-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MfmuqNmLmbJPT4hDqcFIK7urKIwf3Fz9Muhu3tzapjFBsoCZidQhYfgHg2TNsgq7 XwcGLO4bxeKLMFHvbny0HQ== 0001144204-07-039118.txt : 20070731 0001144204-07-039118.hdr.sgml : 20070731 20070731075300 ACCESSION NUMBER: 0001144204-07-039118 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070731 DATE AS OF CHANGE: 20070731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN ELECTRIC POWER CO INC CENTRAL INDEX KEY: 0000004904 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 134922640 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03525 FILM NUMBER: 071011109 BUSINESS ADDRESS: STREET 1: 1 RIVERSIDE PLAZA CITY: COLUMBUS STATE: OH ZIP: 43215 BUSINESS PHONE: 614-716-1193 MAIL ADDRESS: STREET 1: 1 RIVERSIDE PLAZA CITY: COLUMBUS STATE: OH ZIP: 43215 FORMER COMPANY: FORMER CONFORMED NAME: KINGSPORT UTILITIES INC DATE OF NAME CHANGE: 19660906 8-K 1 v082400_8-k.htm Unassociated Document

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K


CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of report (Date of earliest event reported)
July 31, 2007

AMERICAN ELECTRIC POWER COMPANY, INC.
(Exact Name of Registrant as Specified in Its Charter)

1-3525
New York
13-4922640
(Commission File Number)
(State or Other Jurisdiction of Incorporation)
(IRS Employer Identification No.)

1 Riverside Plaza, Columbus, OH
43215
(Address of Principal Executive Offices)
(Zip Code)

614-716-1000
(Registrant’s Telephone Number, Including Area Code)

 
(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
Item 2.02.
Results of Operations and Financial Condition

The information, including the exhibit attached hereto, in this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise stated in such filing.

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of the press release of American Electric Power Company, Inc.’s financial results for the period ending June 30, 2007.

Item 9.01.
Financial Statements and Exhibits

(c)
Exhibits
     
    Exhibit 99.1  Press Release dated July 31, 2007


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 
AMERICAN ELECTRIC POWER COMPANY, INC.
     
     
 
By:
/s/ Thomas G. Berkemeyer
 
Name:
Thomas G. Berkemeyer
 
Title:
Assistant Secretary

July 31, 2007
 
 
EXHIBIT INDEX

Exhibit No.
Description
   
99.1
Press Release dated July 31, 2007

EX-99.1 2 v082400_ex99-1.htm Unassociated Document
 
  
 
MEDIA CONTACT:
ANALYSTS CONTACT:
Pat D. Hemlepp
Julie Sloat
Director, Corporate Media Relations
Vice President, Investor Relations
614/716-1620
& Strategic Initiatives
 
614/716-2885


FOR IMMEDIATE RELEASE


AEP REPORTS 2007 SECOND-QUARTER EARNINGS
 
 
·
2007 second-quarter earnings: $0.45 per share GAAP, $0.64 per share ongoing
 
·
Effect of Virginia re-regulation reduces GAAP earnings
 
·
Ongoing earnings from Utility Segment increase 50 percent from prior year, reflecting rate changes, favorable weather, increased usage and off-system sales
 
·
Company reaffirms 2007 ongoing earnings guidance of $2.85 to $3.05 per share
 
 
AMERICAN ELECTRIC POWER
Preliminary, unaudited results

   
2nd quarter ended June 30
  
6 months ended June 30
  
   
2006
 
2007
 
Variance
 
2006
 
2007
 
Variance
  
Revenue ($ in billions)
    
2.9
   
3.1
   
0.2
   
6.0
   
6.3
   
0.3
 
Earnings ($ in millions):
                                      
GAAP
    
175
   
180
   
5
   
556
   
451
   
(105
)
Ongoing
    
172
   
257
   
85
   
550
   
528
   
(22
)
EPS ($):
                                      
GAAP
    
0.44
   
0.45
   
0.01
   
1.41
   
1.13
   
(0.28
)
Ongoing
    
0.44
   
0.64
   
0.20
   
1.40
   
1.33
   
(0.07
)
 
EPS based on 394mm shares in Q2 2006, 399mm in Q2 2007, 394mm in 6 mo. 2006 and 398mm in 6 mo. 2007
 
 
COLUMBUS, Ohio, July 31, 2007 - American Electric Power (NYSE: AEP) today reported 2007 second-quarter earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $180 million, or $0.45 per share, compared with $175 million, or $0.44 per share, for second-quarter 2006.

