SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY - AEPTCO PARENT

12 Months Ended

Dec. 31, 2024

Condensed Financial Statements, Captions [Line Items]

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended December 31, 2024, 2023 and 2022

(in millions, except per-share and share amounts)

	Years Ended December 31,
	2024		2023		2022
REVENUES
Revenues	$	5.5	$	5.1	$	5.1
TOTAL REVENUES	5.5		5.1		5.1
EXPENSES
Other Operation	66.0		16.7		84.9
Loss on the Expected Sale of the Kentucky Operations	—		—		363.3
Depreciation and Amortization	0.6		0.5		0.4
Amortization of KPCo Basis Difference	(21.4)		(16.5)		—
TOTAL EXPENSES	45.2		0.7		448.6
OPERATING INCOME (LOSS)	(39.7)		4.4		(443.5)
Other Income (Expense):
Interest Income	107.9		181.0		80.3
Interest Expense	(531.8)		(526.3)		(275.5)
LOSS BEFORE INCOME TAX BENEFIT AND EQUITY EARNINGS	(463.6)		(340.9)		(638.7)
Income Tax Benefit	(150.5)		(80.8)		(136.3)
Equity Earnings of Unconsolidated Subsidiaries	3,280.2		2,468.2		2,809.6
NET INCOME	2,967.1		2,208.1		2,307.2
Other Comprehensive Income (Loss)	52.4		(139.2)		(101.1)
TOTAL COMPREHENSIVE INCOME	$	3,019.5	$	2,068.9	$	2,206.1
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING	530,092,672		518,903,682		511,841,946
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$	5.60	$	4.26	$	4.51
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING	531,337,703		520,206,258		513,484,609
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS	$	5.58	$	4.24	$	4.49
See Condensed Notes to Condensed Financial Information beginning on page S-6.

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

ASSETS

December 31, 2024 and 2023

(in millions)

	December 31,
	2024		2023
CURRENT ASSETS
Cash and Cash Equivalents	$	87.5	$	197.8
Other Temporary Investments	2.9		2.6
Advances to Affiliates	1,944.6		2,004.5
Accounts Receivable:
Affiliated Companies	32.5		47.7
General	—		2.7
Total Accounts Receivable	32.5		50.4
Accrued Tax Benefits	93.7		77.7
Prepayments and Other Current Assets	11.6		11.6
TOTAL CURRENT ASSETS	2,172.8		2,344.6
PROPERTY, PLANT AND EQUIPMENT
General	3.2		3.1
Total Property, Plant and Equipment	3.2		3.1
Accumulated Depreciation, Depletion and Amortization	1.7		1.4
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET	1.5		1.7
OTHER NONCURRENT ASSETS
Investments in Unconsolidated Subsidiaries	35,306.2		33,598.6
Affiliated Notes Receivable	105.0		295.0
Deferred Charges and Other Noncurrent Assets	184.6		137.0
TOTAL OTHER NONCURRENT ASSETS	35,595.8		34,030.6
TOTAL ASSETS	$	37,770.1	$	36,376.9
See Condensed Notes to Condensed Financial Information beginning on page S-6.

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

LIABILITIES AND EQUITY

December 31, 2024 and 2023

(dollars in millions)

			December 31,
			2024		2023
CURRENT LIABILITIES
Advances from Affiliates			$	506.6	$	728.3
Accounts Payable:
General			4.7		11.1
Affiliated Companies			2.2		12.3
Short-term Debt			1,618.3		1,937.9
Long-term Debt Due Within One Year – Nonaffiliated			1,281.5		1,104.0
Other Current Liabilities			202.4		137.7
TOTAL CURRENT LIABILITIES			3,615.7		3,931.3
NONCURRENT LIABILITIES
Long-term Debt – Nonaffiliated			7,124.3		7,086.9
Deferred Credits and Other Noncurrent Liabilities			48.5		69.5
TOTAL NONCURRENT LIABILITIES			7,172.8		7,156.4
TOTAL LIABILITIES			10,788.5		11,087.7
MEZZANINE EQUITY
Contingently Redeemable Performance Share Awards			37.8		42.5
COMMON SHAREHOLDERS’ EQUITY
Common Stock – Par Value – $6.50 Per Share:
	2024	2023
Shares Authorized	600,000,000	600,000,000
Shares Issued	534,094,530	527,369,157
(1,186,815 and 1,184,572 Shares were Held in Treasury as of December 31, 2024 and 2023, Respectively)			3,471.6		3,427.9
Paid-in Capital			9,606.1		9,073.9
Retained Earnings			13,869.2		12,800.4
Accumulated Other Comprehensive Income (Loss)			(3.1)		(55.5)
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY			26,943.8		25,246.7
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY			$	37,770.1	$	36,376.9

See Condensed Notes to Condensed Financial Information beginning on page S-6.

