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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer REVENUE FROM CONTRACTS WITH CUSTOMERS
The disclosures in this note apply to all Registrants, unless indicated otherwise.

Disaggregated Revenues from Contracts with Customers

The tables below represent AEP’s reportable segment revenues from contracts with customers, net of respective provisions for refund, by type of revenue:
Three Months Ended September 30, 2023
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,326.7 $772.5 $— $— $— $— $2,099.2 
Commercial Revenues753.3 387.7 — — — — 1,141.0 
Industrial Revenues699.9 138.9 — — — (0.3)838.5 
Other Retail Revenues66.6 13.0 — — — — 79.6 
Total Retail Revenues2,846.5 1,312.1 — — — (0.3)4,158.3 
Wholesale and Competitive Retail Revenues:
Generation Revenues 174.3 — — 31.8 — (0.3)205.8 
Transmission Revenues (a)120.6 176.0 466.1 — — (425.1)337.6 
Renewable Generation Revenues (b)— — — 19.8 — (2.5)17.3 
Retail, Trading and Marketing Revenues (c)— — — 510.8 0.8 (36.7)474.9 
Total Wholesale and Competitive Retail Revenues
294.9 176.0 466.1 562.4 0.8 (464.6)1,035.6 
Other Revenues from Contracts with Customers (d)61.3 58.2 4.8 0.9 55.6 (48.5)132.3 
Total Revenues from Contracts with Customers
3,202.7 1,546.3 470.9 563.3 56.4 (513.4)5,326.2 
Other Revenues:
Alternative Revenue Programs (b) (e)0.5 (5.0)5.8 — — 5.7 7.0 
Other Revenues (b) (f)2.2 2.8 — 3.4 0.8 (0.7)8.5 
Total Other Revenues2.7 (2.2)5.8 3.4 0.8 5.0 15.5 
Total Revenues$3,205.4 $1,544.1 $476.7 $566.7 $57.2 $(508.4)$5,341.7 

(a)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $366 million. The remaining affiliated amounts were immaterial.
(b)Amounts include affiliated and nonaffiliated revenues.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $37 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Corporate and Other was $32 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(f)Generation & Marketing includes economic hedge activity.
Three Months Ended September 30, 2022
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$1,298.0 $721.9 $— $— $— $— $2,019.9 
Commercial Revenues725.1 373.0 — — — — 1,098.1 
Industrial Revenues658.5 191.5 — — — (0.3)849.7 
Other Retail Revenues54.3 15.0 — — — — 69.3 
Total Retail Revenues2,735.9 1,301.4 — — — (0.3)4,037.0 
Wholesale and Competitive Retail Revenues:
Generation Revenues 299.3 — — 83.7 — (0.2)382.8 
Transmission Revenues (a)120.3 162.3 424.9 — — (392.7)314.8 
Renewable Generation Revenues (b)— — — 44.3 — (2.5)41.8 
Retail, Trading and Marketing Revenues— — — 482.9 2.2 0.2 485.3 
Total Wholesale and Competitive Retail Revenues
419.6 162.3 424.9 610.9 2.2 (395.2)1,224.7 
Other Revenues from Contracts with Customers (c)69.7 74.5 (0.3)1.7 24.3 (31.9)138.0 
Total Revenues from Contracts with Customers
3,225.2 1,538.2 424.6 612.6 26.5 (427.4)5,399.7 
Other Revenues:
Alternative Revenue Programs (b) (d)0.9 (13.5)6.3 — — 4.4 (1.9)
Other Revenues (b) (e)0.2 5.5 — 122.8 1.8 (2.0)128.3 
Total Other Revenues1.1 (8.0)6.3 122.8 1.8 2.4 126.4 
Total Revenues$3,226.3 $1,530.2 $430.9 $735.4 $28.3 $(425.0)$5,526.1 

