- Year-end 2022 GAAP earnings of $4.51 per share; operating earnings of
$5.09 per share
- Company advances strategic initiatives including sales
agreement for contracted renewables, new FERC 203 filing for
Kentucky sale and continued
strategic review of retail business
- 2023 operating earnings (non-GAAP) guidance range reaffirmed at
$5.19 to $5.39 per share with long-term growth rate of 6%
to 7%
COLUMBUS, Ohio, Feb. 23, 2023 /PRNewswire/ --
AMERICAN ELECTRIC
POWER
|
Preliminary,
unaudited results
|
|
|
|
Fourth Quarter ended
December 31
|
|
Year-to-date ended
December 31
|
|
|
2022
|
2021
|
Variance
|
|
2022
|
2021
|
Variance
|
Revenue ($ in
billions):
|
4.9
|
4.1
|
0.8
|
|
19.6
|
16.8
|
2.8
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
|
GAAP
|
384.3
|
538.9
|
(154.6)
|
|
2,307.2
|
2,488.1
|
(180.9)
|
|
Operating
(non-GAAP)
|
540.1
|
496.2
|
43.9
|
|
2,605.2
|
2,372.9
|
232.3
|
|
|
|
|
|
|
|
|
|
EPS
($):
|
|
|
|
|
|
|
|
|
|
GAAP
|
0.75
|
1.07
|
(0.32)
|
|
4.51
|
4.97
|
(0.46)
|
|
Operating
(non-GAAP)
|
1.05
|
0.98
|
0.07
|
|
5.09
|
4.74
|
0.35
|
|
EPS based on 514
million shares 4Q 2022, 504 million shares 4Q 2021, 512 million
shares YTD 2022 and 501 million shares YTD 2021.
|
American Electric Power (Nasdaq: AEP) today reported
fourth-quarter 2022 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $384 million or $0.75 per share, compared with GAAP earnings of
$539 million or $1.07 per share in fourth-quarter 2021. Operating
earnings for fourth-quarter 2022 were $540
million or $1.05 per share,
compared with operating earnings of $496
million or $0.98 per share in
fourth-quarter 2021. Operating earnings is a non-GAAP measure
representing GAAP earnings excluding special items.
Year-end 2022 GAAP earnings were $2.3
billion or $4.51 per share,
compared with GAAP earnings of $2.5
billion or $4.97 per share for
year-end 2021. Year-end 2022 operating earnings were $2.6 billion or $5.09 per share, compared with operating earnings
of $2.4 billion or $4.74 per share for year-end 2021.
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.
"Our focus on building a safe, reliable and cleaner energy
system for the future while keeping rates affordable and attracting
new business to our service territory is delivering benefits for
our customers, communities and investors," said Julie Sloat, AEP president and chief executive
officer.
"AEP is leading one of the largest clean energy transformations
in the country with our current plan to add more than 15 gigawatts
of new renewable resources over the next decade. This transition
allows us to add fuel-free generation for the benefit of our
customers. At the same time, the $26
billion we plan to invest in our transmission and
distribution systems over the next five years will help ensure the
continued delivery of safe, reliable and affordable power to serve
our communities," Sloat said.
"We're strengthening our focus on these regulated investments
and de-risking the business through active management of our
portfolio, including the agreement that we announced yesterday to
sell 1,365 megawatts of unregulated contracted renewables. We
expect to close on that sale in the second quarter of 2023. We
continue working closely with Liberty to complete the sale process
of our Kentucky operations, filing
a new FERC 203 application earlier this month and requesting
expedited approval of the transaction. We also remain committed to
completing the strategic review of our retail business in the first
half of this year.
"We're seeing the tangible benefits of our long-term, strategic
economic development program, despite global economic uncertainty
and inflationary cost pressures. Two-thirds of our industrial load
growth in 2022 was directly tied to our previous economic
development efforts. Bringing new jobs and growth to our
communities also helps maintain affordability as we make critical
investments in the energy system," Sloat said.
