Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Book Values and Fair Values of Long-term Debt

	September 30, 2023				December 31, 2022
Company	Book Value		Fair Value		Book Value		Fair Value
	(in millions)
AEP (a)	$	39,489.1	$	33,559.8	$	36,801.0	$	32,915.9
AEP Texas	5,926.7		4,963.8		5,657.8		5,045.8
AEPTCo	5,473.7		4,270.8		4,782.8		3,940.5
APCo	5,587.3		4,901.4		5,410.5		5,079.2
I&M	3,443.6		2,920.6		3,260.8		2,929.0
OPCo	3,366.2		2,645.2		2,970.3		2,516.6
PSO	2,384.2		1,942.5		1,912.8		1,635.8
SWEPCo	3,646.2		2,944.8		3,391.6		2,870.9

(a)The fair value amounts include debt related to AEP’s Equity Units and had a fair value of $0 and $877 million as of September 30, 2023 and December 31, 2022, respectively. See “Equity Units” section of Note 12 for additional information.

Other Temporary Investments

	September 30, 2023
			Gross		Gross
			Unrealized		Unrealized		Fair
Other Temporary Investments and Restricted Cash	Cost		Gains		Losses		Value
	(in millions)
Restricted Cash (a)	$	53.8	$	—	$	—	$	53.8
Other Cash Deposits	13.4		—		—		13.4
Fixed Income Securities – Mutual Funds (b)	170.4		—		(10.4)		160.0
Equity Securities – Mutual Funds	15.0		22.6		—		37.6
Total Other Temporary Investments and Restricted Cash	$	252.6	$	22.6	$	(10.4)	$	264.8

	December 31, 2022
			Gross		Gross
			Unrealized		Unrealized		Fair
Other Temporary Investments and Restricted Cash	Cost		Gains		Losses		Value
	(in millions)
Restricted Cash (a)	$	47.1	$	—	$	—	$	47.1
Other Cash Deposits	9.0		—		—		9.0
Fixed Income Securities – Mutual Funds (b)	152.4		—		(8.3)		144.1
Equity Securities – Mutual Funds	15.1		19.4		—		34.5
Total Other Temporary Investments and Restricted Cash	$	223.6	$	19.4	$	(8.3)	$	234.7

(a)Primarily represents amounts held for the repayment of debt.

(b)Primarily short and intermediate maturities which may be sold and do not contain maturity dates.

Debt and Equity Securities Within Other Temporary Investments

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Proceeds from Investment Sales	$	0.8	$	—	$	0.8	$	15.0
Purchases of Investments	14.6		11.8		16.9		13.4
Gross Realized Gains on Investment Sales	0.3		—		0.3		3.6
Gross Realized Losses on Investment Sales	—		—		—		0.5

Nuclear Trust Fund Investments

	September 30, 2023								December 31, 2022
			Gross		Gross		Other-Than-				Gross		Gross		Other-Than-
	Fair		Unrealized		Unrealized		Temporary		Fair		Unrealized		Unrealized		Temporary
	Value		Gains		Losses		Impairments		Value		Gains		Losses		Impairments
	(in millions)
Cash and Cash Equivalents	$	20.5	$	—	$	—	$	—	$	21.2	$	—	$	—	$	—
Fixed Income Securities:
United States Government	1,204.7		0.6		(30.8)		(38.5)		1,123.8		11.8		(14.9)		(18.8)
Corporate Debt	136.8		0.4		(12.4)		(5.3)		61.6		0.7		(7.7)		(9.6)
State and Local Government	3.2		—		—		—		3.3		0.1		—		(0.1)
Subtotal Fixed Income Securities	1,344.7		1.0		(43.2)		(43.8)		1,188.7		12.6		(22.6)		(28.5)
Equity Securities - Domestic	2,174.5		1,620.5		(1.9)		—		2,131.3		1,483.7		(6.4)		—
Spent Nuclear Fuel and Decommissioning Trusts	$	3,539.7	$	1,621.5	$	(45.1)	$	(43.8)	$	3,341.2	$	1,496.3	$	(29.0)	$	(28.5)

Securities Activity Within the Decommissioning and SNF Trusts

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Proceeds from Investment Sales	$	933.0	$	588.5	$	2,139.3	$	1,818.4
Purchases of Investments	949.5		601.6		2,182.8		1,854.8
Gross Realized Gains on Investment Sales	36.8		24.6		91.6		41.3
Gross Realized Losses on Investment Sales	7.7		8.4		20.0		33.5

