Rate Matters (Tables)

9 Months Ended

Sep. 30, 2024

Regulated Generating Units to be Retired

Plant	Net Book Value		Accelerated Depreciation Regulatory Asset		Cost of Removal Regulatory Liability			Projected Retirement Date		Current Authorized Recovery Period	Annual Depreciation (a)
	(dollars in millions)
Northeastern Plant, Unit 3	$	111.9	$	181.2	$	20.8	(b)	2026		(c)	$	15.7
Welsh Plant, Units 1 and 3	341.4		156.7		57.6		(d)	2028	(e)	(f)	41.6

(a)Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period.

(b)Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with the removal of Northeastern Plant, Unit 3, after retirement.

(c)Northeastern Plant, Unit 3 is currently being recovered through 2040.

(d)Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with the removal of Welsh Plant, Units 1 and 3, after retirement.

(e)Represents projected retirement date of coal assets, units are being evaluated for conversion to natural gas after 2028.

(f)Unit 1 is being recovered through 2027 in the Louisiana jurisdiction and through 2037 in the Arkansas and Texas jurisdictions. Unit 3 is being recovered through 2032 in the Louisiana jurisdiction and through 2042 in the Arkansas and Texas jurisdictions.

Regulatory Assets Pending Final Regulatory Approval

	AEP
	September 30,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Welsh Plant, Units 1 and 3 Accelerated Depreciation	$	156.7	$	125.6
Pirkey Plant Accelerated Depreciation	120.8		114.4
Unrecovered Winter Storm Fuel Costs (a)	75.9		97.2
Storm-Related Costs	41.3		—
Other Regulatory Assets Pending Final Regulatory Approval	16.2		49.8
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	379.5		408.9
Plant Retirement Costs – Asset Retirement Obligation Costs (b)	340.4		25.9
NOLC Costs (c)	82.9		—
2024-2025 Virginia Biennial Under-Earnings	18.6		—
Other Regulatory Assets Pending Final Regulatory Approval	51.3		52.6
Total Regulatory Assets Pending Final Regulatory Approval	$	1,283.6	$	874.4

(a)Includes $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of September 30, 2024 and December 31, 2023, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information.

(b)See “Federal EPA’s Revised CCR Rule” section of Note 5 for additional information.

(c)In the second quarter of 2024, requests seeking to establish a recovery mechanism for these regulatory assets were filed in Indiana, Oklahoma and Texas. In Indiana and Oklahoma, certain intervenors have challenged the recovery, or have proposed ratemaking treatment that would offset the recovery, of the regulatory assets. In the third quarter of 2024, PUCT Staff and certain intervenors in Texas requested a hearing and direct testimony was filed by SWEPCo in October 2024.

	AEP Texas
	September 30,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Storm-Related Costs	$	41.3	$	—
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	16.6		37.7
Line Inspection Costs	5.8		5.7
Vegetation Management Program	—		5.2
Texas Retail Electric Provider Bad Debt Expense	—		4.0
Other Regulatory Assets Pending Final Regulatory Approval	1.4		11.7
Total Regulatory Assets Pending Final Regulatory Approval	$	65.1	$	64.3

	APCo
	September 30,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval	$	1.0	$	0.6
Regulatory Assets Currently Not Earning a Return
Plant Retirement Costs – Asset Retirement Obligation Costs (a)	266.9		25.9
Storm-Related Costs – West Virginia	126.5		91.5
2024-2025 Virginia Biennial Under-Earnings	18.6		—
Other Regulatory Assets Pending Final Regulatory Approval	14.7		7.5
Total Regulatory Assets Pending Final Regulatory Approval	$	427.7	$	125.5

(a)See “Federal EPA’s Revised CCR Rule” section of Note 5 for additional information.

	I&M
	September 30,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval	$	2.3	$	0.2
Regulatory Assets Currently Not Earning a Return
Plant Retirement Costs – Asset Retirement Obligation Costs (a)	72.9		—
NOLC Costs – Indiana (b)	24.6		—
Storm-Related Costs – Indiana	7.4		29.7
Other Regulatory Assets Pending Final Regulatory Approval	4.4		3.3
Total Regulatory Assets Pending Final Regulatory Approval	$	111.6	$	33.2

(a)See “Federal EPA’s Revised CCR Rule” section of Note 5 for additional information.

(b)In the second quarter of 2024, a request seeking to establish a recovery mechanism for these regulatory assets were filed in Indiana. Certain intervenors have challenged the recovery, or have proposed ratemaking treatment that would offset the recovery, of the regulatory assets.

	OPCo
	September 30,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval	$	0.2	$	—
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	—		23.6
Other Regulatory Assets Pending Final Regulatory Approval	0.1		—
Total Regulatory Assets Pending Final Regulatory Approval	$	0.3	$	23.6

	PSO
	September 30,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	$	94.2	$	88.5
NOLC Costs (a)	14.2		—
Other Regulatory Assets Pending Final Regulatory Approval	3.2		0.2
Total Regulatory Assets Pending Final Regulatory Approval	$	111.6	$	88.7

(a)In the second quarter of 2024, a request seeking to establish a recovery mechanism for these regulatory assets were filed in Oklahoma. Certain intervenors have challenged the recovery, or have proposed ratemaking treatment that would offset the recovery, of the regulatory assets.

	SWEPCo
	September 30,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Welsh Plant, Units 1 and 3 Accelerated Depreciation	$	156.7	$	125.6
Pirkey Plant Accelerated Depreciation	120.8		114.4
Unrecovered Winter Storm Fuel Costs (a)	75.9		97.2
Dolet Hills Power Station Accelerated Depreciation (b)	11.8		12.0
Other Regulatory Assets Pending Final Regulatory Approval	1.0		26.0
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - Louisiana, Texas	49.0		56.0
NOLC Costs (c)	44.1		—
Other Regulatory Assets Pending Final Regulatory Approval	18.5		13.7
Total Regulatory Assets Pending Final Regulatory Approval	$	477.8	$	444.9

(a)Includes $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of September 30, 2024 and December 31, 2023, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information.

(b)Amounts include the FERC jurisdiction.

(c)In the second quarter of 2024, a request seeking to establish a recovery mechanism for the Texas jurisdictional share of these regulatory assets were filed in Texas. In the third quarter of 2024, PUCT Staff and certain intervenors in Texas requested a hearing and direct testimony was filed by SWEPCo in October 2024.

Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs

Natural Gas Expenses and Purchases of Electricity to be Recovered from Customers [Table Text Block]

Jurisdiction	September 30, 2024		December 31, 2023		Approved Recovery Period	Approved Carrying Charge
	(in millions)
Arkansas	$	40.4	$	54.2	6 years	(a)
Louisiana	75.9		97.2		(b)	(b)
Texas	79.3		101.9		5 years	1.65%
Total	$	195.6	$	253.3

(a)SWEPCo is permitted to record carrying costs on the unrecovered balance of fuel costs at a weighted-cost of capital approved by the APSC. In August 2024, the APSC issued an order that found SWEPCo had prudently incurred these costs.

(b)In March 2021, the LPSC approved a special order granting a temporary modification to the FAC and shortly after SWEPCo began recovery of its Louisiana jurisdictional share of these fuel costs based on a five-year recovery period inclusive of an interim carrying charge equal to the prime rate. The special order states the fuel and purchased power costs incurred will be subject to a future LPSC audit.