Ongoing earnings (earnings excluding special items) for second-quarter 2007 were $257 million, or $0.64 per share, compared with $172 million, or $0.44 per share, for second-quarter 2006.

GAAP earnings were lower than ongoing earnings by $77 million for the quarter, primarily because of the effect of Virginia re-regulation, enacted in April 2007, which resulted in a return to a form of cost-based regulation for the generation portion of electric utility service in Virginia. A full reconciliation of GAAP earnings to ongoing earnings for the quarter and year to date is included in the tables at the end of this news release.
 
1
 
“The second quarter was a very good one for our utilities, with ongoing earnings from our Utility Operations segment 50 percent higher than last year,” said Michael G. Morris, chairman, president and chief executive officer of AEP. “There were a number of positive factors contributing to this improvement. We’re seeing the benefit of rate changes in a number of our jurisdictions, and of new contracts with municipal and cooperative customers. The weather was more favorable than last year, and our generation fleet experienced fewer unplanned outages.
 
“Our relatively new Generation and Marketing segment continues to show growth, which offset the anticipated decline in ongoing earnings from our MEMCO barge operations after its stellar performance last year,” Morris said.

EARNINGS GUIDANCE

AEP reaffirmed its ongoing guidance range for 2007 of between $2.85 and $3.05 per share. In providing ongoing earnings guidance, there could be differences between ongoing earnings and GAAP earnings for matters such as, but not limited to, divestitures or changes in accounting principles. AEP management is not able to estimate the impact, if any, on GAAP earnings of these items. Therefore, AEP is not able to provide a corresponding GAAP equivalent for earnings guidance.
 
SUMMARY ONGOING RESULTS BY SEGMENT
$ in millions except EPS

   
Q2 06
 
Q2 07
 
Variance
 
6 mo. 06
 
6 mo. 07
 
Variance
  
Utility Operations
    
159
   
238
   
79
   
524
   
491
   
(33
)
Ongoing EPS
    
0.40
   
0.60
   
0.20
   
1.33
   
1.24
   
(0.09
)
MEMCO
    
14
   
7
   
(7
)
  
35
   
22
   
(13
)
Ongoing EPS
    
0.04
   
0.02
   
(0.02
)
  
0.09
   
0.06
   
(0.03
)
Generation and Marketing
    
2
   
15
   
13
   
6
   
14
   
8
 
Ongoing EPS
    
0.01
   
0.03
   
0.02
   
0.02
   
0.03
   
0.01
 
All Other
    
(3
)
  
(3
)
  
0
   
(15
)
  
1
   
16
 
Ongoing EPS
    
(0.01
)
  
(0.01
)
  
0.00
   
(0.04
)
  
0.00
   
0.04
 
Ongoing Earnings
    
172
   
257
   
85
   
550
   
528
   
(22
)
Ongoing EPS
    
0.44
   
0.64
   
0.20
   
1.40
   
1.33
   
(0.07
)
 
EPS based on 394mm shares in Q2 2006, 399mm in Q2 2007, 394mm in 6 mo. 2006 and 398mm in 6 mo. 2007
 
Ongoing earnings from Utility Operations increased by $79 million during the second quarter of 2007 when compared with the same period last year. Higher gross margins from retail sales, off-system sales, transmission and other margins were somewhat offset by higher expenses than those recorded in the same period in 2006.

A decrease in northbound freight demand, primarily related to steel and cement imports, has depressed spot market freight rates and reduced second-quarter 2007 ongoing earnings for AEP’s MEMCO barge operations when compared with the same period in 2006. MEMCO also reported higher operating expenses, primarily because of a 15 percent increase in barges operated in second-quarter 2007, higher fuel costs and wage increases for boat crews. MEMCO’s results in the prior period reflected a very strong freight market and higher rates.
 
