CONDENSED CONSOLIDATED BALANCE SHEETS - SWEPCo - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and Cash Equivalents	$ 306	$ 197
Restricted Cash	33	71
Accounts Receivable:
Customers	1,338	1,166
Miscellaneous	53	60
Total Accounts Receivable	2,970	2,867
Fuel	567	576
Materials and Supplies	1,098	1,046
Risk Management Assets	246	352
Accrued Tax Benefits	214	85
Regulatory Asset for Under-Recovered Fuel Costs	594	426
Prepayments and Other Current Assets	385	212
TOTAL CURRENT ASSETS	6,623	6,052
PROPERTY, PLANT AND EQUIPMENT
Generation	28,879	28,388
Transmission	43,093	42,557
Distribution	33,902	33,364
Other Property, Plant and Equipment	9,119	8,635
Construction Work in Progress	8,314	7,635
Total Property, Plant and Equipment	123,307	120,579
Accumulated Depreciation and Amortization	28,453	28,205
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	94,854	92,374
OTHER NONCURRENT ASSETS
Regulatory Assets	5,070	4,804
Securitized Assets	912	933
Deferred Charges and Other Noncurrent Assets	4,578	4,402
TOTAL OTHER NONCURRENT ASSETS	16,299	16,034
TOTAL ASSETS	117,776	114,460
CURRENT LIABILITIES
Accounts Payable	3,148	3,429
Short-term Debt – Nonaffiliated	1,555	1,508
Long-term Debt Due Within One Year	2,704	3,194
Risk Management Liabilities	130	132
Customer Deposits	521	507
Accrued Taxes	1,888	2,002
Accrued Interest	629	544
Obligations Under Operating Leases	95	100
Other Current Liabilities	1,924	1,898
TOTAL CURRENT LIABILITIES	12,594	13,314
NONCURRENT LIABILITIES
Long-term Debt	46,850	44,128
Deferred Income Taxes	11,249	10,951
Regulatory Liabilities and Deferred Investment Tax Credits	8,230	8,362
Accounts Payables	3,607	3,556
Employee Benefits and Pension Obligations	245	232
Obligations Under Operating Leases	572	578
Deferred Credits and Other Noncurrent Liabilities	1,235	905
TOTAL NONCURRENT LIABILITIES	72,153	68,890
TOTAL LIABILITIES	84,747	82,204
Rate Matters (Note 4)
Commitments, Guarantees and Contingencies (Note 5)
EQUITY
Common Stock	3,544	3,523
Paid-in Capital	12,447	12,138
Retained Earnings	15,795	15,441
Accumulated Other Comprehensive Income (Loss)	22	36
TOTAL COMMON SHAREHOLDER’S EQUITY	31,808	31,138
Noncontrolling Interests	1,170	1,080
TOTAL EQUITY	32,978	32,218
TOTAL LIABILITIES AND EQUITY	117,776	114,460
SOUTHWESTERN ELECTRIC POWER COMPANY
CURRENT ASSETS
Cash and Cash Equivalents	2	2
Restricted Cash	7	15
Advances to Affiliates	0	23
Accounts Receivable:
Customers	72	63
Affiliated Companies	133	91
Miscellaneous	6	10
Total Accounts Receivable	211	164
Fuel	97	83
Materials and Supplies	93	88
Risk Management Assets	15	35
Accrued Tax Benefits	93	17
Regulatory Asset for Under-Recovered Fuel Costs	114	115
Prepayments and Other Current Assets	23	14
TOTAL CURRENT ASSETS	655	556
PROPERTY, PLANT AND EQUIPMENT
Generation	6,634	6,621
Transmission	3,328	3,302
Distribution	3,304	3,242
Other Property, Plant and Equipment	930	942
Construction Work in Progress	888	712
Total Property, Plant and Equipment	15,084	14,819
Accumulated Depreciation and Amortization	3,534	3,478
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	11,550	11,341
OTHER NONCURRENT ASSETS
Regulatory Assets	929	903
Securitized Assets	311	315
Deferred Charges and Other Noncurrent Assets	495	409
TOTAL OTHER NONCURRENT ASSETS	1,735	1,627
TOTAL ASSETS	13,940	13,524
CURRENT LIABILITIES
Advances from Affiliates	293	0
Short-term Debt – Nonaffiliated	4	3
Long-term Debt Due Within One Year	417	917
Risk Management Liabilities	10	9
Customer Deposits	80	79
Accrued Taxes	160	68
Accrued Interest	50	49
Obligations Under Operating Leases	6	7
Provision for Refund	82	81
Other Current Liabilities	150	191
TOTAL CURRENT LIABILITIES	1,740	1,885
NONCURRENT LIABILITIES
Deferred Income Taxes	1,476	1,458
Regulatory Liabilities and Deferred Investment Tax Credits	524	531
Accounts Payables	248	252
Employee Benefits and Pension Obligations	40	39
Obligations Under Operating Leases	194	195
Provision for Refund	22	47
Storm Reserve	109	108
Deferred Credits and Other Noncurrent Liabilities	63	53
TOTAL NONCURRENT LIABILITIES	7,117	6,740
TOTAL LIABILITIES	8,857	8,625
Rate Matters (Note 4)
Commitments, Guarantees and Contingencies (Note 5)
EQUITY
Common Stock	0	0
Paid-in Capital	2,279	2,151
Retained Earnings	2,796	2,740
Accumulated Other Comprehensive Income (Loss)	8	8
TOTAL COMMON SHAREHOLDER’S EQUITY	5,083	4,899
Noncontrolling Interests	0	0
TOTAL EQUITY	5,083	4,899
TOTAL LIABILITIES AND EQUITY	13,940	13,524
SOUTHWESTERN ELECTRIC POWER COMPANY | Nonrelated Party
CURRENT LIABILITIES
Accounts Payable	429	392
NONCURRENT LIABILITIES
Long-term Debt	4,441	3,057
SOUTHWESTERN ELECTRIC POWER COMPANY | Affiliated Entity
CURRENT LIABILITIES
Accounts Payable	59	89
NONCURRENT LIABILITIES
Long-term Debt	$ 0	$ 1,000