Contractual Maturities, Fair Value of Debt Securities in Nuclear Trusts

	Fair Value of Fixed
	Income Securities
	(in millions)
Within 1 year	$	393.6
After 1 year through 5 years	504.4
After 5 years through 10 years	188.6
After 10 years	258.1
Total	$	1,344.7

Fair Value, Assets and Liabilities Measured on Recurring Basis

AEP

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2023

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Other Temporary Investments and Restricted Cash
Restricted Cash	$	53.8	$	—	$	—	$	—	$	53.8
Other Cash Deposits (a)	—		—		—		13.4		13.4
Fixed Income Securities – Mutual Funds	160.0		—		—		—		160.0
Equity Securities – Mutual Funds (b)	37.6		—		—		—		37.6
Total Other Temporary Investments and Restricted Cash	251.4		—		—		13.4		264.8
Risk Management Assets
Risk Management Commodity Contracts (c) (d)	11.4		721.3		319.2		(627.4)		424.5
Cash Flow Hedges:
Commodity Hedges (c)	—		119.3		19.3		(10.2)		128.4
Total Risk Management Assets	11.4		840.6		338.5		(637.6)		552.9
Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)	10.0		—		—		10.5		20.5
Fixed Income Securities:
United States Government	—		1,204.7		—		—		1,204.7
Corporate Debt	—		136.8		—		—		136.8
State and Local Government	—		3.2		—		—		3.2
Subtotal Fixed Income Securities	—		1,344.7		—		—		1,344.7
Equity Securities – Domestic (b)	2,174.5		—		—		—		2,174.5
Total Spent Nuclear Fuel and Decommissioning Trusts	2,184.5		1,344.7		—		10.5		3,539.7
Total Assets	$	2,447.3	$	2,185.3	$	338.5	$	(613.7)	$	4,357.4
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (d)	$	24.8	$	646.3	$	155.0	$	(534.9)	$	291.2
Cash Flow Hedges:
Commodity Hedges (c)	—		10.1		0.7		(10.2)		0.6
Fair Value Hedges	—		138.1		—		—		138.1
Total Risk Management Liabilities	$	24.8	$	794.5	$	155.7	$	(545.1)	$	429.9

AEP

Assets and Liabilities Measured at Fair Value on a Recurring Basis

December 31, 2022

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Other Temporary Investments and Restricted Cash
Restricted Cash	$	47.1	$	—	$	—	$	—	$	47.1
Other Cash Deposits (a)	—		—		—		9.0		9.0
Fixed Income Securities – Mutual Funds	144.1		—		—		—		144.1
Equity Securities – Mutual Funds (b)	34.5		—		—		—		34.5
Total Other Temporary Investments and Restricted Cash	225.7		—		—		9.0		234.7
Risk Management Assets
Risk Management Commodity Contracts (c) (f)	15.0		1,197.5		314.4		(1,211.5)		315.4
Cash Flow Hedges:
Commodity Hedges (c)	—		332.6		26.7		(52.8)		306.5
Interest Rate Hedges	—		11.0		—		—		11.0
Total Risk Management Assets	15.0		1,541.1		341.1		(1,264.3)		632.9
Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)	11.3		—		—		9.9		21.2
Fixed Income Securities:
United States Government	—		1,123.8		—		—		1,123.8
Corporate Debt	—		61.6		—		—		61.6
State and Local Government	—		3.3		—		—		3.3
Subtotal Fixed Income Securities	—		1,188.7		—		—		1,188.7
Equity Securities – Domestic (b)	2,131.3		—		—		—		2,131.3
Total Spent Nuclear Fuel and Decommissioning Trusts	2,142.6		1,188.7		—		9.9		3,341.2
Total Assets	$	2,383.3	$	2,729.8	$	341.1	$	(1,245.4)	$	4,208.8
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (f)	$	21.8	$	870.9	$	179.0	$	(731.9)	$	339.8
Cash Flow Hedges:
Commodity Hedges (c)	—		74.3		1.7		(52.8)		23.2
Fair Value Hedges	—		127.4		—		—		127.4
Total Risk Management Liabilities	$	21.8	$	1,072.6	$	180.7	$	(784.7)	$	490.4

