FINANCING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table details long-term debt outstanding, net of issuance costs and premiums or discounts:

Type of Debt	September 30, 2025		December 31, 2024
	(in millions)
Senior Unsecured Notes	$	37,865.2	$	36,410.9
Pollution Control Bonds	1,685.7		1,771.3
Notes Payable	614.8		609.9
Securitization Bonds	983.3		578.0
Spent Nuclear Fuel Obligation (a)	326.7		316.3
Junior Subordinated Notes	3,707.9		2,579.1
Other Long-term Debt	954.0		377.3
Total Long-term Debt Outstanding	46,137.6		42,642.8
Long-term Debt Due Within One Year	1,898.6		3,335.0
Long-term Debt	$	44,239.0	$	39,307.8

(a)Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for SNF disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $381 million and $367 million as of September 30, 2025 and December 31, 2024, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.

Retirements and Principal Payments

Long-term debt and other securities issued, retired and principal payments made during the first nine months of 2025 are shown in the following tables:

		Principal		Interest
Company	Type of Debt	Amount (a)		Rate	Due Date
Issuances:		(in millions)		(%)
AEP	Junior Subordinated Notes	$	1,100.0	5.80	2056
AEP	Junior Subordinated Notes	900.0		6.05	2056
AEP Texas	Other Long-term Debt	400.0		Variable	2026
AEP Texas	Senior Unsecured Notes	150.0		5.70	2034
AEP Texas	Senior Unsecured Notes	750.0		5.85	2055
AEPTCo	Other Long-term Debt	141.0		Variable	2028
AEPTCo	Senior Unsecured Notes	425.0		5.38	2035
APCo	Other Long-term Debt	425.0		Variable	2026
APCo	Pollution Control Bonds	104.4		3.70	2028
APCo	Pollution Control Bonds	65.3		3.30	2028
I&M	Notes Payable	100.0		4.89	2029
I&M	Pollution Control Bonds	150.0		3.70	2029
PSO	Senior Unsecured Notes	800.0		5.45	2036
Non-Registrant:
KPCo	Other Long-term Debt	150.0		Variable	2026
KPCo	Securitization Bonds	477.7		5.30	2045
Transource Energy	Other Long-term Debt	36.6		Variable	2025
WPCo	Other Long-term Debt	125.0		Variable	2026
Total Issuances		$	6,300.0

(a)Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.

		Principal		Interest
Company	Type of Debt	Amount Paid		Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
AEP	Junior Subordinated Notes	$	850.0	5.70	2025
AEP Texas	Other Long-term Debt	400.0		Variable	2026
AEP Texas	Securitization Bonds	10.3		2.06	2025
AEP Texas	Securitization Bonds	14.2		2.29	2029
AEP Texas	Senior Unsecured Notes	50.0		3.75	2025
AEPTCo	Senior Unsecured Notes	50.0		3.66	2025
AEPTCo	Senior Unsecured Notes	40.0		3.76	2025
APCo	Other Long-term Debt	0.1		13.72	2026
APCo	Pollution Control Bonds	104.4		3.75	2025
APCo	Pollution Control Bonds	65.4		1.00	2025
APCo	Securitization Bonds	28.4		3.77	2028
APCo	Senior Unsecured Notes	300.0		3.40	2025
I&M	Notes Payable	3.9		0.93	2025
I&M	Notes Payable	1.1		Variable	2025
I&M	Notes Payable	8.4		3.44	2026
I&M	Notes Payable	13.2		5.93	2027
I&M	Notes Payable	24.6		6.41	2028
I&M	Notes Payable	15.4		6.01	2028
I&M	Notes Payable	13.1		4.89	2029
I&M	Other Long-term Debt	0.2		6.00	2025
I&M	Pollution Control Bonds	100.0		3.05	2025
I&M	Pollution Control Bonds	50.0		2.75	2025
I&M	Pollution Control Bonds	40.0		0.75	2025
PSO	Other Long-term Debt	0.4		3.00	2027
PSO	Senior Unsecured Notes	125.0		3.17	2025
SWEPCo	Securitization Bonds	11.1		4.88	2039
Non-Registrant:
AEGCo	Pollution Control Bonds	45.0		1.35	2025
KPCo	Other Long-term Debt	150.0		Variable	2025
KPCo	Other Long-term Debt	150.0		Variable	2026
Transource Energy	Senior Unsecured Notes	2.6		2.75	2050
WPCo	Notes Payable	15.0		6.89	2034
WPCo	Senior Unsecured Notes	122.0		3.70	2025
Total Retirements and Principal Payments		$	2,803.8

