American Electric Power — May 6, 2025 release

Supporting Significant Load Growth with a Focus on Customer Affordability In the first quarter of 2025, commercial load grew 12.3% over the same period in 2024. This continues the trend from last year, when AEP saw overall commercial load grow by 10.6%. AEP forecasts annual total retail load growth of 8% to 9% over the next three years. The historic growth continues to be driven by large-load customer demand in Indiana, Ohio, Oklahoma and Texas. AEP’s five-year capital plan includes $34 billion for distribution and transmission investments across its footprint, supporting this demand growth. AEP, through its Transource Energy joint venture, and in collaboration with other regional utilities, was selected in February by the PJM board to complete projects totaling $1.7 billion. AEP Texas received approval in April from the Public Utility Commission of Texas to construct one of the first 765-kilovolt transmission line projects in the state. Additionally, the commission approved AEP Texas' proposed grid resiliency plans. We operate the nation’s largest extra-high voltage transmission system that serves as America’s energy backbone. Our unique experience building and operating extra-high voltage lines has positioned us as an ideal partner to expand the grid to deliver reliable power. AEP's transmission business is expected to contribute 55% of operating earnings this year. With more than 500 new and existing customers interested in connecting to our transmission system, we recognize the enor