Rate Matters (Tables)

3 Months Ended

Mar. 31, 2024

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	$	96.7	$	168.9	$	20.7	(b)	2026		(c)	$	15.1
Welsh Plant, Units 1 and 3	335.6		135.7		58.1		(d)	2028	(e)	(f)	39.2

(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)Represents projected retirement date of coal assets, units are being evaluated for conversion to natural gas after 2028.

(f)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,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Welsh Plant, Units 1 and 3 Accelerated Depreciation	$	135.7	$	125.6
Pirkey Plant Accelerated Depreciation	121.0		114.4
Unrecovered Winter Storm Fuel Costs (a)	90.8		97.2
Other Regulatory Assets Pending Final Regulatory Approval	14.3		49.8
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	404.9		408.9
NOLC Costs	67.7		—
Other Regulatory Assets Pending Final Regulatory Approval	89.4		78.5
Total Regulatory Assets Pending Final Regulatory Approval	$	923.8	$	874.4

(a)Includes $37 million and $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of March 31, 2024 and December 31, 2023, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information.

	AEP Texas
	March 31,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	$	38.4	$	37.7
Line Inspection Costs	7.4		5.7
Vegetation Management Program	5.2		5.2
Texas Retail Electric Provider Bad Debt Expense	4.1		4.0
Other Regulatory Assets Pending Final Regulatory Approval	12.1		11.7
Total Regulatory Assets Pending Final Regulatory Approval	$	67.2	$	64.3

	APCo
	March 31,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval	$	0.7	$	0.6
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - West Virginia	91.2		91.5
Plant Retirement Costs – Asset Retirement Obligation Costs	25.9		25.9
Other Regulatory Assets Pending Final Regulatory Approval	11.1		7.5
Total Regulatory Assets Pending Final Regulatory Approval	$	128.9	$	125.5

	I&M
	March 31,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Other Regulatory Assets Pending Final Regulatory Approval	$	0.2	$	0.2
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - Indiana	29.7		29.7
NOLC Costs - Indiana	20.2		—
Other Regulatory Assets Pending Final Regulatory Approval	4.6		3.3
Total Regulatory Assets Pending Final Regulatory Approval	$	54.7	$	33.2

	OPCo
	March 31,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	$	23.6	$	23.6
Total Regulatory Assets Pending Final Regulatory Approval	$	23.6	$	23.6

	PSO
	March 31,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs	$	88.8	$	88.5
NOLC Costs	12.1		—
Other Regulatory Assets Pending Final Regulatory Approval	2.9		0.2
Total Regulatory Assets Pending Final Regulatory Approval	$	103.8	$	88.7

	SWEPCo
	March 31,		December 31,
	2024		2023
Noncurrent Regulatory Assets	(in millions)
Regulatory Assets Currently Earning a Return
Welsh Plant, Units 1 and 3 Accelerated Depreciation	$	135.7	$	125.6
Pirkey Plant Accelerated Depreciation	121.0		114.4
Unrecovered Winter Storm Fuel Costs (a)	90.8		97.2
Dolet Hills Power Station Accelerated Depreciation (b)	12.0		12.0
Other Regulatory Assets Pending Final Regulatory Approval	1.4		26.0
Regulatory Assets Currently Not Earning a Return
Storm-Related Costs - Louisiana, Texas	51.4		56.0
NOLC Costs	35.4		—
Other Regulatory Assets Pending Final Regulatory Approval	13.9		13.7
Total Regulatory Assets Pending Final Regulatory Approval	$	461.6	$	444.9

(a)Includes $37 million and $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of March 31, 2024 and December 31, 2023, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information.

(b)Amounts include the FERC jurisdiction.

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, 2024		December 31, 2023		Approved Recovery Period	Approved Carrying Charge
	(in millions)
Arkansas	$	48.6	$	54.2	6 years	(a)
Louisiana	90.8		97.2		(b)	(b)
Texas	94.5		101.9		5 years	1.65%
Total	$	233.9	$	253.3

(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. The APSC will conclude an audit of these costs in 2024. A hearing is scheduled for June 2024.

(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. The special order states the fuel and purchased power costs incurred will be subject to a future LPSC audit.