SUMMARY OF RESULTS
BY SEGMENT
|
$ in
millions
|
|
GAAP
Earnings
|
4Q 22
|
4Q 21
|
Variance
|
YTD
22
|
YTD
21
|
Variance
|
Vertically Integrated
Utilities (a)
|
215.7
|
177.3
|
38.4
|
1,292.0
|
1,113.6
|
178.4
|
Transmission &
Distribution Utilities (b)
|
112.6
|
119.4
|
(6.8)
|
595.7
|
543.4
|
52.3
|
AEP Transmission
Holdco (c)
|
188.1
|
170.3
|
17.8
|
673.5
|
677.8
|
(4.3)
|
Generation &
Marketing (d)
|
(0.7)
|
27.8
|
(28.5)
|
283.6
|
217.5
|
66.1
|
All Other
|
(131.4)
|
44.1
|
(175.5)
|
(537.6)
|
(64.2)
|
(473.4)
|
Total GAAP Earnings
(Loss)
|
384.3
|
538.9
|
(154.6)
|
2,307.2
|
2,488.1
|
(180.9)
|
|
|
|
|
|
|
|
Operating Earnings
(non-GAAP)
|
4Q 22
|
4Q 21
|
Variance
|
YTD
22
|
YTD
21
|
Variance
|
Vertically Integrated
Utilities (a)
|
208.7
|
196.1
|
12.6
|
1,307.9
|
1,131.2
|
176.7
|
Transmission &
Distribution Utilities (b)
|
112.6
|
128.5
|
(15.9)
|
595.7
|
552.5
|
43.2
|
AEP Transmission
Holdco (c)
|
188.1
|
166.1
|
22.0
|
673.5
|
673.8
|
(0.3)
|
Generation &
Marketing (d)
|
81.1
|
30.4
|
50.7
|
256.7
|
129.2
|
127.5
|
All Other
|
(50.4)
|
(24.9)
|
(25.5)
|
(228.6)
|
(113.8)
|
(114.8)
|
Total Operating
Earnings (non-GAAP)
|
540.1
|
496.2
|
43.9
|
2,605.2
|
2,372.9
|
232.3
|
|
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 reaffirms its 2023 operating earnings guidance
range of $5.19 to $5.39 per share. Operating earnings could differ
from GAAP earnings for matters such as divestitures, impairments 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 powering a cleaner,
brighter energy future for its customers and communities. AEP's
approximately 17,000 employees operate and maintain the nation's
largest electricity transmission system and more than 225,000 miles
of distribution lines to safely deliver reliable and affordable
power to 5.6 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 6,900 megawatts of renewable energy. The
company's plans include growing its renewable generation portfolio
to approximately 50% of total capacity by 2032. AEP is on track to
reach an 80% reduction in carbon dioxide emissions from 2005 levels
by 2030 and has committed to achieving net zero by 2045. 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 and any associated disruption of AEP's business
operations due to impacts on economic or market conditions, costs
of compliance with potential government regulations, electricity
usage, supply chain issues, customers, service providers, vendors
and suppliers; the economic impact of increased 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 and disruptions in
the financial markets precipitated by any cause, including failure
to make progress on federal budget or debt ceiling matters,
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 generation plants and related
assets; the impact of federal tax legislation on results of
operations, financial condition, cash flows or credit ratings; the
risks associated with fuels used before, during and after the
generation of electricity and the byproducts and wastes of such
fuels, including coal ash and spent 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; the impact of
changing expectations and demands of customers, regulators,
investors and stakeholders, including heightened emphasis on
environmental, social and governance concerns; 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 Fourth 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)
|
|
|
|
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
215.7
|
|
112.6
|
|
188.1
|
|
(0.7)
|
|
(131.4)
|
|
384.3
|
|
$
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(c)
|
(7.0)
|
|
—
|
|
—
|
|
96.8
|
|
—
|
|
89.8
|
|
0.18
|
|
|
Pending Sale of
Kentucky Operations
|
(d)
|
—
|
|
—
|
|
—
|
|
—
|
|
80.4
|
|
80.4
|
|
0.15
|
|
|
Mark-to-Market Impact
of Certain Investments
|
(e)
|
—
|
|
—
|
|
—
|
|
—
|
|
(3.2)
|
|
(3.2)
|
|
(0.01)
|
|
|
Pending Sale of
Unregulated Renewables
|
(f)
|
—
|
|
—
|
|
—
|
|
—
|
|
0.9
|
|
0.9
|
|
—
|
|
|
Impairment and
Disposition of Investment in Flat Ridge 2
|
(g)
|
—
|
|
—
|
|
—
|
|
(15.0)
|
|
2.9
|
|
(12.1)
|
|