(a)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $342 million. The remaining affiliated amounts were immaterial.
(b)Amounts include affiliated and nonaffiliated revenues.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Corporate and Other was $18 million. The remaining affiliated amounts were immaterial.
(d)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(e)Generation & Marketing includes economic hedge activity.
Three Months Ended September 30, 2023
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$236.2 $— $397.1 $230.7 $536.3 $310.5 $286.5 
Commercial Revenues112.4 — 181.3 159.2 275.3 171.9 174.9 
Industrial Revenues35.4 — 197.1 159.1 103.6 114.1 105.5 
Other Retail Revenues9.2 — 26.8 1.3 3.8 33.8 2.4 
Total Retail Revenues393.2 — 802.3 550.3 919.0 630.3 569.3 
Wholesale Revenues:
Generation Revenues (a)— — 79.4 90.2 — (4.9)36.8 
Transmission Revenues (b)154.6 454.7 45.5 10.4 21.4 10.8 42.4 
Total Wholesale Revenues154.6 454.7 124.9 100.6 21.4 5.9 79.2 
Other Revenues from Contracts with Customers (c)
8.8 5.0 35.2 26.2 49.2 5.4 6.0 
Total Revenues from Contracts with Customers
556.6 459.7 962.4 677.1 989.6 641.6 654.5 
Other Revenues:
Alternative Revenue Programs (d) (e)(2.0)3.0 (0.7)(2.9)(3.1)2.6 0.3 
Other Revenues (e)— — 0.1 2.1 3.0 — — 
Total Other Revenues(2.0)3.0 (0.6)(0.8)(0.1)2.6 0.3 
Total Revenues$554.6 $462.7 $961.8 $676.3 $989.5 $644.2 $654.8 

(a)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $36 million primarily related to the PPA with KGPCo.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $363 million, APCo was $22 million and SWEPCo was $17 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $18 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(d)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(e)Amounts include affiliated and nonaffiliated revenues.
Three Months Ended September 30, 2022
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$204.0 $— $360.5 $238.6 $517.9 $299.6 $285.5 
Commercial Revenues107.1 — 161.1 154.3 266.1 153.4 182.3 
Industrial Revenues35.4 — 163.3 155.6 156.1 98.9 108.3 
Other Retail Revenues11.5 — 20.6 1.2 3.5 30.1 0.6 
Total Retail Revenues358.0 — 705.5 549.7 943.6 582.0 576.7 
Wholesale Revenues:
Generation Revenues (a)— — 107.9 126.3 — 9.4 87.6 
Transmission Revenues (b)140.8 411.7 41.5 8.8 21.5 10.2 42.3 
Total Wholesale Revenues140.8 411.7 149.4 135.1 21.5 19.6 129.9 
Other Revenues from Contracts with Customers (c)
9.5 (0.3)33.7 30.6 64.8 6.4 7.6 
Total Revenues from Contracts with Customers
508.3 411.4 888.6 715.4 1,029.9 608.0 714.2 
Other Revenues:
Alternative Revenue Programs (d) (e)0.6 7.1 — — (14.1)0.2 3.3 
Other Revenues (e)— — 0.3 — 5.5 — — 
Total Other Revenues0.6 7.1 0.3 — (8.6)0.2 3.3 
Total Revenues$508.9 $418.5 $888.9 $715.4 $1,021.3 $608.2 $717.5 