Schedule of Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits

The Utility Money Pool participants’ money pool activity and corresponding authorized borrowing limits for the nine months ended September 30, 2025 are described in the following table:

	Maximum				Average				Net Loans to
	Borrowings		Maximum		Borrowings		Average		(Borrowings from)		Authorized
	from the		Loans to the		from the		Loans to the		the Utility Money		Short-term
	Utility		Utility		Utility		Utility		Pool as of		Borrowing
Company	Money Pool		Money Pool		Money Pool		Money Pool		September 30, 2025		Limit
	(in millions)
AEP Texas	$	468.4	$	485.7	$	172.6	$	82.5	$	418.1	$	600.0
AEPTCo	403.6		312.2		174.8		44.2		(89.3)		820.0		(a)
APCo	263.5		242.1		127.8		26.1		49.6		750.0
I&M	145.2		157.2		71.4		46.2		157.2		500.0
OPCo	270.9		165.9		126.0		81.7		(13.0)		600.0
PSO	505.1		391.5		221.2		166.1		(39.7)		750.0
SWEPCo	471.9		269.7		285.9		88.7		269.7		750.0

(a)    Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.

Schedule of Nonutility Money Pool Activity

The Nonutility Money Pool participants’ activity for the nine months ended September 30, 2025 is described in the following table:

		Maximum Loans		Average Loans		Loans to the Nonutility
		to the Nonutility		to the Nonutility		Money Pool as of
Company		Money Pool		Money Pool		September 30, 2025
	(in millions)
AEP Texas		$	7.2	$	7.1	$	7.2
SWEPCo		2.4		2.1		—

Schedule of Direct Borrowing Activity

AEPTCo’s direct financing activities with AEP and corresponding authorized borrowing limit for the nine months ended September 30, 2025 are described in the following table:

									Borrowings				Authorized
	Maximum		Maximum		Average		Average		from AEP		Loans to		Short-term
	Borrowings		Loans		Borrowings		Loans		as of		AEP as of		Borrowing
Company	from AEP		to AEP		from AEP		to AEP		September 30, 2025		September 30, 2025		Limit (a)
	(in millions)
AEPTCo Parent	$	106.6	$	132.6	$	17.7	$	45.3	$	—	$	49.7	$	—
SWTCo	2.0		—		1.9		—		2.0		—		50.0
Midwest Transmission Holdings	—		34.1		—		6.1		—		0.3		—

(a)    Amount represents the authorized short-term borrowing limit from FERC or state regulatory agencies not otherwise included in the utility money pool above.

Schedule of Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool

The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool are summarized in the following table:

	Nine Months Ended September 30,
	2025		2024
Maximum Interest Rate	4.83	%	5.79	%
Minimum Interest Rate	4.00	%	5.14	%

Schedule of Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool

The average interest rates for funds borrowed from and loaned to the Utility Money Pool are summarized in the following table:

	Average Interest Rate for Funds				Average Interest Rate for Funds
	Borrowed from the Utility Money Pool				Loaned to the Utility Money Pool
	for Nine Months Ended September 30,				for Nine Months Ended September 30,
Company	2025		2024		2025		2024
AEP Texas	4.67	%	5.69	%	4.37	%	5.48	%
AEPTCo	4.65	%	5.68	%	4.62	%	5.58	%
APCo	4.67	%	5.72	%	4.58	%	5.51	%
I&M	4.69	%	5.64	%	4.50	%	5.44	%
OPCo	4.61	%	5.70	%	4.70	%	5.49	%
PSO	4.64	%	5.59	%	4.68	%	—	%
SWEPCo	4.69	%	5.58	%	4.55	%	—	%

Schedule of Maximum, Minimum and Average Interest Rates for Funds Borrowed from and Loaned to the Nonutility Money Pool

Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool are summarized in the following table:

