CONSOLIDATED BALANCE SHEETS - SWEPCo - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and Cash Equivalents	$ 197	$ 203
Restricted Cash	71	43
Accounts Receivable:
Customers	1,166	1,100
Miscellaneous	60	64
Total Accounts Receivable	2,867	2,632
Fuel	576	749
Materials and Supplies	1,046	966
Risk Management Assets	352	210
Accrued Tax Benefits	85	38
Regulatory Asset for Under-Recovered Fuel Costs	426	446
Prepayments and Other Current Assets	212	287
TOTAL CURRENT ASSETS	6,052	5,789
PROPERTY, PLANT AND EQUIPMENT
Generation	28,388	24,830
Transmission	42,557	38,872
Distribution	33,364	31,062
Other Property, Plant and Equipment	8,635	7,491
Construction Work in Progress	7,635	6,347
Total Property, Plant and Equipment	120,579	108,602
Accumulated Depreciation and Amortization	28,205	26,186
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	92,374	82,416
OTHER NONCURRENT ASSETS
Regulatory Assets	4,804	5,129
Securitized Assets	933	554
Deferred Charges and Other Noncurrent Assets	4,402	3,873
TOTAL OTHER NONCURRENT ASSETS	16,034	14,873
TOTAL ASSETS	114,460	103,078
CURRENT LIABILITIES
Accounts Payable	3,429	2,638
Short-term Debt – Nonaffiliated	1,508	2,524
Long-term Debt Due Within One Year	3,194	3,335
Risk Management Liabilities	132	100
Customer Deposits	507	455
Accrued Taxes	2,002	1,922
Accrued Interest	544	453
Obligations Under Operating Leases	100	92
Other Current Liabilities	1,898	1,490
TOTAL CURRENT LIABILITIES	13,314	13,009
NONCURRENT LIABILITIES
Long-term Debt	44,128	39,308
Deferred Income Taxes	10,951	9,972
Regulatory Liabilities and Deferred Investment Tax Credits	8,362	8,344
Asset Retirement Obligations	3,556	3,531
Employee Benefits and Pension Obligations	232	361
Obligations Under Operating Leases	578	504
Deferred Credits and Other Noncurrent Liabilities	905	801
TOTAL NONCURRENT LIABILITIES	68,890	63,045
TOTAL LIABILITIES	82,204	76,054
Rate Matters (Note 4)
Commitments and Contingencies (Note 6)
EQUITY
Common Stock	3,523	3,472
Paid-in Capital	12,138	9,606
Retained Earnings	15,441	13,869
Accumulated Other Comprehensive Income (Loss)	36	(3)
TOTAL COMMON SHAREHOLDER’S EQUITY	31,138	26,944
Noncontrolling Interests	1,080	42
TOTAL EQUITY	32,218	26,986
TOTAL LIABILITIES AND EQUITY	114,460	103,078
SOUTHWESTERN ELECTRIC POWER COMPANY
CURRENT ASSETS
Cash and Cash Equivalents	2	2
Restricted Cash	15	3
Advances to Affiliates	23	2
Accounts Receivable:
Customers	63	35
Affiliated Companies	91	54
Miscellaneous	10	9
Total Accounts Receivable	164	98
Fuel	83	87
Materials and Supplies	88	81
Risk Management Assets	35	18
Accrued Tax Benefits	17	26
Regulatory Asset for Under-Recovered Fuel Costs	115	107
Prepayments and Other Current Assets	14	14
TOTAL CURRENT ASSETS	556	438
PROPERTY, PLANT AND EQUIPMENT
Generation	6,621	5,288
Transmission	3,302	2,864
Distribution	3,242	3,007
Other Property, Plant and Equipment	942	940
Construction Work in Progress	712	627
Total Property, Plant and Equipment	14,819	12,726
Accumulated Depreciation and Amortization	3,478	3,280
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	11,341	9,446
OTHER NONCURRENT ASSETS
Regulatory Assets	903	921
Securitized Assets	315	331
Deferred Charges and Other Noncurrent Assets	409	359
TOTAL OTHER NONCURRENT ASSETS	1,627	1,611
TOTAL ASSETS	13,524	11,495
CURRENT LIABILITIES
Advances from Affiliates	0	275
Short-term Debt – Nonaffiliated	3	6
Long-term Debt Due Within One Year	917	23
Risk Management Liabilities	9	2
Customer Deposits	79	75
Accrued Taxes	68	49
Accrued Interest	49	41
Obligations Under Operating Leases	7	8
Provision for Refund	81	71
Other Current Liabilities	191	160
TOTAL CURRENT LIABILITIES	1,885	1,032
NONCURRENT LIABILITIES
Deferred Income Taxes	1,458	1,271
Regulatory Liabilities and Deferred Investment Tax Credits	531	611
Asset Retirement Obligations	252	257
Employee Benefits and Pension Obligations	39	46
Obligations Under Operating Leases	195	138
Provision for Refund	47	108
Storm Reserve	108	106
Deferred Credits and Other Noncurrent Liabilities	53	63
TOTAL NONCURRENT LIABILITIES	6,740	6,558
TOTAL LIABILITIES	8,625	7,590
Rate Matters (Note 4)
Commitments and Contingencies (Note 6)
EQUITY
Common Stock	0	0
Paid-in Capital	2,151	1,550
Retained Earnings	2,740	2,352
Accumulated Other Comprehensive Income (Loss)	8	3
TOTAL COMMON SHAREHOLDER’S EQUITY	4,899	3,905
Noncontrolling Interests	0	0
TOTAL EQUITY	4,899	3,905
TOTAL LIABILITIES AND EQUITY	13,524	11,495
SOUTHWESTERN ELECTRIC POWER COMPANY | Nonrelated Party
CURRENT LIABILITIES
Accounts Payable	392	265
NONCURRENT LIABILITIES
Long-term Debt	3,057	3,958
SOUTHWESTERN ELECTRIC POWER COMPANY | Affiliated Entity
CURRENT LIABILITIES
Accounts Payable	89	57
NONCURRENT LIABILITIES
Long-term Debt	$ 1,000	$ 0