(0.02)
|
|
Total Special
Items
|
|
(7.0)
|
|
—
|
|
—
|
|
81.8
|
|
81.0
|
|
155.8
|
|
$
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
208.7
|
|
112.6
|
|
188.1
|
|
81.1
|
|
(50.4)
|
|
540.1
|
|
$
1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the Fourth 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)
|
|
|
|
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
177.3
|
|
119.4
|
|
170.3
|
|
27.8
|
|
44.1
|
|
538.9
|
|
$
1.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(c)
|
—
|
|
—
|
|
—
|
|
18.8
|
|
—
|
|
18.8
|
|
0.04
|
|
Pending Sale of
Kentucky Operations
|
(d)
|
—
|
|
—
|
|
—
|
|
—
|
|
7.1
|
|
7.1
|
|
0.01
|
|
|
State Tax Law
Changes
|
(h)
|
2.5
|
|
—
|
|
—
|
|
—
|
|
2.5
|
|
5.0
|
|
0.01
|
|
Accumulated Deferred
Income Tax Adjustments
|
(i)
|
7.1
|
|
9.1
|
|
(4.2)
|
|
14.1
|
|
(78.6)
|
|
(52.5)
|
|
(0.11)
|
|
Gain on Sale of Certain
Merchant Generation Assets
|
(j)
|
—
|
|
—
|
|
—
|
|
(30.3)
|
|
—
|
|
(30.3)
|
|
(0.06)
|
|
Dolet Hills Power
Station Regulatory Disallowance
|
(k)
|
9.2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9.2
|
|
0.02
|
Total Special
Items
|
|
18.8
|
|
9.1
|
|
(4.2)
|
|
2.6
|
|
(69.0)
|
|
(42.7)
|
|
$
(0.09)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
196.1
|
|
128.5
|
|
166.1
|
|
30.4
|
|
(24.9)
|
|
496.2
|
|
$
0.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $100 million
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 third-party
transaction costs due to the unregulated renewable sales
process
|
(g)
|
Represents the impact
of the impairment and disposition of AEP's investment in the Flat
Ridge 2 wind farm joint venture
|
(h)
|
Represents the impact
of the remeasurement of accumulated deferred income taxes as a
result of enacted state tax legislation in Arkansas, Louisiana,
Oklahoma and West Virginia
|
(i)
|
Represents the impact
of out-of-period adjustments related to accumulated deferred income
taxes
|
(j)
|
Represents the gain on
the sale of certain merchant generation assets
|
(k)
|
Represents the impact
of the PUCT's partial regulatory disallowance of SWEPCO's
investment in the Dolet Hills Power Station as a result of the 2020
Texas Base Rate Case
|
American Electric
Power
|
Summary of Selected
Sales Data
|
Regulated Connected
Load
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31
|
ENERGY &
DELIVERY SUMMARY
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of KWh):
|
|
|
|
|
|
|
Residential
|
|
7,456
|
|
7,024
|
|
6.2 %
|
Commercial
|
|
5,701
|
|
5,437
|
|
4.9 %
|
Industrial
|
|
8,602
|
|
8,383
|
|
2.6 %
|
Miscellaneous
|
|
571
|
|
542
|
|
5.4 %
|
Total
Retail
|
|
22,330
|
|
21,386
|
|
4.4 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of KWh): (a)
|
|
3,711
|
|
4,183
|
|
(11.3) %
|
|
|
|
|
|
|
|
Total
KWhs
|
|
26,041
|
|
25,569
|
|
1.8 %
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of KWh):
|
|
|
|
|
|
|
Residential
|
|
5,880
|
|
5,748
|
|
2.3 %
|
Commercial
|
|
6,970
|
|
6,325
|
|
10.2 %
|
Industrial
|
|
6,304
|
|
6,252
|
|
0.8 %
|
Miscellaneous
|
|
175
|
|
179
|
|
(2.2) %
|
Total Retail
(b)
|
|
19,329
|
|
18,504
|
|
4.5 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of KWh): (a)
|
|
475
|
|
326
|
|
45.7 %
|
|
|
|
|
|
|
|
Total
KWhs
|
|
19,804
|
|
18,830
|
|
5.2 %
|
|
|
(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)
|
|
|
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
1,292.0
|
|
595.7
|
|
673.5
|
|
283.6
|
|
(537.6)
|
|
2,307.2
|
|
$
4.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(c)
|
(8.5)
|
|
—
|
|
—
|
|
(68.5)
|
|
—
|
|
(77.0)
|
|
(0.15)
|
|
Accumulated Deferred
Income Tax Adjustments
|
(d)
|
—
|
|
—
|
|
—
|
|
—
|
|
(2.0)
|
|
(2.0)
|
|
—
|
|
Pending Sale of
Kentucky Operations
|
(e)
|
—
|
|
—
|
|
—
|
|
—
|
|
306.8
|
|
306.8
|
|
0.59
|
|
Gain on Sale of Mineral
Rights
|
(f)
|
—
|
|
—
|
|
—
|
|
(91.9)
|
|
—
|
|
(91.9)
|
|
(0.18)
|
|
Mark-to-Market Impact
of Certain Investments
|
(g)
|
—
|
|
—
|
|
—
|
|
—
|
|
(3.2)
|
|
(3.2)
|
|
(0.01)
|
|
Pending Sale of
Unregulated Renewables
|
(h)
|
—
|
|
—
|
|
—
|
|
—
|
|
4.5
|
|
4.5
|
|
0.01
|
|
Impairment and