AEP Texas

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2023

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Restricted Cash for Securitized Funding	$	46.9	$	—	$	—	$	—	$	46.9
Risk Management Assets
Risk Management Commodity Contracts (g)	—		0.4		—		—		0.4
Total Assets	$	46.9	$	0.4	$	—	$	—	$	47.3

December 31, 2022

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Restricted Cash for Securitized Funding	$	32.7	$	—	$	—	$	—	$	32.7

APCo

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2023

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Restricted Cash for Securitized Funding	$	6.9	$	—	$	—	$	—	$	6.9
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	—		3.8		45.2		(2.4)		46.6
Total Assets	$	6.9	$	3.8	$	45.2	$	(2.4)	$	53.5
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	5.0	$	0.1	$	(2.4)	$	2.7

December 31, 2022

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Restricted Cash for Securitized Funding	$	14.4	$	—	$	—	$	—	$	14.4
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	—		0.7		69.4		(1.0)		69.1
Total Assets	$	14.4	$	0.7	$	69.4	$	(1.0)	$	83.5
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	4.6	$	0.3	$	(1.4)	$	3.5

I&M

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2023

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	$	—	$	18.1	$	7.9	$	(4.8)	$	21.2
Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)	10.0		—		—		10.5		20.5
Fixed Income Securities:
United States Government	—		1,204.7		—		—		1,204.7
Corporate Debt	—		136.8		—		—		136.8
State and Local Government	—		3.2		—		—		3.2
Subtotal Fixed Income Securities	—		1,344.7		—		—		1,344.7
Equity Securities - Domestic (b)	2,174.5		—		—		—		2,174.5
Total Spent Nuclear Fuel and Decommissioning Trusts	2,184.5		1,344.7		—		10.5		3,539.7
Total Assets	$	2,184.5	$	1,362.8	$	7.9	$	5.7	$	3,560.9
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	4.2	$	1.3	$	(4.4)	$	1.1

December 31, 2022

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	$	—	$	11.3	$	5.3	$	(1.2)	$	15.4
Spent Nuclear Fuel and Decommissioning Trusts
Cash and Cash Equivalents (e)	11.3		—		—		9.9		21.2
Fixed Income Securities:
United States Government	—		1,123.8		—		—		1,123.8
Corporate Debt	—		61.6		—		—		61.6
State and Local Government	—		3.3		—		—		3.3
Subtotal Fixed Income Securities	—		1,188.7		—		—		1,188.7
Equity Securities - Domestic (b)	2,131.3		—		—		—		2,131.3
Total Spent Nuclear Fuel and Decommissioning Trusts	2,142.6		1,188.7		—		9.9		3,341.2
Total Assets	$	2,142.6	$	1,200.0	$	5.3	$	8.7	$	3,356.6
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	0.6	$	0.7	$	(1.3)	$	—

OPCo

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2023

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Risk Management Assets
Risk Management Commodity Contracts (g)	$	—	$	0.3	$	—	$	—	$	0.3
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (g)	$	—	$	—	$	51.6	$	—	$	51.6

December 31, 2022

	Level 1		Level 2		Level 3		Other		Total
Liabilities:	(in millions)
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	—	$	40.0	$	(0.3)	$	39.7

PSO

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2023

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	$	—	$	0.5	$	28.1	$	(0.4)	$	28.2
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	6.6	$	0.9	$	(0.3)	$	7.2

December 31, 2022

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	$	—	$	—	$	24.0	$	1.3	$	25.3
Cash Flow Hedges:
Interest Rate Hedges	—		1.6		—		(1.6)		—
Total Assets	$	—	$	1.6	$	24.0	$	(0.3)	$	25.3
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	1.7	$	0.3	$	(0.4)	$	1.6

SWEPCo

Assets and Liabilities Measured at Fair Value on a Recurring Basis

September 30, 2023

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	$	—	$	0.2	$	17.4	$	(0.5)	$	17.1
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	3.1	$	0.9	$	(0.5)	$	3.5

December 31, 2022

	Level 1		Level 2		Level 3		Other		Total
Assets:	(in millions)
Risk Management Assets
Risk Management Commodity Contracts (c) (g)	$	—	$	2.2	$	14.6	$	(0.4)	$	16.4
Liabilities:
Risk Management Liabilities
Risk Management Commodity Contracts (c) (g)	$	—	$	1.6	$	0.4	$	(0.6)	$	1.4

(a)Amounts in “Other’’ column primarily represent cash deposits in bank accounts with financial institutions or third-parties.  Level 1 and Level 2 amounts primarily represent investments in money market funds.