2
 
Generation and Marketing, which includes AEP’s non-regulated generating, marketing and risk management activities, primarily in the Electric Reliability Council of Texas (ERCOT) market area, benefited from favorable marketing contracts with municipalities and cooperatives in ERCOT to increase its ongoing earnings in second-quarter 2007 compared with the prior period. 

Results from All Other, which includes the Parent Company and other investments, were relatively flat in second-quarter 2007 when compared with the prior period.

ONGOING RESULTS FROM UTILITY OPERATIONS

$ in millions except EPS

   
Q2 06
 
Q2 07
 
Variance
 
6 mo. 06
 
6 mo. 07
 
Variance
  
East Regulated Integrated Utilities
    
471
   
453
   
(18
)
  
1,035
   
1,057
   
22
 
Ohio Companies
    
487
   
610
   
123
   
1,004
   
1,213
   
209
 
West Regulated Integrated Utilities
    
272
   
229
   
(43
)
  
467
   
429
   
(38
)
Texas Wires
    
121
   
131
   
10
   
227
   
244
   
17
 
Off-System Sales
    
151
   
203
   
52
   
373
   
384
   
11
 
Transmission Revenue - 3rd Party
    
49
   
71
   
22
   
151
   
143
   
(8
)
Other Operating Revenue
    
122
   
148
   
26
   
256
   
289
   
33
 
 Total Gross Margin
    
1,673
   
1,845
   
172
   
3,513
   
3,759
   
246
 
Operations & Maintenance
    
(796
)
  
(770
)
  
26
   
(1,513
)
  
(1,598
)
  
(85
)
Depreciation & Amortization
    
(346
)
  
(365
)
  
(19
)
  
(686
)
  
(748
)
  
(62
)
Taxes Other Than Income Taxes
    
(187
)
  
(187
)
  
0
   
(374
)
  
(371
)
  
3
 
Interest Expense & Preferred Dividend
    
(161
)
  
(207
)
  
(46
)
  
(315
)
  
(386
)
  
(71
)
Other Income & Deductions
    
44
   
27
   
(17
)
  
153
   
66
   
(87
)
Income Taxes
    
(68
)
  
(105
)
  
(37
)
  
(254
)
  
(231
)
  
23
 
 Total Utility Operations
    
159
   
238
   
79
   
524
   
491
   
(33
)
 Ongoing EPS
    
0.40
   
0.60
   
0.20
   
1.33
   
1.24
   
(0.09
)
 
EPS based on 394mm shares in Q2 2006, 399mm in Q2 2007, 394mm in 6 mo. 2006 and 398mm in 6 mo. 2007
 
Retail Sales - Increased usage across most customer classifications, favorable weather, the effect of rate changes - primarily in the Ohio and Texas companies - and new contracts with municipal and cooperative customers improved the results in second-quarter 2007 when compared with the prior period. The favorable factors were somewhat offset by the unfavorable effect of the final order issued by the Virginia State Corporation Commission on Appalachian Power Company’s base-rate filing. The order resulted in a provision of approximately $50 million for the refund of a portion of revenues collected from Virginia customers since October 2006, but other offsetting items included in the Virginia order reduced the second-quarter negative pre-tax earnings impact to approximately $3 million. A second provision, for $25 million, covers refunds to Texas customers of Southwestern Electric Power Company resulting from a Proposal for Decision by the Public Utilities Commission of Texas on a fuel reconciliation proceeding. Both provisions were included in Retail Sales.
 
3
 
Heating degree days in AEP’s eastern territory in the second quarter were 28 percent higher than normal and 108 percent higher than the prior period; cooling degree days were 34 percent higher than normal and 61 percent higher than the prior period. In AEP’s western territory, which includes AEP’s Public Service Company of Oklahoma and Southwestern Electric Power Company utility subsidiaries, cooling degree days in the second quarter were 5 percent below normal and 24 percent below the prior period.
 