Disposition of Investment in Flat Ridge 2
|
(i)
|
—
|
|
—
|
|
—
|
|
133.5
|
|
2.9
|
|
136.4
|
|
0.27
|
|
Virginia Triennial
Review
|
(j)
|
24.4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
24.4
|
|
0.05
|
Total Special
Items
|
|
15.9
|
|
—
|
|
—
|
|
(26.9)
|
|
309.0
|
|
298.0
|
|
$
0.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
1,307.9
|
|
595.7
|
|
673.5
|
|
256.7
|
|
(228.6)
|
|
2,605.2
|
|
$
5.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
($ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
1,113.6
|
|
543.4
|
|
677.8
|
|
217.5
|
|
(64.2)
|
|
2,488.1
|
|
$
4.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
(c)
|
—
|
|
—
|
|
—
|
|
(72.1)
|
|
—
|
|
(72.1)
|
|
(0.14)
|
|
Accumulated Deferred
Income Tax Adjustments
|
(d)
|
7.1
|
|
9.1
|
|
(4.2)
|
|
14.1
|
|
(78.6)
|
|
(52.5)
|
|
(0.11)
|
|
Transaction Costs -
Sale of Kentucky Operations
|
(k)
|
—
|
|
—
|
|
—
|
|
—
|
|
7.1
|
|
7.1
|
|
0.01
|
|
State Tax Law
Changes
|
(l)
|
1.3
|
|
—
|
|
0.2
|
|
|
|
21.9
|
|
23.4
|
|
0.05
|
|
Gain on Sale of Certain
Merchant Generation Assets
|
(m)
|
—
|
|
—
|
|
—
|
|
(30.3)
|
|
—
|
|
(30.3)
|
|
(0.06)
|
|
Dolet Hills Power
Station Regulatory Disallowance
|
(n)
|
9.2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9.2
|
|
0.02
|
Total Special
Items
|
|
17.6
|
|
9.1
|
|
(4.0)
|
|
(88.3)
|
|
(49.6)
|
|
(115.2)
|
|
$
(0.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
1,131.2
|
|
552.5
|
|
673.8
|
|
129.2
|
|
(113.8)
|
|
2,372.9
|
|
$
4.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $363.3
million loss on the expected sale of the Kentucky operations and
other related third-party transaction costs
|
(f)
|
Represents the gain on
the sale of certain mineral rights
|
(g)
|
Represents the impact
of mark-to-market on certain investments
|
(h)
|
Represents third-party
transaction costs due to the unregulated renewable sales
process
|
(i)
|
Represents the impact
of the impairment and disposition of AEP's investment in the Flat
Ridge 2 wind farm joint venture
|
(j)
|
Represents the impact
of the Virginia Supreme Court opinion on AEP's appeal of
Appalachian Power's 2017-2019 Triennial Review
|
(k)
|
Represents third-party
transaction costs related to the expected sale of the Kentucky
operations
|
(l)
|
Represents the impact
of the remeasurement of accumulated deferred income taxes as a
result of enacted state tax legislation in Arkansas, Louisiana,
Oklahoma and West Virginia
|
(m)
|
Represents the gain on
the sale of certain merchant generation assets
|
(n)
|
Represents the impact
of the PUCT's partial regulatory disallowance of SWEPCO's
investment in the Dolet Hills Power Station as a result of the 2020
Texas Base Rate Case
|
American Electric
Power
|
Summary of Selected
Sales Data
|
Regulated Connected
Load
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31
|
ENERGY &
DELIVERY SUMMARY
|
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of KWh):
|
|
|
|
|
|
|
Residential
|
|
32,835
|
|
32,149
|
|
2.1 %
|
Commercial
|
|
23,770
|
|
22,833
|
|
4.1 %
|
Industrial
|
|
34,532
|
|
33,181
|
|
4.1 %
|
Miscellaneous
|
|
2,316
|
|
2,214
|
|
4.6 %
|
Total
Retail
|
|
93,453
|
|
90,377
|
|
3.4 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of KWh): (a)
|
|
16,099
|
|
19,025
|
|
(15.4) %
|
|
|
|
|
|
|
|
Total
KWhs
|
|
109,552
|
|
109,402
|
|
0.1 %
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail Electric
(in millions of KWh):
|
|
|
|
|
|
|
Residential
|
|
27,479
|
|
26,830
|
|
2.4 %
|
Commercial
|
|
27,448
|
|
25,514
|
|
7.6 %
|
Industrial
|
|
25,435
|
|
23,919
|
|
6.3 %
|
Miscellaneous
|
|
753
|
|
737
|
|
2.2 %
|
Total
Retail (b)
|
|
81,115
|
|
77,000
|
|
5.3 %
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of KWh): (a)
|
|
2,198
|
|
2,018
|
|
8.9 %
|
|
|
|
|
|
|
|
Total
KWhs
|
|
83,313
|
|
79,018
|
|
5.4 %
|
|
|
(a)
|
Includes off-system
sales, municipalities and cooperatives, unit power and other
wholesale customers
|
(b)
|
Represents energy
delivered to distribution customers
|
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SOURCE American Electric Power