American Electric Power — May 6, 2025 release

Meeting Equity Needs to Execute Robust Capital Plan AEP secured funding in the first quarter to complete the anticipated equity needs for its five-year, $54 billion capital growth plan through an agreement for a minority equity interest investment in the Ohio and Indiana Michigan transmission companies and a forward equity offering. The $2.82 billion transmission company transaction, announced in January, is on track to close in the coming months. Authorization from the Federal Energy Regulatory Commission is the final remaining step in the approval process. AEP’s equity offering secured $2.3 billion and was completed in March. The equity will be settled 1 under a forward contract by December 2026. These two transactions are equivalent to issuing common stock at approximately $140 per share, a premium to AEP’s current share price. “We continue to successfully execute on initiatives to meet our five-year, $54 billion capital needs and are focused on putting dollars to work expanding and improving our power grid and bringing on new generation resources. Completing our anticipated equity needs for the next five years through our forward stock offering and the expected closing of the minority interest transmission transaction, which offer significant benefits to our customers and shareholders alike, gives us the foundation we need to bring our capital plan to fruition. Our capital investments are key to enhancing reliability and customer service and meeting the over 20 gigawatts of new power demand we expect by the end of the deca