“Typically when a utility talks about favorable weather, it refers to temperatures that increase sales,” Morris said. “Using that traditional definition, favorable weather helped our earnings in the second quarter. But weather in a more general sense hurt earnings of our Public Service Company of Oklahoma utility unit and, more importantly, hurt our customers in Oklahoma. It rained in Oklahoma the last 18 days of June, pushing the state beyond its annual average for precipitation in just six months and causing the most severe flooding Oklahomans had seen in more than half a century.”
 
Off-System Sales - Higher power prices and lower costs increased gross margins from Off-System Sales for second-quarter 2007 by $52 million compared with the same period in 2006.
 
Transmission Revenues - Transmission Revenues increased $22 million in the second quarter when compared with the 2006 period, primarily because of a provision recorded in second-quarter 2006 regarding potential refunds related to the cessation of the Seams Elimination Charge Adjustment, or SECA rates. The rates, which were put into place in December 2004 in various AEP jurisdictions in the East by the Federal Energy Regulatory Commission (FERC) to offset the loss of through-and-out rates brought by a change in the commission’s authorized tariffs, ended on April 1, 2006. Intervenors objected to the SECA rates and sought refunds. FERC has not issued a final order regarding potential refunds.
 
Other Operating Revenue - Higher securitization revenue at AEP’s Texas Central Company in second-quarter 2007 led to an increase in Other Operating Revenue when compared with the prior period.
 
Operations & Maintenance Expense - Lower administrative and general expenses and reduced expenses for storm restoration in second-quarter 2007 helped to reduce O&M expenses when compared to last year’s second quarter.
 
Depreciation & Amortization - The increase in Depreciation & Amortization in second-quarter 2007, when compared with the prior period, is primarily attributed to increased regulatory amortization related to securitization at AEP Texas Central and an increase in depreciable plant. A change in depreciation rates in Indiana, approved in mid-June by the Indiana Utility Regulatory Commission, had little effect on the second quarter but will have a positive impact moving forward.
 
4
 
Interest Expense & Preferred Dividends - Increased long-term debt, including the issuance of securitization bonds in October 2006 at AEP Texas Central Company, led to the increase in Interest Expense from the prior period.
 
Other Income & Deductions - The decrease in Other Income & Deductions from the prior period is the result of lower carrying cost income after AEP’s Texas Central began recovering stranded costs during fourth-quarter 2006.
 
Income Taxes - Income taxes for second-quarter 2007 were higher than in the prior period because of increased taxable income.
 
WEBCAST
 
American Electric Power’s quarterly conference call with financial analysts will be broadcast live over the Internet at 9 a.m. EDT today at http://www.aep.com/go/webcasts. The webcast will include audio of the conference call and visuals of charts and graphics referred to by AEP management during the call. The charts and graphics will be available for download at http://www.aep.com/go/webcasts .
 
The call will be archived on http://www.aep.com/go/webcasts for use by those unable to listen during the live webcast. Archived calls are also available as podcasts.
 
Minimum requirements to listen to broadcast: The Windows Media Player software, free from http://windowsmedia.com/download, and at least a 56Kbps connection to the Internet.
 
---
 
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. AEP ranks among the nation’s largest generators of electricity, owning more than 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation’s largest electricity transmission system, a nearly 39,000-mile network that includes more 765 kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP’s transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP’s utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP’s headquarters are in Columbus, Ohio.
 
---
 
AEP’s earnings are prepared in accordance with accounting principles generally accepted in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. AEP’s management believes that the company’s ongoing earnings, or GAAP earnings adjusted for certain items as described in the news release and charts, provide a more meaningful representation of the company’s performance. AEP uses ongoing earnings as the primary performance measurement when communicating with analysts and investors regarding its earnings outlook and results. The company also uses ongoing earnings data internally to measure performance against budget and to report to AEP’s board of directors.
 
