Rate Matters (Tables)

3 Months Ended

Mar. 31, 2023

Regulated Generating Units to be Retired

Plant	Net Book Value		Accelerated Depreciation Regulatory Asset		Cost of Removal Regulatory Liability			Projected Retirement Date	Current Authorized Recovery Period	Annual Depreciation (a)
	(dollars in millions)
Northeastern Plant, Unit 3	$	128.5	$	150.3	$	20.3	(b)	2026	(c)	$	14.9
Welsh Plant, Units 1 and 3	399.6		95.5		58.1		(d)	2028	(e)	38.3

(a)Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period.

(b)Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with the removal of Northeastern Plant, Unit 3, after retirement.

(c)Northeastern Plant, Unit 3 is currently being recovered through 2040.

(d)Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with the removal of Welsh Plant, Units 1 and 3, after retirement.

(e)Unit 1 is being recovered through 2027 in the Louisiana jurisdiction and through 2037 in the Arkansas and Texas jurisdictions. Unit 3 is being recovered through 2032 in the Louisiana jurisdiction and through 2042 in the Arkansas and Texas jurisdictions.

Regulatory Assets Pending Final Regulatory Approval

	AEP
	March 31,		December 31,
	2023		2022
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Unrecovered Winter Storm Fuel Costs (a)	$	115.9	$	121.7
Welsh Plant, Units 1 and 3 Accelerated Depreciation	95.5		85.6
Pirkey Plant Accelerated Depreciation	111.8		116.5
Dolet Hills Power Station Fuel Costs - Louisiana	33.3		32.0
Texas Mobile Generation Lease Payments	24.6		17.6
Other Regulatory Assets Pending Final Regulatory Approval	21.4		19.3
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs (b)(c)	265.1		407.2
2020-2022 Virginia Triennial Under-Earnings	37.9		37.9
Plant Retirement Costs – Asset Retirement Obligation Costs	25.9		25.9
Other Regulatory Assets Pending Final Regulatory Approval	43.1		55.6
Total Regulatory Assets Pending Final Regulatory Approval	$	774.5	$	919.3

(a)Includes $37 million and $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of March 31, 2023 and December 31, 2022, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information.

(b)In April 2023, OPCo filed a request with the PUCO for recovery of $34 million in Ohio storm-related costs.

(c)In April 2023, the LPSC issued an order approving the prudence and future recovery of the Louisiana storm-related costs. See “2021 Louisiana Storm Cost Filing” section below for additional information.

	AEP Texas
	March 31,		December 31,
	2023		2022
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Texas Mobile Generation Lease Payments	$	24.6	$	17.6
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	28.9		26.7
Vegetation Management Program	5.2		5.2
Texas Retail Electric Provider Bad Debt Expense	4.1		4.1
Other Regulatory Assets Pending Final Regulatory Approval	13.5		13.4
Total Regulatory Assets Pending Final Regulatory Approval	$	76.3	$	67.0

	APCo
	March 31,		December 31,
	2023		2022
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
COVID-19 – Virginia	$	7.1	$	7.0
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - West Virginia	72.1		72.6
2020-2022 Virginia Triennial Under-Earnings	37.9		37.9
Plant Retirement Costs – Asset Retirement Obligation Costs	25.9		25.9
Other Regulatory Assets Pending Final Regulatory Approval	0.6		1.1
Total Regulatory Assets Pending Final Regulatory Approval	$	143.6	$	144.5

	I&M
	March 31,		December 31,
	2023		2022
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval	$	0.1	$	0.1
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - Indiana	23.0		21.6
Other Regulatory Assets Pending Final Regulatory Approval	2.2		2.0
Total Regulatory Assets Pending Final Regulatory Approval	$	25.3	$	23.7

	OPCo
	March 31,		December 31,
	2023		2022
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs (a)	$	36.3	$	33.8
Total Regulatory Assets Pending Final Regulatory Approval	$	36.3	$	33.8

(a)In April 2023, OPCo filed a request with the PUCO for recovery of $34 million in storm costs.

	PSO
	March 31,		December 31,
	2023		2022
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	$	29.2	$	25.5
Other Regulatory Assets Pending Final Regulatory Approval	0.1		0.1
Total Regulatory Assets Pending Final Regulatory Approval	$	29.3	$	25.6

.

	SWEPCo
	March 31,		December 31,
	2023		2022
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Unrecovered Winter Storm Fuel Costs (a)	$	115.9	$	121.7
Welsh Plant, Units 1 and 3 Accelerated Depreciation	95.5		85.6
Pirkey Plant Accelerated Depreciation	111.8		116.5
Dolet Hills Power Station Fuel Costs - Louisiana	33.3		32.0
Dolet Hills Power Station	12.1		9.7
Other Regulatory Assets Pending Final Regulatory Approval	2.1		2.5
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - Louisiana (b)	—		151.5
Asset Retirement Obligation - Louisiana	—		11.8
Other Regulatory Assets Pending Final Regulatory Approval	15.4		16.0
Total Regulatory Assets Pending Final Regulatory Approval	$	386.1	$	547.3

(a)Includes $37 million and $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of March 31, 2023 and December 31, 2022, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information.

(b)In April 2023, the LPSC issued an order approving the prudence and future recovery of the Louisiana storm-related costs. See “2021 Louisiana Storm Cost Filing” section below for additional information.

Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs

Natural Gas Expenses and Purchases of Electricity to be Recovered from Customers [Table Text Block]

Jurisdiction	March 31, 2023		December 31, 2022		Approved Recovery Period	Approved Carrying Charge
	(in millions)
Arkansas	$	71.7	$	74.9	6 years	(a)
Louisiana	115.9		121.7		(b)	(b)
Texas	124.5		132.4		5 years	1.65%
Total	$	312.1	$	329.0

(a)SWEPCo is permitted to record carrying costs on the unrecovered balance of fuel costs at a weighted-cost of capital approved by the APSC.

(b)In March 2021, the LPSC approved a special order granting a temporary modification to the FAC and shortly after SWEPCo began recovery of its Louisiana jurisdictional share of these fuel costs based on a five-year recovery period inclusive of an interim carrying charge equal to the prime rate. SWEPCo will work with the LPSC to finalize the actual recovery period and determine the appropriate carrying charge in future proceedings.