American Electric Power
Financial Results by Business Unit
for the Period Ended December 31, 2001 vs. 2000
in millions, except per share amounts
(Data based on preliminary, unaudited results) (a)
						Three Months Ended						Twelve Months Ended
						2001		2000		Variance		2001		2000		Variance
Wholesale: (b) (c)
	Gross Margin - Energy Sales					787.8		871.1		(83.3)		3,418.9		3,396.5		22.4
	Gross Margin - Trading and Marketing:
		Power				(24.5)		87.1		(111.6)		240.0		347.4		(107.4)
		Gas				59.3		77.5		(18.2)		394.6		123.1		271.5
	Cook Restart & Jurisdictional Settlements					(30.6)		(96.0)		65.4		(110.7)		(412.9)		302.2
	O&M Expense					(472.5)		(443.4)		(29.1)		(1,785.5)		(1,578.1)		(207.4)
	Gas Holding Co. Costs					(33.9)		(8.4)		(25.5)		(94.2)		(41.1)
	Depreciation & Amortization					(147.7)		(134.2)		(13.5)		(556.0)		(542.1)		(13.9)
	Taxes Other Than FIT					(69.3)		(82.5)		13.2		(315.5)		(338.8)		23.3
	Other					8.4		(16.1)		24.6		(3.5)		(1.1)		(2.3)
	Federal Income Tax					(24.2)		(94.1)		69.8		(415.2)		(332.8)		(82.4)
		Total Wholesale				52.8		161.0		(178.0)		772.9		620.1		288.4
Energy Delivery: (b) (d)
	Revenue					721.2		705.2		16.0		3,181.2		3,054.8		126.4
	O&M Expense					(303.7)		(318.2)		14.5		(1,111.1)		(1,110.9)		(0.2)
	Depreciation & Amortization					(120.1)		(125.1)		5.0		(518.0)		(498.8)		(19.2)
	Taxes Other Than FIT					(87.0)		(86.5)		(0.5)		(414.9)		(358.8)		(56.1)
	Federal Income Tax					(73.3)		(56.3)		(17.1)		(397.6)		(379.5)		(18.1)
		Total Energy Delivery				137.1		119.1		(35.4)		739.6		706.8		50.9
Other Investments (After Tax):
	SEEBOARD					16.0		35.1		(19.1)		89.1		98.9		(9.8)
	CitiPower					(3.2)		5.9		(9.1)		(6.1)		17.0		(23.1)
	Other					4.8		(5.9)		10.7		(29.8)		(53.7)		23.9
		Total Other Investments				17.6		35.1		(17.5)		53.2		62.2		(9.0)
Capital Costs						(93.8)		(121.6)		27.9		(471.6)		(518.4)		46.8
On-going Earnings						113.7		193.6		(79.9)		1,094.1		870.7		223.4
Extraordinary and Special Items (After Tax):
	COLI Adjustment					-		(318.5)		318.5		-		(318.5)
	Merger Costs					(1.8)		(14.2)		12.4		(15.4)		(172.1)		156.7
	HPL-related Enron purchase obligations					(24.3)		-		(24.3)		(24.3)		-
	SFAS 133 Transition Adj.					-		-		-		18.0		-		18.0
	Severance Accruals					3.2		-		3.2		(25.8)		-
	Taxes Other Than FIT - Prior Period Adj.					(3.3)		-		(3.3)		(20.8)		-
	Extraordinary Items					(2.5)		-		(2.5)		(50.9)		(35.2)		(15.7)
	Disposition / Writedown of Assets					(33.1)		(83.2)		50.1		(4.1)		(77.8)		73.7
		Total Extraordinary & Special Items				(61.8)		(415.9)				(123.4)		(603.6)
Reported Earnings						51.9		(222.3)		274.2		970.8		267.1		703.7
Average Shares Outstanding						322.2		322.0				322.2		321.9
Earnings Per Share						$    0.16		$   (0.68)		$    0.84		$      3.01		$    0.83		$    2.18
Dividend Per Share						$    0.60		$    0.60		$        -		$      2.40		$    2.40		$        -
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.