American Electric Power — Oct 29, 2025 release

During the first two years of the company’s plan, annual operating earnings growth is anticipated to be in the lower half of the range and at or above the high end of the range in 2028-2030. As infrastructure projects are put into service to meet customer demand, AEP expects operating earnings per share to increase at a 9% compounded annual growth rate over the five-year period. The rapidly accelerating load growth also supports AEP’s 2026 operating earnings guidance of $6.15 to $6.45 per share. 1 Infrastructure for the Future AEP’s revised capital plan is based on customer commitments and the infrastructure needed to meet unprecedented power requirements, driven by large load customers including data centers and industrials. The confidence in the 28 gigawatts (GW) of load additions by 2030, up 4 GW since July 2025, is backed by Electric Service Agreements or Letters of Agreement and is supported by an additional 190 GW of load requests at various stages of development. The capital plan is one of the largest in the industry and is enabled by the company’s attractive service territory and the nation’s largest transmission system. AEP’s peak system demand is expected to surge to 65 GW by 2030, up from a current peak of 37 GW, highlighting the robust long-term growth that the company is experiencing across its service territory. To meet this opportunity, the company is investing $30 billion in transmission assets in the new capital plan. AEP’s pioneering transmission work, including developing the nation’s largest 765-kilovolt tran