N EWS R ELEASES

American Electric Power announced today it will retain its retail energy business, AEP Energy. The company is reaffirming its 2024 operating earnings guidance of $5.53 to $5.73 per share, long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%.

American Electric Power has entered into an agreement to sell its distributed resources business, AEP OnSite Partners (“OnSite”), to funds advised by Basalt Infrastructure Partners LLC. AEP expects to net approximately $315 million in cash after taxes and transaction fees, subject to customary closing adjustments. The sale is expected to close in the third quarter of 2024, pending regulatory approvals.

• First-quarter 2024 GAAP earnings of $1.91 per share; operating earnings of $1.27 per share
• Company reaffirms 2024 operating earnings (non-GAAP) guidance of $5.53 to $5.73 per share and long-term growth rate of 6% to 7%
• Economic development focus helps drive 10.5% commercial load growth year over year in the first quarter

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Tuesday, April 30. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 88 cents a share on the company’s common stock.

• Year-end 2023 GAAP earnings of $4.26 per share; operating earnings of $5.25 per share
• 2024 operating earnings (non-GAAP) guidance range reaffirmed at $5.53 to $5.73 per share with long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%
• Company advances strategic initiatives including de-risking the business, controlling costs and investing in a modern and reliable grid to benefit customers

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Tuesday, Feb. 27. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 88 cents a share on the company’s common stock.

American Electric Power subsidiaries Appalachian Power and Wheeling Power today filed a settlement agreement with the Public Service Commission of West Virginia (PSC) that addresses the companies’ Expanded Net Energy Cost (ENEC) cases. The agreement outlines a process for recovering deferred fuel and purchased power costs, major storm restoration expenses, power plant balances and environmental compliance project expenses through securitization.

American Electric Power has entered into an agreement to sell its 50% interest in New Mexico Renewable Development, LLC (NMRD) to Exus North America Holdings, LLC (Exus). AEP and PNM Resources, which also owns 50% of NMRD, plan to sell the portfolio of 15 solar projects totaling 625 megawatts (MW) to Exus for approximately $230 million subject to true-up adjustments at close. AEP’s share of the sale is approximately $115 million, and AEP expects to receive about $104 million in cash after tax, transaction fees and other customary adjustments. The sale is expected to close in February 2024 and will not have a material impact on financial results.