FINANCING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Sales Of Stock

AEP has entered into the following forward sales under its ATM program and its March 2025 forward sale of equity agreements as follows:

	Final Maturity	Common Shares into Forward (Number of Shares)	Settled (Number of shares) (a)	Settled (a)		Common Shares Remaining in Forward (Number of Shares)	Expected Proceeds (b)
		(in millions)
March 2025 Forward Sale	December 2026	23	5	$	500	18	$	1,749
ATM Forward	December 2026	3	—	—		3	373

(a)The 5 million shares were settled in fiscal year end 2025.

(b)Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on AEP’s common stock during the period the agreements are outstanding.

Schedule of Long-term Debt

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

Type of Debt	March 31, 2026		December 31, 2025
	(in millions)
Senior Unsecured Notes	$	39,463	$	37,190
Pollution Control Bonds	1,636		1,637
Notes Payable	652		683
Securitization Bonds	940		984
Spent Nuclear Fuel Obligation (a)	333		330
Junior Subordinated Notes	4,681		4,681
Other Long-term Debt	1,849		1,817
Total Long-term Debt Outstanding	49,554		47,322
Long-term Debt Due Within One Year	2,704		3,194
Long-term Debt	$	46,850	$	44,128

(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 $383 million and $381 million as of March 31, 2026 and December 31, 2025, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.

Schedule of Retirements and Principal Payments

Long-term debt and other securities issued, retired and principal payments made during the first three months of 2026 are shown in the following tables:

		Principal		Interest
Company	Type of Debt	Amount (a)		Rate	Due Date
Issuances:		(in millions)		(%)
AEP Texas	Senior Unsecured Notes	$	750	5.20	2036
AEPTCo	Other Long-term Debt	114		Variable	2028
I&M	Senior Unsecured Notes	650		5.60	2056
SWEPCo	Senior Unsecured Notes	300		5.30	2033
SWEPCo	Senior Unsecured Notes	600		5.20	2036
SWEPCo	Senior Unsecured Notes	500		5.90	2056
Non-Registrant:
Transource Energy	Other Long-term Debt	18		Variable	2028
Total Issuances		$	2,932

(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 (a)		Rate	Due Date
Retirements and Principal Payments:		(in millions)		(%)
AEP Texas	Securitization Bonds	$	12	2.29	2029
AEPTCo	Other Long-term Debt	101		Variable	2028
APCo	Securitization Bonds	15		3.77	2028
I&M	Notes Payable	1		3.44	2026
I&M	Notes Payable	1		5.93	2027
I&M	Notes Payable	5		6.01	2028
I&M	Notes Payable	4		6.41	2028
I&M	Notes Payable	10		4.89	2029
I&M	Notes Payable	10		Variable	2030
SWEPCo	Senior Unsecured Notes	500		1.65	2026
SWEPCo	Securitization Bonds	8		4.88	2039
Non-Registrant:
KPCo	Securitization Bonds	9		5.30	2045
Transource Energy	Senior Unsecured Notes	2		2.75	2050
Total Retirements and Principal Payments		$	678

(a)In March 2026, SWEPCo retired $1 billion of 4.24% Affiliated Notes Payable due in 2028.

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 three months ended March 31, 2026 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		March 31, 2026		Limit
	(in millions)
AEP Texas	$	624	$	186	$	403	$	129	$	105	$	750
AEPTCo	205		342		60		85		211		820		(a)
APCo	307		17		173		17		(160)		750
I&M	146		855		46		241		(9)		750
OPCo	155		42		74		17		(139)		600
PSO	487		—		279		—		(487)		750
SWEPCo	293		1,308		120		85		(293)		750

(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 three months ended March 31, 2026 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		March 31, 2026
	(in millions)
AEP Texas		$	7	$	7	$	7

Schedule of Direct Borrowing Activity

AEPTCo’s direct financing activities with AEP and corresponding authorized borrowing limit for the three months ended March 31, 2026 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		March 31,		March 31,		Limit (a)
	(in millions)
AEPTCo Parent	$	—	$	302	$	—	$	147	$	—	$	161	$	—
SWTCo	2		—		2		—		2		—		50

(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:

	Three Months Ended March 31,
	2026		2025
Maximum Interest Rate	4.10	%	4.76	%
Minimum Interest Rate	3.53	%	4.64	%

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 Three Months Ended March 31,				for Three Months Ended March 31,
Company	2026		2025		2026		2025
AEP Texas	3.87	%	4.70	%	4.01	%	—	%
AEPTCo	3.90	%	4.68	%	3.95	%	4.69	%
APCo	3.91	%	4.70	%	3.91	%	4.69	%
I&M	3.88	%	4.70	%	3.89	%	—	%
OPCo	3.95	%	4.66	%	3.80	%	4.70	%
PSO	3.92	%	4.67	%	—	%	4.70	%
SWEPCo	4.02	%	4.69	%	3.76	%	—	%

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:

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

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

4.10

%

3.83

%

3.91

%

4.76

%

4.64

%

4.69

%

SWEPCo

—

%

—

%

—

%

4.76

%

4.64

%

4.69

%

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
Three Months	for Funds		for Funds		for Funds		for Funds		for Funds		for Funds
Ended	Borrowed		Borrowed		Loaned		Loaned		Borrowed		Loaned
March 31,	from AEP		from AEP		to AEP		to AEP		from AEP		to AEP
2026	4.10	%	3.83	%	4.10	%	3.83	%	3.91	%	3.91	%
2025	4.76	%	4.63	%	4.76	%	4.63	%	4.69	%	4.68	%

Schedule of Short-term Debt

Outstanding short-term debt was as follows:

		March 31, 2026				December 31, 2025
		Outstanding		Interest		Outstanding		Interest
Company	Type of Debt	Amount		Rate (a)		Amount		Rate (a)
		(dollars in millions)
AEP	Securitized Debt for Receivables (b)	$	900	3.92	%	$	900	4.00	%
AEP	Commercial Paper	651		4.08	%	605		3.92	%
SWEPCo	Notes Payable	4		6.02	%	3		6.30	%
	Total Short-term Debt	$	1,555			$	1,508

(a)Weighted-average rate of all borrowings outstanding as of March 31, 2026 and December 31, 2025, 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 March 31,
	2026			2025
	(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable	3.92		%	4.62		%
Net Uncollectible Accounts Receivable Written-Off	$	8		$	8

Schedule of Customer Accounts Receivable Managed Portfolio

	March 31, 2026		December 31, 2025
	(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts	$	1,245	$	1,230
Short-term – Securitized Debt of Receivables	900		900
Delinquent Securitized Accounts Receivable	80		66
Bad Debt Reserves Related to Securitization	43		42
Unbilled Receivables Related to Securitization	313		368

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	March 31, 2026		December 31, 2025
	(in millions)
APCo	$	219	$	203
I&M	182		175
OPCo	538		501
PSO	113		140
SWEPCo	145		169

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 March 31,
Company	2026		2025
	(in millions)
APCo	$	4	$	4
I&M	4		4
OPCo	8		7
PSO	3		3
SWEPCo	4		4

Schedule of Proceeds on Sale of Receivables to AEP Credit

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

	Three Months Ended March 31,
Company	2026		2025
	(in millions)
APCo	$	543	$	605
I&M	697		585
OPCo	912		860
PSO	412		375
SWEPCo	421		428