CONDENSED BALANCE SHEETS - PSO - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and Cash Equivalents	$ 1,067.7	$ 202.9
Accounts Receivable:
Customers	1,141.4	1,100.1
Miscellaneous	63.2	64.1
Total Accounts Receivable	2,833.1	2,631.9
Fuel	599.0	748.9
Materials and Supplies	986.7	966.2
Risk Management Assets	407.9	210.4
Accrued Tax Benefits	59.7	38.2
Regulatory Asset for Under-Recovered Fuel Costs	380.6	445.9
Prepayments and Other Current Assets	260.8	285.9
TOTAL CURRENT ASSETS	6,860.0	5,788.8
PROPERTY, PLANT AND EQUIPMENT
Generation	26,442.2	24,829.7
Transmission	40,987.3	38,871.9
Distribution	32,618.2	31,061.9
Other Property, Plant and Equipment	8,385.1	7,491.6
Construction Work in Progress	7,456.7	6,346.9
Total Property, Plant and Equipment	115,889.5	108,602.0
Accumulated Depreciation and Amortization	27,871.8	26,186.4
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	88,017.7	82,415.6
OTHER NONCURRENT ASSETS
Regulatory Assets	4,950.2	5,129.2
Operating Lease Assets	578.2	580.1
Deferred Charges and Other Noncurrent Assets	3,718.5	3,873.3
TOTAL OTHER NONCURRENT ASSETS	15,375.8	14,873.6
TOTAL ASSETS	110,253.5	103,078.0
CURRENT LIABILITIES
Accounts Payable	2,806.7	2,637.6
Long-term Debt Due Within One Year	1,898.6	3,335.0
Risk Management Liabilities	122.7	100.0
Customer Deposits	498.5	454.7
Accrued Taxes	1,257.2	1,922.1
Accrued Interest	606.4	453.3
Obligations Under Operating Leases	98.4	91.9
Other Current Liabilities	1,551.4	1,490.9
TOTAL CURRENT LIABILITIES	9,997.6	13,009.3
NONCURRENT LIABILITIES
Long-term Debt	44,239.0	39,307.8
Deferred Income Taxes	10,713.9	9,972.4
Regulatory Liabilities and Deferred Investment Tax Credits	8,320.0	8,344.0
Asset Retirement Obligations	3,647.1	3,530.6
Obligations Under Operating Leases	496.3	504.3
Deferred Credits and Other Noncurrent Liabilities	844.6	800.6
TOTAL NONCURRENT LIABILITIES	68,715.9	63,044.8
TOTAL LIABILITIES	78,713.5	76,054.1
Rate Matters (Note 4)
Commitments and Contingencies (Note 5)
COMMON SHAREHOLDER’S EQUITY
Common Stock	3,486.0	3,471.6
Paid-in Capital	11,561.8	9,606.1
Retained Earnings	15,369.3	13,869.2
Accumulated Other Comprehensive Income (Loss)	(27.8)	(3.1)
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY	30,389.3	26,943.8
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY	110,253.5	103,078.0
PSO
CURRENT ASSETS
Cash and Cash Equivalents	3.1	1.8
Advances to Affiliates	0.0	232.0
Accounts Receivable:
Customers	95.6	74.8
Miscellaneous	4.7	0.3
Total Accounts Receivable	141.6	107.7
Fuel	5.9	17.1
Materials and Supplies	119.9	108.8
Risk Management Assets	68.1	20.6
Accrued Tax Benefits	19.1	35.5
Regulatory Asset for Under-Recovered Fuel Costs	22.3	64.7
Prepayments and Other Current Assets	18.1	20.2
TOTAL CURRENT ASSETS	398.1	608.4
PROPERTY, PLANT AND EQUIPMENT
Generation	4,347.5	2,772.4
Transmission	1,378.1	1,345.3
Distribution	3,888.8	3,698.8
Other Property, Plant and Equipment	1,269.6	550.0
Construction Work in Progress	454.6	378.8
Total Property, Plant and Equipment	11,338.6	8,745.3
Accumulated Depreciation and Amortization	2,702.7	2,213.0
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	8,635.9	6,532.3
OTHER NONCURRENT ASSETS
Regulatory Assets	603.5	527.8
Employee Benefits and Pension Assets	77.5	73.6
Operating Lease Assets	126.1	106.2
Deferred Charges and Other Noncurrent Assets	82.9	62.0
TOTAL OTHER NONCURRENT ASSETS	890.0	769.6
TOTAL ASSETS	9,924.0	7,910.3
CURRENT LIABILITIES
Accounts Payable	285.2	200.5
Long-term Debt Due Within One Year	50.6	125.6
Risk Management Liabilities	15.9	5.8
Customer Deposits	114.6	72.9
Accrued Taxes	93.9	33.4
Accrued Interest	39.6	33.1
Obligations Under Operating Leases	11.6	10.4
Other Current Liabilities	88.0	78.6
TOTAL CURRENT LIABILITIES	862.7	619.4
NONCURRENT LIABILITIES
Long-term Debt	3,474.0	2,730.0
Deferred Income Taxes	989.0	930.6
Regulatory Liabilities and Deferred Investment Tax Credits	722.0	689.7
Asset Retirement Obligations	139.1	118.8
Obligations Under Operating Leases	121.6	101.9
Deferred Credits and Other Noncurrent Liabilities	35.4	34.3
TOTAL NONCURRENT LIABILITIES	5,481.1	4,605.3
TOTAL LIABILITIES	6,343.8	5,224.7
Rate Matters (Note 4)
Commitments and Contingencies (Note 5)
COMMON SHAREHOLDER’S EQUITY
Common Stock	157.2	157.2
Paid-in Capital	1,716.1	1,041.2
Retained Earnings	1,704.6	1,483.6
Accumulated Other Comprehensive Income (Loss)	2.3	3.6
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY	3,580.2	2,685.6
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY	9,924.0	7,910.3
PSO | Affiliated Entity
Accounts Receivable:
Affiliated Companies	41.3	32.6
CURRENT LIABILITIES
Advances from Affiliates	39.7	0.0
Accounts Payable	$ 123.6	$ 59.1