---
 
5
 
This report made by AEP and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: electric load and customer growth; weather conditions, including storms; available sources and costs of, and transportation for, fuels and the creditworthiness of fuel suppliers and transporters; availability of generating capacity and the performance of AEP’s generating plants; AEP’s ability to recover regulatory assets and stranded costs in connection with deregulation; AEP’s ability to recover increases in fuel and other energy costs through regulated or competitive electric rates; AEP’s ability to build or acquire generating capacity when needed at acceptable prices and terms and to recover those costs through applicable rate cases or competitive rates; new legislation, litigation and government regulation including requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions (including rate or other recovery for new investments, transmission service and environmental compliance); resolution of litigation (including pending Clean Air Act enforcement actions and disputes arising from the bankruptcy of Enron Corp. and related matters); AEP’s ability to constrain operation and maintenance costs; the economic climate and growth in AEP’s service territory and changes in market demand and demographic patterns; inflationary and interest rate trends; AEP’s ability to develop and execute a strategy based on a view regarding prices of electricity, natural gas and other energy-related commodities; changes in the creditworthiness of the counterparties with whom AEP has contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of debt; volatility and changes in markets for electricity, natural gas and other energy-related commodities; changes in utility regulation, including the potential for new legislation in Ohio and membership in and integration into regional transmission organizations; accounting pronouncements periodically issued by accounting standard-setting bodies; the performance of AEP’s pension and other postretirement benefit plans; prices for power that AEP generates and sells at wholesale; changes in technology, particularly with respect to new, developing or alternative sources of generation; other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes and other catastrophic events.

6
 
American Electric Power
Financial Results for 2nd Quarter 2007 Actual vs 2nd Quarter 2006 Actual

       
2006 Actual
  
2007 Actual
       
($ millions)
  
EPS
  
($ millions)
  
EPS
                     
 
UTILITY OPERATIONS:
              
   
Gross Margin:
              
1
    
East Regulated Integrated Utilities
471
     
453
   
2
    
Ohio Companies
487
     
610
   
3
    
West Regulated Integrated Utilities
272
     
229
   
4
    
Texas Wires
121
     
131
   
5
    
Off-System Sales
151
 
    
203
 
  
6
    
Transmission Revenue - 3rd Party
49
     
71
   
7
    
Other Operating Revenue
122
     
148
   
8
    
Utility Gross Margin
1,673
     
1,845
   
                     
9
    
Operations & Maintenance
(796)
      
(770)
    
10
    
Depreciation & Amortization
(346)
      
(365)
    
11
    
Taxes Other than Income Taxes
(187)
      
(187)
    
12
    
Interest Exp & Preferred Dividend
(161)
      
(207)
    
13
    
Other Income & Deductions
44
     
27
   
14
    
Income Taxes
(68)
      
(105)
    
15
    
Utility Operations On-Going Earnings
159
 
0.40
 
238
 
0.60
                     
 
NON-UTILITY OPERATIONS:
              
16
    
MEMCO
14
 
0.04
 
7
 
0.02
17
    
Generation & Marketing
2
 
0.01
 
15
 
0.03
                     
18
    
Parent & Other On-Going Earnings
(3)
  
(0.01)
  
(3)
  
(0.01)
                     
19
    
ON-GOING EARNINGS
172
 
0.44
 
257
 
0.64

Note: For analysis purposes, certain financial statement amounts have been reclassified for this effect on earnings presentation.

7

American Electric Power

Financial Results for the 2nd Quarter 2007
Reconciliation of On-going to Reported Earnings

   
2007
  
   
Utility
  
MEMCO
  
Generation and Marketing
  
Parent & All Other
  
Total
  
EPS
  
   
($ millions)
      
                           
On-going Earnings
    
238
   
7
   
15
   
(3
)
  
257
 
$
0.64
  
                                       
Dispositions:
                                      
Gain on Sale of UK Operations
    
-
   
-
   
-
   
2
   
2
 
$
0.01
  
                                       
Other
                                      
Virginia Re-Regulation SFAS 71
    
(79
)
  
-
   
-
   
-
   
(79
)
$
(0.20
)
                                       
                                              
Total Special Items
    
(79
)
  
-
          
2
   
(77
)
$
(0.19
)
                                       
Reported Earnings
    
159
   
7
   
15
   
(1
)
  
