American Electric Power — May 5, 2026 release

To support this continued growth, AEP increased its five-year capital plan to $78 billion, up from $72 billion, driven by newly approved transmission investments in PJM and SPP and new natural gas-fired generation in Indiana that are expected to come online later in the five-year period ending in 2030. AEP expects the expanded capital plan to generate nearly 11% annual rate-base growth and an operating earnings CAGR above 9% through 2030. 1 AEP has additional significant transmission and generation project opportunities beyond the new $78 billion capital plan. This includes line of sight to over $10 billion in investment potential through Ohio’s Piketon transmission project, the fuel cell installation in Wyoming and additional generation in many of the states AEP serves. When the capital plan is updated in the third quarter to include 2031 opportunities, it is expected to capture accelerating demand growth and incorporate incremental, long-term investments. “AEP is executing on our strategic plan at an exceptionally high level during a time of unprecedented opportunity for our industry while keeping an intense focus on affordability,” said Bill Fehrman, AEP chairman, president and chief executive officer. “We are seeing substantial demand growth across our footprint, particularly from data centers and other large load customers. We are intensely focused on delivering reliability and long-term value for our customers and stakeholders.” Transmission Growth Continues to Accelerate AEP’s transmission network remains a key competitive advantag