American Electric Power
Financial Results by Business Unit
for the Period Ended September 30, 2001 vs. 2000
in millions, except per share amounts
(Data based on preliminary, unaudited results) (a)
						Three Months Ended						Nine Months Ended
						2001		2000		Variance		2001		2000		Variance
Wholesale: (b) (c)
	Gross Margin - Energy Sales					917.5		964.4		(46.9)		2,533.9		2,496.1		37.8
	Gross Margin - Trading and Marketing:
		Power				111.9		184.3		(72.4)		357.0		288.6		68.4
		Gas				154.8		24.7		141.9		334.9		45.6		301.1
	Cook Restart & Jurisdictional Settlements					(36.1)		(77.5)		41.4		(80.0)		(316.8)		236.8
	O&M Expense					(420.7)		(405.1)		(15.6)		(1,313.3)		(1,134.9)		(178.4)
	Gas Holding Co. Costs					(49.7)		(13.3)		(36.4)		(82.7)		(37.6)
	Depreciation & Amortization					(137.3)		(133.7)		(3.6)		(410.9)		(407.9)		(3.0)
	Taxes Other Than FIT					(79.5)		(82.5)		3.0		(252.3)		(240.3)		(12.0)
	Other					16.3		21.1		(4.8)		(11.8)		(10.2)		(1.6)
	Federal Income Tax					(163.4)		(168.7)		1.3		(379.5)		(222.4)		(161.2)
		Total Wholesale				313.8		313.7		6.6		695.3		460.2		449.1
Energy Delivery: (b) (d)
	Revenue					908.3		852.5		55.8		2,457.7		2,354.0		103.7
	O&M Expense					(259.9)		(269.1)		9.2		(807.3)		(792.7)		(14.6)
	Depreciation & Amortization					(124.5)		(134.6)		10.1		(395.2)		(380.9)		(14.3)
	Taxes Other Than FIT					(126.8)		(101.8)		(25.0)		(323.8)		(288.3)		(35.5)
	Federal Income Tax					(139.4)		(121.7)		(17.7)		(325.3)		(314.0)		(11.3)
		Total Energy Delivery				257.7		225.3		56.2		606.1		578.1		39.3
Other Investments (After Tax):
	SEEBOARD					20.3		13.0		7.3		73.1		63.8		9.3
	CitiPower					(7.9)		6.3		(14.2)		(3.0)		11.1		(14.1)
	Other					3.2		(17.4)		20.6		(46.4)		(47.8)		1.4
		Total Other Investments				15.6		1.9		13.7		23.7		27.1		(3.4)
Capital Costs						(129.4)		(133.0)		3.5		(351.8)		(388.3)		36.5
On-going Earnings						457.7		407.9		57.5		973.3		677.1		303.9
Extraordinary and Special Items (After Tax):
	Merger Costs					(2.5)		(12.3)		9.8		(14.7)		(157.9)		143.2
	SFAS 133 Transition Adj.					18.0		-		18.0		18.0		-
	Severance Accruals					(29.0)		-				(29.0)		-
	Taxes Other Than FIT - Prior Period Adj.					(10.1)		-				(10.1)		-
	Extraordinary Items					-		(44.1)		44.1		(47.8)		(35.2)		(12.6)
	Disposition / Writedown of Assets					(13.3)		7.3		(20.6)		29.0		5.4		23.6
		Total Extraordinary & Special Items				(36.9)		(49.1)				(54.6)		(187.7)
Reported Earnings						420.8		358.8		69.7		918.7		489.4		437.0
Average Shares Outstanding						322.2		322.0				322.1		321.8
Earnings Per Share						$    1.31		$    1.11		$    0.21		$    2.85		$    1.52		$    1.35
Dividend Per Share						$    0.60		$    0.60		$        -		$    1.80		$    1.80		$        -
Footnotes:
a)  For analysis purposes, certain financial statement amounts have been reclassified for this effect on
earnings presentation.
b)  The data presented for the Wholesale and Energy Delivery business segments represent on-going
earnings before interest expense.
c)  Wholesale includes wholesale sales in the U. S., the generation component of sales to domestic retail customers,
worldwide trading, and other related businesses including Pro Serv, AEP Energy Services, CSW Energy, and LIG.
d)  Energy Delivery includes the domestic electric transmission and distribution businesses.