
|
|
|
|
Estimated EPS on a
GAAP basis
|
$4.88
|
to
|
$5.08
|
|
|
|
|
Mark-to-market impact
of commodity hedging activities
|
|
(0.27)
|
|
|
|
|
|
Accumulated deferred
income tax adjustments
|
|
—
|
|
|
|
|
|
Pending sale of
Kentucky operations
|
|
0.15
|
|
|
|
|
|
Mark-to-market impact
of certain equity investments
|
|
—
|
|
|
|
|
|
Gain on sale of
mineral rights
|
|
(0.18)
|
|
|
|
|
|
Impairment of
investment in Flat Ridge 2
|
|
0.29
|
|
|
|
|
|
Operating EPS
Guidance
|
$4.87
|
to
|
$5.07
|
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 16,700 employees operate and maintain the nation's
largest electricity transmission system and more than 224,000 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 31,000 megawatts of diverse generating capacity,
including more than 7,100 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, costs of compliance with potential government
regulations and employees' reactions to those regulations,
electricity usage, supply chain issues, customers, service
providers, vendors and suppliers; the economic impact of escalating
global trade tensions including the conflict between Russia and Ukraine, and the adoption or expansion of
economic sanctions or trade restrictions; 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 if expected sources
of capital, such as proceeds from the sale of assets or
subsidiaries, do not materialize, and 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 generation plants; AEP's ability to recover fuel and
other energy costs through regulated or competitive electric rates;
the ability to transition from fossil generation and the 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; 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 contractual
arrangements, including participants in the energy trading market;
actions of rating agencies, including changes in the ratings of
debt; the impact of volatility in the capital markets on the value
of the investments held by AEP's pension, other postretirement
benefit plans, 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 and military conflicts, 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 2022
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
& Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS (a)
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
301.2
|
|
164.8
|
|
141.8
|
|
72.6
|
|
(155.9)
|
|
524.5
|
|
$
1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging Activities
|
(c)
|
—
|
|
—
|
|
—
|
|
(36.4)
|
|
—
|
|
(36.4)
|
|
(0.07)
|
|
Pending Sale of
Kentucky Operations
|
(d)
|
—
|
|
—
|
|
—
|
|
—
|
|
73.2
|
|
73.2
|
|
0.14
|
|
Mark-to-Market Impact
of Certain Investments
|
(e)
|
—
|
|
—
|
|
—
|
|
—
|
|
1.7
|
|
1.7
|
|
—
|
|
Gain on Sale of Mineral
Rights
|
(f)
|
—
|
|
—
|
|
—
|
|
(91.9)
|
|
—
|
|
(91.9)
|
|
(0.18)
|
|
Impairment of
Investment in Flat Ridge 2
|
(g)
|
—
|
|
—
|
|
—
|
|
146.6
|
|
—
|
|
146.6
|
|
0.29
|
Total Special
Items
|
|
—
|
|
—
|
|
—
|
|
18.3
|
|
74.9
|
|
93.2
|
|
$
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
301.2
|
|
164.8
|
|
141.8
|
|
90.9
|
|
(81.0)
|
|
617.7
|
|
$
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (a)
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
228.2
|
|
153.7
|
|
168.7
|
|
52.4
|
|
(24.8)
|
|
578.2
|
|
$
1.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(c)
|
—
|
|
—
|
|
—
|
|
(7.1)
|
|
—
|
|
(7.1)
|
|
(0.02)
|
|
State Tax Law
Changes
|
(h)
|
(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
|
(a)
|
Per share amounts are
divided by Weighted Average Common Shares Outstanding –
Basic
|
(b)
|
Excluding tax related
adjustments, all items presented in the table are tax adjusted at
the statutory rate unless otherwise noted
|
(c)
|
Represents the impact
of mark-to-market economic hedging activities
|
(d)
|
Includes a $68.8
million pre-tax loss on the expected sale of the Kentucky
operations and other related third-party transaction
costs
|
(e)
|
Represents the impact
of mark-to-market on certain investments
|
(f)
|
Represents the gain on
the sale of certain mineral rights
|
(g)
|
Represents the impact
of the write-off of AEP's investment in the Flat Ridge 2 wind farm
joint venture
|
(h)
|
Represents the
remeasurement of accumulated deferred income taxes as a result of
enacted state legislation in Arkansas, Louisiana, Oklahoma and West