180
 
$
0.45
  
 
 
Financial Results for the 2nd Quarter 2006
Reconciliation of On-going to Reported Earnings

   
2006
  
   
Utility
  
MEMCO
  
Generation and Marketing
  
Parent & All Other
  
Total
  
EPS
  
   
($ millions)
      
                           
On-going Earnings
    
159
   
14
   
2
   
(3
)
  
172
 
$
0.44
  
                                       
Dispositions:
                                      
Gain on Sale of UK Operations
    
-
   
-
         
3
   
3
 
$
-
  
                                                   
Total Special Items
    
-
   
-
          
3
   
3
 
$
-
  
                                       
Reported Earnings
    
159
   
14
   
2
   
-
   
175
 
$
0.44
  

8

American Electric Power
Summary of Selected Sales Data
For Domestic Operations
(Data based on preliminary, unaudited results)

   
3 Months Ended June 30,
  
   
2006
 
2007
 
Change
  
               
ENERGY & DELIVERY SUMMARY
              
Retail - Domestic Electric (in millions of kWh):
              
Residential
    
9,590
    
10,127
    
5.6
%
Commercial
    
9,440
    
10,227
    
8.3
%
Industrial
    
13,716
    
14,848
    
8.3
%
Miscellaneous
    
655
    
632
    
-3.5
%
Total Domestic Retail (a)
    
33,401
    
35,834
    
7.3
%
                     
Wholesale - Domestic Electric (in millions of kWh): (b)
    
10,822
    
9,376
    
-13.4
%
                     
Texas Wires Delivery (in millions of kWh):
    
6,915
    
6,746
    
-2.4
%
                     
EAST REGION WEATHER SUMMARY (in degree days):
                    
Actual - Heating (c)
    
107
    
222
    
107.5
%
- Cooling (d)
    
228
    
367
    
61.0
%
Normal - Heating (c)
          
174
    
27.6
%*
- Cooling (d)
          
275
    
33.5
%*
                   
PSO/SWEPCo WEATHER SUMMARY (in degree days):
                    
Actual - Heating (c)
    
5
    
92
    
1740.0
%
- Cooling (d)
    
815
    
622
    
-23.7
%
Normal - Heating (c)
          
33
    
178.8
%*
- Cooling (d)
          
656
    
-5.2
%*

*
2007 Actual vs. Normal

(a)
The energy summary represents load supplied by AEP. Delivery of energy by Texas Wires supplied by others is not included.

(b)
Includes Off-System Sales, Texas Supply, Municipalities and Cooperatives, Unit Power, and Other Wholesale Customers.

(c)
Heating Degree Days temperature base is 55 degrees

(d)
Cooling Degree Days temperature base is 65 degrees
 
 
9
 
American Electric Power
Financial Results for YTD June 2007 Actual vs YTD June 2006 Actual
 
       
2006 Actual
  
2007 Actual
       
($ millions)
  
EPS
  
($ millions)
  
EPS
                     
 
UTILITY OPERATIONS:
              
   
Gross Margin:
              
1
    
East Regulated Integrated Utilities
1,035
     
1,057
   
2
    
Ohio Companies
1,004
     
1,213
   
3
    
West Regulated Integrated Utilities
467
     
429
   
4
    
Texas Wires
227
     
244
   
5
    
Off-System Sales
373
 
    
384
 
  
6
    
Transmission Revenue - 3rd Party
151
     
143
   
7
    
Other Operating Revenue
256
     
289
   
8
    
Utility Gross Margin
3,513
     
3,759
   
                     
9
    
Operations & Maintenance
(1,513)
      
(1,598)
    
10
    
Depreciation & Amortization
(686)
      
(748)
    
11
    
Taxes Other than Income Taxes
(374)
      
(371)
    
12
    
Interest Exp & Preferred Dividend
(315)
      
(386)
    
13
    
Other Income & Deductions
153
     
66
   
14
    
Income Taxes
(254)
      
(231)
    
15
    
Utility Operations On-Going Earnings
524
 
1.33
 
491
 
1.24
                     
 
NON-UTILITY OPERATIONS:
              
16
    
MEMCO
35
 
0.09
 
22
 
0.06
17
    
Generation & Marketing
6
 
0.02
 
14
 
0.03
                     
18
    
Parent & Other On-Going Earnings
(15)
  
(0.04)
  
1
 
-
                     
19
    
ON-GOING EARNINGS
550
 
1.40
 
528
 
1.33

Note: For analysis purposes, certain financial statement amounts have been reclassified for this effect on earnings presentation.