SCHEDULE I

AMERICAN ELECTRIC POWER COMPANY, INC. (Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2024, 2023 and 2022

(in millions)

	Years Ended December 31,
	2024		2023		2022
OPERATING ACTIVITIES
Net Income	$	2,967.1	$	2,208.1	$	2,307.2
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	0.6		0.5		0.4
Amortization of KPCo Basis Difference	(21.4)		(16.5)		—
Deferred Income Taxes	(53.3)		59.7		(63.3)
Loss on the Expected Sale of the Kentucky Operations	—		—		363.3
Equity Earnings of Unconsolidated Subsidiaries	(3,280.2)		(2,468.2)		(2,809.6)
Cash Dividends Received from Unconsolidated Subsidiaries	1,143.4		686.3		603.9
Change in Other Noncurrent Assets	4.9		(28.4)		(5.0)
Change in Other Noncurrent Liabilities	70.8		92.3		83.5
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	17.9		28.7		(61.0)
Accounts Payable	(16.5)		(15.9)		1.1
Other Current Assets	—		(3.6)		(6.0)
Other Current Liabilities	55.3		(14.5)		(76.6)
Net Cash Flows from Operating Activities	888.6		528.5		337.9
INVESTING ACTIVITIES
Construction Expenditures	(0.6)		(0.8)		(0.7)
Change in Advances to Affiliates, Net	59.9		2,007.6		(1,411.3)
Capital Contributions to Unconsolidated Subsidiaries	(399.9)		(789.9)		(568.3)
Return of Capital Contributions from Unconsolidated Subsidiaries	898.9		56.6		24.5
Issuance of Notes Receivable to Unconsolidated Subsidiaries	—		(210.0)		(20.0)
Repayment of Notes Receivable from Unconsolidated Subsidiaries	190.0		—		—
Other Investing Activities	—		—		(0.2)
Net Cash Flows from (Used for) Investing Activities	748.3		1,063.5		(1,976.0)
FINANCING ACTIVITIES
Issuance of Common Stock, Net	552.1		999.6		826.5
Issuance of Long-term Debt	1,285.4		1,829.8		986.6
Issuance of Short-term Debt with Original Maturities Greater Than 90 Days	723.8		1,069.9		833.9
Change in Short-term Debt with Original Maturities Less Than 90 Day, Net	(172.3)		(1,365.4)		1,650.4
Retirement of Long-term Debt	(1,104.0)		(1,050.0)		(300.0)
Change in Advances from Affiliates, Net	(221.7)		(191.6)		336.9
Redemption of Short-term Debt with Original Maturities Greater Than 90 Days	(871.1)		(1,128.8)		(986.1)
Dividends Paid on Common Stock	(1,898.3)		(1,752.3)		(1,628.7)
Other Financing Activities	(41.1)		(59.6)		(74.5)
Net Cash Flows from (Used for) Financing Activities	(1,747.2)		(1,648.4)		1,645.0
Net Increase (Decrease) in Cash and Cash Equivalents	(110.3)		(56.4)		6.9
Cash and Cash Equivalents at Beginning of Period	197.8		254.2		247.3
Cash and Cash Equivalents at End of Period	$	87.5	$	197.8	$	254.2
See Condensed Notes to Condensed Financial Information beginning on page S-6.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed financial information of Parent is required as a result of the restricted net assets of AEP consolidated subsidiaries exceeding 25% of AEP consolidated net assets as of December 31, 2024.  Parent is a public utility holding company that owns all of the outstanding common stock of its public utility subsidiaries and varying percentages of other subsidiaries, including joint ventures and equity investments.  The primary source of income for Parent is equity in its subsidiaries’ earnings.  Its major source of cash is dividends from the subsidiaries, which are evaluated for cash flow presentation based on the nature of the distribution.  Parent borrows the funds for the money pool that is used by the subsidiaries for their short-term cash needs. Parent financial statements should be read in conjunction with the AEP consolidated financial statements and the accompanying notes thereto. For purposes of these condensed financial statements, AEP wholly-owned and majority-owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method).