(b)Amounts represent publicly traded equity securities and equity-based mutual funds.

(c)Amounts in “Other’’ column primarily represent counterparty netting of risk management and hedging contracts and associated cash collateral under the accounting guidance for “Derivatives and Hedging.’’

(d)The September 30, 2023 maturities of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 1 matures $(4) million in 2023 and $(9) million in periods 2024-2026; Level 2 matures $64 million in periods 2024-2026, $10 million in periods 2027-2028 and $1 million in periods 2029-2033; Level 3 matures $37 million in 2023, $118 million in periods 2024-2026, $18 million in periods 2027-2028 and $(9) million in periods 2029-2033.  Risk management commodity contracts are substantially comprised of power contracts.

(e)Amounts in “Other’’ column primarily represent accrued interest receivables from financial institutions.  Level 1 amounts primarily represent investments in money market funds.

(f)The December 31, 2022 maturities of the net fair value of risk management contracts prior to cash collateral, assets/(liabilities), were as follows: Level 1 matures $(7) million in 2023; Level 2 matures $182 million in 2023, $134 million in periods 2024-2026, $10 million in periods 2027-2028 and $1 million in periods 2029-2033; Level 3 matures $128 million in 2023, $6 million in periods 2024-2026, $6 million in periods 2027-2028 and $(5) million in periods 2029-2033.  Risk management commodity contracts are substantially comprised of power contracts.

(g)Substantially comprised of power contracts for the Registrant Subsidiaries.

Changes in Fair Value of Net Trading Derivatives and Other Investments

Three Months Ended September 30, 2023	AEP		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Balance as of June 30, 2023	$	126.1	$	39.4	$	6.8	$	(54.0)	$	43.1	$	26.0
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)	39.7		10.0		2.3		—		14.2		14.0
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a)	72.7		—		—		—		—		—
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c)	4.9		—		—		—		—		—
Settlements	(87.1)		(16.5)		(3.7)		1.1		(30.5)		(24.8)
Transfers out of Level 3 (e)	6.6		0.1		(0.1)		—		—		—
Changes in Fair Value Allocated to Regulated Jurisdictions (f)	19.9		12.1		1.3		1.3		0.4		1.3
Balance as of September 30, 2023	$	182.8	$	45.1	$	6.6	$	(51.6)	$	27.2	$	16.5

Three Months Ended September 30, 2022	AEP		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Balance as of June 30, 2022	$	283.9	$	79.6	$	9.8	$	(48.4)	$	64.5	$	45.4
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)	64.3		20.1		2.1		0.3		23.8		15.4
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a)	(12.6)		—		—		—		—		—
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c)	13.1		—		—		—		—		—
Settlements	(138.3)		(34.6)		(4.8)		(1.1)		(49.1)		(31.6)
Transfers into Level 3 (d) (e)	(0.5)		—		—		—		—		—
Transfers out of Level 3 (e)	3.5		—		—		—		—		—
Changes in Fair Value Allocated to Regulated Jurisdictions (f)	72.5		41.5		2.5		6.0		5.2		7.0
Balance as of September 30, 2022	$	285.9	$	106.6	$	9.6	$	(43.2)	$	44.4	$	36.2

Nine Months Ended September 30, 2023	AEP		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Balance as of December 31, 2022	$	160.4	$	69.1	$	4.6	$	(40.0)	$	23.7	$	14.2
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)	(41.3)		(47.0)		(1.7)		(2.4)		3.5		5.9
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a)	67.7		—		—		—		—		—
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c)	(10.5)		—		—		—		—		—
Settlements	(85.9)		(22.1)		(2.9)		3.5		(27.2)		(20.0)
Transfers into Level 3 (d) (e)	(6.1)		—		—		—		—		—
Transfers out of Level 3 (e)	3.8		—		—		—		—		—
Changes in Fair Value Allocated to Regulated Jurisdictions (f)	94.7		45.1		6.6		(12.7)		27.2		16.4
Balance as of September 30, 2023	$	182.8	$	45.1	$	6.6	$	(51.6)	$	27.2	$	16.5