10

American Electric Power

Financial Results for Year-to-Date 2007
Reconciliation of On-going to Reported Earnings

   
2007
  
   
Utility
  
MEMCO
  
Generation and Marketing
  
Parent & All Other
  
Total
  
EPS
  
   
($ millions)
      
                           
On-going Earnings
    
491
   
22
   
14
   
1
   
528
 
$
1.33
  
                                       
Dispositions:
                                      
Gain on Sale of UK Operations
    
-
   
-
   
-
   
2
   
2
 
$
-
  
                                       
Other
                                      
Virginia Re-Regulation SFAS 71
    
(79
)
  
-
   
-
   
-
   
(79
)
$
(0.20
)
                                       
                                                   
Total Special Items
    
(79
)
  
-
         
2
   
(77
)
$
(0.20
)
                                       
Reported Earnings
    
412
   
22
   
14
   
3
   
451
 
$
1.13
  


Financial Results for Year-to-Date 2006
Reconciliation of On-going to Reported Earnings

   
2006
  
   
Utility
  
MEMCO
  
Generation and Marketing
  
Parent & All Other
  
Total
  
EPS
  
   
($ millions)
      
                           
On-going Earnings
    
524
   
35
   
6
   
(15
)
  
550
 
$
1.40
  
                                       
Dispositions:
                                      
Gain on Sale of UK Operations
    
-
   
-
         
6
   
6
 
$
0.01
  
                                                   
Total Special Items
    
-
   
-
         
6
   
6
 
$
0.01
  
                                       
Reported Earnings
    
524
   
35
   
6
   
(9
)
  
556
 
$
1.41
  

11

American Electric Power
Summary of Selected Sales Data
For Domestic Operations
(Data based on preliminary, unaudited results)

   
6 Months Ended June 30,
  
   
2006
  
2007
  
Change
  
               
ENERGY & DELIVERY SUMMARY
              
Retail - Domestic Electric (in millions of kWh):
              
Residential
    
22,528
    
24,267
    
7.7
%
Commercial
    
18,349
    
19,586
    
6.7
%
Industrial
    
26,937
    
28,413
    
5.5
%
Miscellaneous
    
1,274
    
1,245
    
-2.3
%
Total Domestic Retail (a)
    
69,088
    
73,511
    
6.4
%
                     
Wholesale - Domestic Electric (in millions of kWh): (b)
    
21,667
    
18,154
    
-16.2
%
                     
Texas Wires Delivery (in millions of kWh):
    
12,461
    
12,577
    
0.9
%
                     
EAST REGION WEATHER SUMMARY (in degree days):
                    
Actual - Heating (c)
    
1,563
    
2,039
    
30.5
%
- Cooling (d)
    
229
    
382
    
66.8
%
Normal - Heating (c)
          
1,966
    
3.7
%*
- Cooling (d)
          
278
    
37.4
%*
                   
PSO/SWEPCo WEATHER SUMMARY (in degree days):
                    
Actual - Heating (c)
    
663
    
994
    
49.9
%
- Cooling (d)
    
858
    
678
    
-21.0
%
Normal - Heating (c)
          
991
    
0.3
%*
- Cooling (d)
          
674
    
0.6
%*

*
2007 Actual vs. Normal

(a)
The energy summary represents load supplied by AEP. Delivery of energy by Texas Wires supplied by others is not included.

(b)
Includes Off-System Sales, Texas Supply, Municipalities and Cooperatives, Unit Power, and Other Wholesale Customers.

(c)
Heating Degree Days temperature base is 55 degrees

(d)
Cooling Degree Days temperature base is 65 degrees
12
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