Income Taxes

Parent files a consolidated federal income tax return with its subsidiaries. The benefit of current tax loss of the parent company (Parent Company Loss Benefit) to the AEP System subsidiaries is accounted for as an allocation through equity. The consolidated NOL of the AEP System is allocated to each company in the consolidated group with taxable loss. With the exception of the allocation of the consolidated AEP System NOL, Parent Company Loss Benefit and general business tax credits, the method of allocation reflects a separate return result for each company in the consolidated group.

 COMMITMENTS, GUARANTEES AND CONTINGENCIESParent and its subsidiaries are parties to environmental and other legal matters. For further discussion, see Note 6 - Commitments, Guarantees and ContingenciesFINANCING ACTIVITIES

The following details long-term debt outstanding as of December 31, 2024 and 2023:

Long-term Debt

		Weighted-Average	Interest Rate Ranges as of		Outstanding as of
		Interest Rate as of	December 31,		December 31,
Type of Debt	Maturity	December 31, 2024	2024	2023	2024		2023
					(in millions)
Senior Unsecured Notes	2025-2050	4.29%	1.00%-5.95%	1.00%-5.95%	$	5,290.0	$	5,265.0
Pollution Control Bonds	2026-2029 (a)	3.12%	2.40%-3.75%	1.90%-2.60%	536.8		537.8
Junior Subordinated Notes	2025-2027	5.67%	3.88%-7.05%	2.03%-5.70%	2,579.0		2,388.1
Total Long-term Debt Outstanding					8,405.8		8,190.9
Long-term Debt Due Within One Year					1,281.5		1,104.0
Long-term Debt					$	7,124.3	$	7,086.9

(a)Certain Pollution Control Bonds are subject to redemption earlier than the maturity date.

Long-term debt outstanding as of December 31, 2024 is payable as follows:

	2025		2026		2027		2028		2029		After 2029		Total
	(in millions)
Principal Amount (a)	$	1,281.5	$	50.0	$	1,758.3	$	930.4	$	1,694.5	$	2,750.0	$	8,464.7
Unamortized Discount, Net and Debt Issuance Costs													(58.9)
Total Long-term Debt Outstanding													$	8,405.8

(a)Amounts reflect the impact of fair value hedge accounting. See “Accounting for Fair Value Hedging Strategies” section of Note 10 included in the 2024 Annual Report for additional information.

Short-term Debt

Parent’s outstanding short-term debt was as follows:

	December 31, 2024				December 31, 2023
Type of Debt	Outstanding Amount		Weighted-Average Interest Rate		Outstanding Amount		Weighted-Average Interest Rate
	(in millions)				(in millions)
Commercial Paper	$	1,618.3	4.70	%	$	1,937.9	5.69	%
Total Short-term Debt	$	1,618.3			$	1,937.9

RELATED PARTY TRANSACTIONS

Payments on Behalf of Subsidiaries

Due to occasional time sensitivity and complexity of payments, Parent makes certain insurance, tax and benefit payments on behalf of subsidiary companies.  Parent is then fully reimbursed by the subsidiary companies.

Short-term Lending to Subsidiaries

Parent uses a commercial paper program to meet the short-term borrowing needs of subsidiaries.  The program is used to fund both a Utility Money Pool, which funds the utility subsidiaries, and a Nonutility Money Pool, which funds certain nonutility subsidiaries.  In addition, the program also funds, as direct borrowers, the short-term debt requirements of other subsidiaries that are not participants in either money pool for regulatory or operational reasons.  The program also allows some direct borrowers to invest excess cash with Parent.

Interest expense related to Parent’s short-term borrowing is included in Interest Expense on Parent’s statements of income.  Parent incurred interest expense for amounts borrowed from subsidiaries of $28 million, $33 million and $30 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Interest income related to Parent’s short-term lending is included in Interest Income on Parent’s statements of income.  Parent earned interest income for amounts advanced to subsidiaries of $84 million, $164 million and $71 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Affiliated Notes

Parent issued long-term debt, portions of which were loaned to its subsidiaries.  Parent pays interest on the affiliated notes, but the subsidiaries accrue interest for their share of the affiliated borrowing and remit the interest to Parent.  Interest income related to Parent’s loans to subsidiaries is included in Interest Income on Parent’s statements of income.  Parent earned interest income on loans to subsidiaries of $7 million, $6 million and $3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

AEP TRANSMISSION COMPANY, LLC | Parent Company

Condensed Financial Statements, Captions [Line Items]

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

SCHEDULE I

AEP TRANSMISSION COMPANY, LLC (AEPTCo Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF INCOME

For the Years Ended December 31, 2024, 2023 and 2022

(in millions)

	Years Ended December 31,
	2024		2023		2022
EXPENSES
Other Operation	$	1.7	$	0.2	$	0.7
TOTAL EXPENSES	1.7		0.2		0.7
OPERATING LOSS	(1.7)		(0.2)		(0.7)
Other Income (Expense):
Interest Income - Affiliated	241.1		218.0		177.8
Interest Expense	(238.7)		(215.1)		(177.1)
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS OF UNCONSOLIDATED SUBSIDIARIES	0.7		2.7		—
Income Tax Expense	0.1		1.4		—
Equity Earnings of Unconsolidated Subsidiaries	687.8		612.9		594.2
NET INCOME	$	688.4	$	614.2	$	594.2
See Condensed Notes to Condensed Financial Information beginning on page S-15.