Virginia
|
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
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
7,039
|
|
6,525
|
|
7.9 %
|
Commercial
|
|
5,911
|
|
5,670
|
|
4.3 %
|
Industrial
|
|
8,906
|
|
8,611
|
|
3.4 %
|
Miscellaneous
|
|
578
|
|
549
|
|
5.3 %
|
Total
Retail
|
|
22,434
|
|
21,355
|
|
5.1 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
3,660
|
|
4,487
|
|
(18.4) %
|
|
|
|
|
|
|
|
Total
KWHs
|
|
26,094
|
|
25,842
|
|
1.0 %
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
6,589
|
|
6,065
|
|
8.6 %
|
Commercial
|
|
6,941
|
|
6,488
|
|
7.0 %
|
Industrial
|
|
6,647
|
|
6,338
|
|
4.9 %
|
Miscellaneous
|
|
197
|
|
185
|
|
6.5 %
|
Total Retail
(b)
|
|
20,374
|
|
19,076
|
|
6.8 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
565
|
|
445
|
|
27.0 %
|
|
|
|
|
|
|
|
Total
KWHs
|
|
20,939
|
|
19,521
|
|
7.3 %
|
(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 2022
|
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
& Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
(a)
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
599.4
|
|
317.6
|
|
314.9
|
|
186.8
|
|
(179.5)
|
|
1,239.2
|
|
$
2.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(c)
|
—
|
|
—
|
|
—
|
|
(135.9)
|
|
—
|
|
(135.9)
|
|
(0.27)
|
|
Accumulated Deferred
Income Tax Adjustments
|
(d)
|
—
|
|
—
|
|
—
|
|
—
|
|
(2.0)
|
|
(2.0)
|
|
—
|
|
Pending Sale of
Kentucky Operations
|
(e)
|
—
|
|
—
|
|
—
|
|
—
|
|
75.8
|
|
75.8
|
|
0.15
|
|
Mark-to-Market Impact
of Certain Investments
|
(f)
|
—
|
|
—
|
|
—
|
|
—
|
|
2.3
|
|
2.3
|
|
—
|
|
Gain on Sale of Mineral
Rights
|
(g)
|
—
|
|
—
|
|
—
|
|
(91.9)
|
|
—
|
|
(91.9)
|
|
(0.18)
|
|
Impairment of
Investment in Flat Ridge 2
|
(h)
|
—
|
|
—
|
|
—
|
|
146.6
|
|
—
|
|
146.6
|
|
0.29
|
Total Special
Items
|
|
—
|
|
—
|
|
—
|
|
(81.2)
|
|
76.1
|
|
(5.1)
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
599.4
|
|
317.6
|
|
314.9
|
|
105.6
|
|
(103.4)
|
|
1,234.1
|
|
$
2.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(a)
|
|
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
498.6
|
|
268.1
|
|
340.7
|
|
89.0
|
|
(43.2)
|
|
1,153.2
|
|
$
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(c)
|
—
|
|
—
|
|
—
|
|
(11.6)
|
|
—
|
|
(11.6)
|
|
(0.02)
|
|
State Tax Law
Changes
|
(i)
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Per share amounts are
divided by Weighted Average Common Shares Outstanding –
Basic
|
(b)
|
Excluding tax related
adjustments, all items presented in the table are tax adjusted at
the statutory rate unless otherwise noted
|
(c)
|
Represents the impact
of mark-to-market economic hedging activities
|
(d)
|
Represents the impact
of out-of-period adjustments related to accumulated deferred income
taxes
|
(e)
|
Includes a $68.8
million pre-tax loss on the expected sale of the Kentucky
operations and other related third-party transaction
costs
|
(f)
|
Represents the impact
of mark-to-market on certain investments
|
(g)
|
Represents the gain on
the sale of certain mineral rights
|
(h)
|
Represents the impact
of the write-off of our investment in the Flat Ridge 2 wind farm
joint venture
|
(i)
|
Represents the
remeasurement of accumulated deferred income taxes as a result of
enacted state legislation in Arkansas, Louisiana, Oklahoma and West
Virginia
|
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
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
16,264
|
|
16,006
|
|
1.6 %
|
Commercial
|
|
11,429
|
|
10,928
|
|
4.6 %
|
Industrial
|
|
17,068
|
|
16,313
|
|
4.6 %
|
Miscellaneous
|
|
1,122
|
|
1,068
|
|
5.1 %
|
Total
Retail
|
|
45,883
|
|
44,315
|
|
3.5 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
8,134
|
|
9,129
|
|
(10.9) %
|
|
|
|
|
|
|
|
Total
KWHs
|
|
54,017
|
|
53,444
|
|
1.1 %
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
13,566
|
|
12,989
|
|
4.4 %
|
Commercial
|
|
12,940
|
|
12,064
|
|
7.3 %
|
Industrial
|
|
12,577
|
|
11,619
|
|
8.2 %
|
Miscellaneous
|
|
368
|
|
351
|
|
4.8 %
|
Total
Retail (b)
|
|
39,451
|
|
37,023
|
|
6.6 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
1,136
|
|
1,048
|
|
8.4 %
|
|
|
|
|
|
|
|
Total
KWHs
|
|
40,587
|
|
38,071
|
|
6.6 %
|
(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
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SOURCE American Electric Power