Nine Months Ended September 30, 2022	AEP		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Balance as of December 31, 2021	$	103.1	$	41.7	$	(0.7)	$	(92.5)	$	12.1	$	10.9
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b)	69.3		3.0		3.7		4.6		24.2		35.8
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a)	(44.6)		—		—		—		—		—
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c)	29.4		—		—		—		—		—
Settlements	(153.8)		(44.7)		(3.0)		0.2		(36.3)		(45.0)
Transfers into Level 3 (d) (e)	1.7		—		—		—		—		—
Transfers out of Level 3 (e)	13.2		—		—		—		—		—
Changes in Fair Value Allocated to Regulated Jurisdictions (f)	267.6		106.6		9.6		44.5		44.4		34.5
Balance as of September 30, 2022	$	285.9	$	106.6	$	9.6	$	(43.2)	$	44.4	$	36.2

(a)Included in revenues on the statements of income.

(b)Represents the change in fair value between the beginning of the reporting period and the settlement of the risk management commodity contract.

(c)Included in cash flow hedges on the statements of comprehensive income.

(d)Represents existing assets or liabilities that were previously categorized as Level 2.

(e)Transfers are recognized based on their value at the beginning of the reporting period that the transfer occurred.

(f)Relates to the net gains (losses) of those contracts that are not reflected on the statements of income.  These changes in fair value are recorded as regulatory liabilities for net gains and as regulatory assets for net losses or accounts payable.

Significant Unobservable Inputs for Level 3

Significant Unobservable Inputs

September 30, 2023

							Significant	Input/Range
	Type of	Fair Value				Valuation	Unobservable					Weighted
Company	Input	Assets		Liabilities		Technique	Input	Low		High		Average (c)
		(in millions)
AEP	Energy Contracts	$	224.3	$	147.7	Discounted Cash Flow	Forward Market Price (a)	$	5.98	$	137.52	$	45.43
AEP	Natural Gas Contracts	—		0.2		Discounted Cash Flow	Forward Market Price (b)	3.55		3.55		3.55
AEP	FTRs	114.2		7.8		Discounted Cash Flow	Forward Market Price (a)	(17.92)		17.07		0.29
APCo	FTRs	45.2		0.1		Discounted Cash Flow	Forward Market Price (a)	(3.92)		9.08		1.63
I&M	FTRs	7.9		1.3		Discounted Cash Flow	Forward Market Price (a)	(4.36)		9.08		1.08
OPCo	Energy Contracts	—		51.6		Discounted Cash Flow	Forward Market Price (a)	19.89		65.40		41.66
PSO	FTRs	28.1		0.9		Discounted Cash Flow	Forward Market Price (a)	(17.92)		2.04		(4.42)
SWEPCo	Natural Gas Contracts	—		0.2		Discounted Cash Flow	Forward Market Price (b)	3.55		3.55		3.55
SWEPCo	FTRs	17.4		0.7		Discounted Cash Flow	Forward Market Price (a)	(17.92)		2.04		(4.42)

December 31, 2022

							Significant	Input/Range
	Type of	Fair Value				Valuation	Unobservable					Weighted
Company	Input	Assets		Liabilities		Technique	Input (a)	Low		High		Average (c)
		(in millions)
AEP	Energy Contracts	$	204.0	$	167.4	Discounted Cash Flow	Forward Market Price	$	2.91	$	187.34	$	49.14
AEP	FTRs	137.1		13.3		Discounted Cash Flow	Forward Market Price	(36.45)		20.72		1.18
APCo	FTRs	69.4		0.3		Discounted Cash Flow	Forward Market Price	(2.82)		18.88		3.89
I&M	FTRs	5.3		0.7		Discounted Cash Flow	Forward Market Price	0.16		18.79		1.23
OPCo	Energy Contracts	—		40.0		Discounted Cash Flow	Forward Market Price	2.91		187.34		48.76
PSO	FTRs	24.0		0.3		Discounted Cash Flow	Forward Market Price	(36.45)		3.40		(7.55)
SWEPCo	FTRs	14.6		0.4		Discounted Cash Flow	Forward Market Price	(36.45)		3.40		(7.55)

(a)Represents market prices in dollars per MWh.

(b)Represents market prices in dollars per MMBtu.

(c)The weighted average is the product of the forward market price of the underlying commodity and volume weighted by term.

Sensitivity of Fair Value Measurements

Significant Unobservable Input	Position	Change in Input	Impact on Fair Value Measurement
Forward Market Price	Buy	Increase (Decrease)	Higher (Lower)
Forward Market Price	Sell	Increase (Decrease)	Lower (Higher)