SCHEDULE I

AEP TRANSMISSION COMPANY, LLC (AEPTCo Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED BALANCE SHEETS

ASSETS

December 31, 2024 and 2023

(in millions)

	December 31,
	2024		2023
CURRENT ASSETS
Advances to Affiliates	$	20.4	$	—
Accounts Receivable:
General	—		28.1
Affiliated Companies	61.7		44.0
Total Accounts Receivable	61.7		72.1
Notes Receivable - Affiliated	90.0		95.0
TOTAL CURRENT ASSETS	172.1		167.1
OTHER NONCURRENT ASSETS
Notes Receivable - Affiliated	8,498.1		5,319.4
Investments in Unconsolidated Subsidiaries	4,272.8		6,476.2
Deferred Charges and Other Noncurrent Assets	0.3		—
TOTAL OTHER NONCURRENT ASSETS	12,771.2		11,795.6
TOTAL ASSETS	$	12,943.3	$	11,962.7
See Condensed Notes to Condensed Financial Information beginning on page S-15.

SCHEDULE I

AEP TRANSMISSION COMPANY, LLC (AEPTCo Parent)

CONDENSED FINANCIAL INFORMATION

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2024, 2023 and 2022

(in millions)

	Years Ended December 31,
	2024		2023		2022
OPERATING ACTIVITIES
Net Income	$	688.4	$	614.2	$	594.2
Adjustments to Reconcile Net Income to Net Cash Flows from (Used for) Operating Activities:
Equity Earnings of Unconsolidated Subsidiaries	(687.8)		(612.9)		(594.2)
Change in Other Noncurrent Assets	—		3.8		—
Change in Other Noncurrent Liabilities	4.0		11.5		9.1
Changes in Certain Components of Working Capital:
Accounts Receivable, Net	10.4		(37.5)		(2.2)
Accounts Payable	12.9		36.6		(0.6)
Accrued Interest	5.4		10.8		—
Other Current Liabilities	34.0		(30.5)		(0.8)
Net Cash Flows from (Used for) Operating Activities	67.3		(4.0)		5.5
INVESTING ACTIVITIES
Change in Advances to Affiliates, Net	(20.4)		—		12.7
Repayment of Notes Receivable from Affiliated Companies	95.0		60.0		104.0
Issuance of Notes Receivable to Affiliated Companies	(450.0)		(700.0)		(550.0)
Return of Capital Contributions from Unconsolidated Subsidiaries	132.8		183.7		130.0
Capital Contributions to Subsidiaries	(61.7)		(29.7)		(69.5)
Net Cash Flows Used for Investing Activities	(304.3)		(486.0)		(372.8)
FINANCING ACTIVITIES
Capital Contributions from Member	61.7		29.7		72.7
Return of Capital to Member	(4.5)		(8.6)		—
Issuance of Long-term Debt – Nonaffiliated	445.7		689.0		540.8
Retirement of Long-term Debt – Nonaffiliated	(95.0)		(60.0)		(104.0)
Change in Advances from Affiliates, Net	(42.7)		14.9		27.8
Dividends Paid to Member	(128.0)		(175.0)		(170.0)
Other Financing Activities	(0.2)		—		—
Net Cash Flows from Financing Activities	237.0		490.0		367.3
Net Change in Cash and Cash Equivalents	—		—		—
Cash and Cash Equivalents at Beginning of Period	—		—		—
Cash and Cash Equivalents at End of Period	$	—	$	—	$	—
See Condensed Notes to Condensed Financial Information beginning on page S-15.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed financial information of AEPTCo Parent is required as a result of the restricted net assets of AEPTCo consolidated subsidiaries exceeding 25% of AEPTCo consolidated net assets as of December 31, 2024.  AEPTCo Parent is the direct holding company for the seven State Transcos.  The primary source of income for AEPTCo Parent is equity in its subsidiaries’ earnings. AEPTCo Parent financial statements should be read in conjunction with the AEPTCo consolidated financial statements and the accompanying notes thereto. For purposes of these condensed financial statements, AEPTCo wholly-owned and majority-owned subsidiaries are recorded based upon its proportionate share of the subsidiaries’ net assets (similar to presenting them on the equity method).