(a)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $44 million primarily related to the PPA with KGPCo.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $339 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $15 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(d)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(e)Amounts include affiliated and nonaffiliated revenues.
Nine Months Ended September 30, 2023
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$3,459.1 $2,003.4 $— $— $— $— $5,462.5 
Commercial Revenues2,029.4 1,121.9 — — — — 3,151.3 
Industrial Revenues (a)2,069.1 503.9 — — — (0.6)2,572.4 
Other Retail Revenues182.3 37.4 — — — — 219.7 
Total Retail Revenues7,739.9 3,666.6 — — — (0.6)11,405.9 
Wholesale and Competitive Retail Revenues:
Generation Revenues498.5 — — 83.8 — (0.2)582.1 
Transmission Revenues (b)348.8 524.3 1,372.0 — — (1,229.7)1,015.4 
Renewable Generation Revenues (a)— — — 74.2 — (5.7)68.5 
Retail, Trading and Marketing Revenues (c)— — — 1,332.2 1.7 (46.7)1,287.2 
Total Wholesale and Competitive Retail Revenues847.3 524.3 1,372.0 1,490.2 1.7 (1,282.3)2,953.2 
Other Revenues from Contracts with Customers (d)155.8 157.1 12.7 7.7 113.6 (132.1)314.8 
Total Revenues from Contracts with Customers
8,743.0 4,348.0 1,384.7 1,497.9 115.3 (1,415.0)14,673.9 
Other Revenues:
Alternative Revenue Programs (a) (e)(7.5)(19.5)6.1 — — 2.3 (18.6)
Other Revenues (a) (f)2.2 20.0 — (272.8)4.0 (3.6)(250.2)
Total Other Revenues(5.3)0.5 6.1 (272.8)4.0 (1.3)(268.8)
Total Revenues$8,737.7 $4,348.5 $1,390.8 $1,225.1 $119.3 $(1,416.3)$14,405.1 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $1.1 billion. The affiliated revenue for Vertically Integrated Utilities was $125 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $47 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Corporate and Other was $87 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(f)Generation & Marketing includes economic hedge activity.
Nine Months Ended September 30, 2022
Vertically Integrated UtilitiesTransmission and Distribution UtilitiesAEP Transmission HoldcoGeneration & MarketingCorporate and OtherReconciling AdjustmentsAEP Consolidated
(in millions)
Retail Revenues:
Residential Revenues$3,428.1 $1,884.1 $— $— $— $— $5,312.2 
Commercial Revenues1,922.8 994.4 — — — — 2,917.2 
Industrial Revenues (a)1,863.3 487.3 — — — (0.7)2,349.9 
Other Retail Revenues154.6 39.4 — — — — 194.0 
Total Retail Revenues7,368.8 3,405.2 — — — (0.7)10,773.3 
Wholesale and Competitive Retail Revenues:
Generation Revenues (a)674.8 — — 207.0 — (0.1)881.7 
Transmission Revenues (b)334.4 482.1 1,261.0 — — (1,086.5)991.0 
Renewable Generation Revenues (a)— — — 104.9 — (6.2)98.7 
Retail, Trading and Marketing Revenues (c)
— — — 1,280.0 6.7 (11.1)1,275.6 
Total Wholesale and Competitive Retail Revenues
1,009.2 482.1 1,261.0 1,591.9 6.7 (1,103.9)3,247.0 
Other Revenues from Contracts with Customers (d)180.5 194.2 (0.3)11.9 59.1 (71.6)373.8 
Total Revenues from Contracts with Customers
8,558.5 4,081.5 1,260.7 1,603.8 65.8 (1,176.2)14,394.1 
Other Revenues:
Alternative Revenue Programs (a) (e)3.4 (21.5)(39.6)— — (7.4)(65.1)
Other Revenues (a) (f)0.3 18.6 — 410.5 6.9 (6.9)429.4 
Total Other Revenues3.7 (2.9)(39.6)410.5 6.9 (14.3)364.3 
Total Revenues$8,562.2 $4,078.6 $1,221.1 $2,014.3 $72.7 $(1,190.5)$14,758.4 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEP Transmission Holdco was $1 billion. The affiliated revenue for Vertically Integrated Utilities was $120 million. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Generation & Marketing was $11 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for Corporate and Other was $36 million. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
(f)Generation & Marketing includes economic hedge activity.
Nine Months Ended September 30, 2023
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$511.8 $— $1,192.4 $655.5 $1,491.6 $667.9 $647.5 
Commercial Revenues310.3 — 516.2 439.5 811.6 412.7 472.2 
Industrial Revenues (a)109.9 — 575.4 467.6 394.0 320.2 320.3 
Other Retail Revenues26.2 — 78.2 3.8 11.2 86.3 7.6 
Total Retail Revenues958.2 — 2,362.2 1,566.4 2,708.4 1,487.1 1,447.6 
Wholesale Revenues:
Generation Revenues (b)— — 223.8 257.7 — 0.3 120.3 
Transmission Revenues (c)464.0 1,338.1 130.8 28.1 60.3 32.0 123.6 
Total Wholesale Revenues464.0 1,338.1 354.6 285.8 60.3 32.3 243.9 
Other Revenues from Contracts with Customers (d)29.2 12.8 60.0 92.6 127.9 14.9 20.9 
Total Revenues from Contracts with Customers
1,451.4 1,350.9 2,776.8 1,944.8 2,896.6 1,534.3 1,712.4 
Other Revenues:
Alternative Revenue Program (a) (e)(6.1)(1.7)(0.9)(8.4)(13.5)1.6 (3.9)
Other Revenues (a)— — 0.1 2.1 20.1 — — 
Total Other Revenues(6.1)(1.7)(0.8)(6.3)6.6 1.6 (3.9)
Total Revenues$1,445.3 $1,349.2 $2,776.0 $1,938.5 $2,903.2 $1,535.9 $1,708.5 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $121 million primarily relating to the PPA with KGPCo. The remaining affiliated amounts were immaterial.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $1.1 billion, APCo was $64 million and SWEPCo was $43 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $52 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
Nine Months Ended September 30, 2022
AEP TexasAEPTCoAPCoI&MOPCoPSOSWEPCo
(in millions)
Retail Revenues:
Residential Revenues$520.8 $— $1,131.7 $665.6 $1,363.3 $650.7 $650.0 
Commercial Revenues312.6 — 467.6 419.5 681.9 372.1 458.8 
Industrial Revenues (a)102.6 — 479.0 452.1 384.8 270.0 290.1 
Other Retail Revenues29.2 — 61.4 3.7 10.2 77.1 7.4 
Total Retail Revenues965.2 — 2,139.7 1,540.9 2,440.2 1,369.9 1,406.3 
Wholesale Revenues:
Generation Revenues (b)— — 227.6 310.9 — 19.2 206.2 
Transmission Revenues (c)417.7 1,218.1 123.4 26.3 64.4 28.9 116.8 
Total Wholesale Revenues417.7 1,218.1 351.0 337.2 64.4 48.1 323.0 
Other Revenues from Contracts with Customers (d)24.4 (0.4)78.6 86.3 169.6 21.4 18.9 
Total Revenues from Contracts with Customers
1,407.3 1,217.7 2,569.3 1,964.4 2,674.2 1,439.4 1,748.2 
Other Revenues:
Alternative Revenue Program (a) (e)(2.9)(34.4)0.1 7.3 (18.6)(0.7)0.7 
Other Revenues (a)— — 0.4 (0.1)18.6 — — 
Total Other Revenues(2.9)(34.4)0.5 7.2 — (0.7)0.7 
Total Revenues$1,404.4 $1,183.3 $2,569.8 $1,971.6 $2,674.2 $1,438.7 $1,748.9 