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Maximum

Minimum

Average

Maximum

Minimum

Average

Interest Rate

Interest Rate

Interest Rate

Interest Rate

Interest Rate

Interest Rate

for Funds

for Funds

for Funds

for Funds

for Funds

for Funds

Loaned to

Loaned to

Loaned to

Loaned to

Loaned to

Loaned to

the Nonutility

the Nonutility

the Nonutility

the Nonutility

the Nonutility

the Nonutility

Company

Money Pool

Money Pool

Money Pool

Money Pool

Money Pool

Money Pool

AEP Texas

4.76

%

4.27

%

4.66

%

5.79

%

5.25

%

5.64

%

SWEPCo

4.76

%

4.62

%

4.69

%

5.79

%

5.25

%

5.64

%

Schedule of Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP

AEPTCo’s maximum, minimum and average interest rates for funds either borrowed from or loaned to AEP are summarized in the following table:

	Maximum		Minimum		Maximum		Minimum		Average		Average
	Interest Rate		Interest Rate		Interest Rate		Interest Rate		Interest Rate		Interest Rate
Nine Months	for Funds		for Funds		for Funds		for Funds		for Funds		for Funds
Ended	Borrowed		Borrowed		Loaned		Loaned		Borrowed		Loaned
September 30,	from AEP		from AEP		to AEP		to AEP		from AEP		to AEP
2025	4.76	%	4.27	%	4.76	%	4.27	%	4.64	%	4.64	%
2024	5.79	%	5.25	%	5.79	%	5.25	%	5.66	%	5.63	%

Schedule of Short-term Debt

Outstanding short-term debt was as follows:

		September 30, 2025				December 31, 2024
		Outstanding		Interest		Outstanding		Interest
Company	Type of Debt	Amount		Rate (a)		Amount		Rate (a)
		(dollars in millions)
AEP	Securitized Debt for Receivables (b)	$	900.0	4.56	%	$	900.0	4.73	%
AEP	Commercial Paper	250.0		4.30	%	1,618.3		4.70	%
SWEPCo	Notes Payable	7.7		6.50	%	5.5		6.69	%
	Total Short-term Debt	$	1,157.7			$	2,523.8

(a)Weighted-average rate as of September 30, 2025 and December 31, 2024, respectively.

(b)Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.

Schedule of Comparative Accounts Receivable Information

Accounts receivable information for AEP Credit was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	4.52		%	5.50		%	4.56		%	5.54		%
Net Uncollectible Accounts Receivable Written-Off	$	10.8		$	8.4		$	24.7		$	22.3

Schedule of Customer Accounts Receivable Managed Portfolio

	September 30, 2025		December 31, 2024
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	1,292.8	$	1,117.0
Short-term – Securitized Debt of Receivables	900.0		900.0
Delinquent Securitized Accounts Receivable	79.4		56.2
Bad Debt Reserves Related to Securitization	43.4		44.5
Unbilled Receivables Related to Securitization	319.4		335.5

Schedule of Accounts Receivable and Accrued Unbilled Revenues

The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreements were:

Company	September 30, 2025		December 31, 2024
	(in millions)
APCo	$	183.0	$	192.7
I&M	185.0		160.5
OPCo	490.9		470.7
PSO	202.5		111.4
SWEPCo	200.3		153.5

Schedule of Fees Paid to AEP Credit for Customer Accounts Receivable Sold

The fees paid to AEP Credit for customer accounts receivable sold were:

	Three Months Ended September 30,				Nine Months Ended September 30,
Company	2025		2024		2025		2024
	(in millions)
APCo	$	3.7	$	4.0	$	10.9	$	12.1
I&M	4.2		4.1		11.2		12.0
OPCo	7.4		7.5		22.3		22.3
PSO	4.0		4.1		9.7		10.9
SWEPCo	4.1		4.4		11.9		13.5

Schedule of Proceeds on Sale of Receivables to AEP Credit

The proceeds on the sale of receivables to AEP Credit were:

	Three Months Ended September 30,				Nine Months Ended September 30,
Company	2025		2024		2025		2024
	(in millions)
APCo	$	495.4	$	504.6	$	1,530.0	$	1,487.9
I&M	682.6		576.7		1,812.7		1,608.5
OPCo	927.8		860.0		2,523.3		2,477.2
PSO	659.6		611.5		1,466.3		1,398.1
SWEPCo	549.9		531.4		1,434.0		1,428.7