Income Taxes

AEPTCo Parent joins in the filing of a consolidated federal income tax return with its affiliates in the AEP System. The benefit of current tax loss of the parent company (Parent Company Loss Benefit) to the AEP System subsidiaries is accounted for as an allocation through equity. The consolidated NOL of the AEP System is allocated to each company in the consolidated group with taxable loss. With the exception of the allocation of the consolidated AEP System NOL, Parent Company Loss Benefit and general business tax credits, the method of allocation reflects a separate return result for each company in the consolidated group.

Noncontrolling Interest in OHTCo and IMTCo

In January 2025, AEP announced a partnership between nonaffiliated entities to acquire a 19.9% noncontrolling interest in OHTCo and IMTCo for $2.82 billion. The transaction is subject to FERC approval and clearance from the Committee on Foreign Investment in the United States. In December 2024, Midwest Transmission Holdings, LCC was formed as a consolidated joint venture by AEPTCo Parent in anticipation of the transaction being finalized in the second half of 2025. AEPTCo Parent recorded Notes Receivable – Affiliated of $2.82 billion as of December 31, 2024 in relation to Midwest Transmission Holdings, LLC. See Note 4 - Related Party Transactions for additional information.

COMMITMENTS, GUARANTEES AND CONTINGENCIES

AEPTCo Parent and its subsidiaries are parties to legal matters.  For further discussion, see Note 6 - Commitments, Guarantees and Contingencies.

 FINANCING ACTIVITIES

For discussion of Financing Activities, see Note 15 - Financing Activities to AEPTCo’s audited consolidated financial statements.

RELATED PARTY TRANSACTIONS

Payments on Behalf of Subsidiaries

Due to occasional time sensitivity and complexity of payments, Parent makes certain insurance, tax and other payments on behalf of subsidiary companies.  Parent is then fully reimbursed by the subsidiary companies. AEPTCo Parent also makes convenience payments on behalf of its State Transcos. AEPTCo Parent is then fully reimbursed by its State Transcos.

Long-term Lending to Subsidiaries

AEPTCo Parent enters into debt arrangements with nonaffiliated entities. AEPTCo Parent has long-term debt of $5.8 billion and $5.4 billion as of December 31, 2024 and 2023, respectively. AEPTCo Parent uses the proceeds from these nonaffiliated debt arrangements to make affiliated loans to its State Transcos using the same interest rates and maturity dates as the nonaffiliated debt arrangements. AEPTCo Parent has recorded Notes Receivable – Affiliated of $8.6 billion and $5.4 billion as of December 31, 2024 and 2023, respectively. Related to these nonaffiliated and affiliated debt arrangements, AEPTCo Parent has recorded Accrued Interest of $45 million and $40 million as of December 31, 2024 and 2023, respectively. AEPTCo Parent has also recorded Accounts Receivable – Affiliated Companies of $62 million and $44 million as of December 31, 2024 and 2023, respectively. AEPTCo Parent has recorded Interest Income – Affiliated of $238 million, $215 million and $177 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to the Notes Receivable – Affiliated. AEPTCo

Parent has recorded Interest Expense of $238 million, $215 million and $177 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to the nonaffiliated debt arrangements.

Short-term Lending to Subsidiaries

Parent uses a commercial paper program to meet the short-term borrowing needs of subsidiaries.  The program is used to fund both a Utility Money Pool, which funds the utility subsidiaries, and a Nonutility Money Pool, which funds certain nonutility subsidiaries.  In addition, the program also funds, as direct borrowers, the short-term debt requirements of other subsidiaries that are not participants in either money pool for regulatory or operational reasons.  The program also allows some direct borrowers to invest excess cash with Parent.

Interest expense related to AEPTCo Parent’s short-term borrowing is included in Interest Expense on AEPTCo Parent’s statements of income.  AEPTCo Parent incurred immaterial interest expense for amounts borrowed from AEP affiliates for the years ended December 31, 2024, 2023 and 2022.

Interest income related to AEPTCo Parent’s short-term lending is included in Interest Income – Affiliated on AEPTCo Parent’s statements of income.  AEPTCo Parent earned interest income for amounts advanced to AEP affiliates of $3 million, $3 million and $915 thousand for the years ended December 31, 2024, 2023 and 2022, respectively.