(a)Amounts include affiliated and nonaffiliated revenues.
(b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for APCo was $122 million primarily relating to the PPA with KGPCo.
(c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for AEPTCo was $992 million. The remaining affiliated amounts were immaterial.
(d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenue for I&M was $44 million primarily relating to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial.
(e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.

Fixed Performance Obligations (Applies to AEP, APCo and I&M)

The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of September 30, 2023. Fixed performance obligations primarily include electricity sales for fixed amounts of energy and stand ready services into PJM’s RPM market. The Registrants elected to apply the exemption to not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less. Due to the annual establishment of revenue requirements, transmission revenues are excluded from the table below. The Registrant Subsidiaries amounts shown in the table below include affiliated and nonaffiliated revenues.
Company20232024-20252026-2027After 2027Total
(in millions)
AEP$22.6 $166.2 $141.2 $35.0 $365.0 
APCo4.0 32.2 26.6 11.6 74.4 
I&M1.1 8.8 8.8 4.5 23.2 
Contract Assets and Liabilities

Contract assets are recognized when the Registrants have a right to consideration that is conditional upon the occurrence of an event other than the passage of time, such as future performance under a contract. The Registrants did not have material contract assets as of September 30, 2023 and December 31, 2022.

When the Registrants receive consideration, or such consideration is unconditionally due from a customer prior to transferring goods or services to the customer under the terms of a sales contract, they recognize a contract liability on the balance sheets in the amount of that consideration. Revenue for such consideration is subsequently recognized in the period or periods in which the remaining performance obligations in the contract are satisfied. The Registrants’ contract liabilities typically arise from services provided under joint use agreements for utility poles. The Registrants did not have material contract liabilities as of September 30, 2023 and December 31, 2022.

Accounts Receivable from Contracts with Customers

Accounts receivable from contracts with customers are presented on the Registrant Subsidiaries’ balance sheets within the Accounts Receivable - Customers line item. The Registrant Subsidiaries’ balances for receivables from contracts that are not recognized in accordance with the accounting guidance for “Revenue from Contracts with Customers” included in Accounts Receivable - Customers were not material as of September 30, 2023 and December 31, 2022. See “Securitized Accounts Receivable - AEP Credit” section of Note 12 for additional information.

The following table represents the amount of affiliated accounts receivable from contracts with customers included in Accounts Receivable - Affiliated Companies on the Registrant Subsidiaries’ balance sheets:
CompanySeptember 30, 2023December 31, 2022
(in millions)
AEP Texas$0.1 $0.1 
AEPTCo122.5 113.8 
APCo69.3 64.5 
I&M50.1 75.3 
OPCo67.3 49.9 
PSO13.8 18.8 
SWEPCo23.7 19.1