N EWS R ELEASES

• First-quarter 2023 GAAP earnings of $0.77 per share; operating earnings of $1.11 per share
• 2023 operating earnings (non-GAAP) guidance range reaffirmed at $5.19 to $5.39 per share with long-term growth rate of 6% to 7% and FFO/Debt target of 14% to 15%
• AEP launches sale process for retail and distributed resources businesses, announces strategic review of certain non-core transmission joint ventures, remains on track to close on unregulated renewable asset sale

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Thursday, May 4. 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 83 cents a share on the company’s common stock.

• Year-end 2022 GAAP earnings of $4.51 per share; operating earnings of $5.09 per share
• Company advances strategic initiatives including sales agreement for contracted renewables, new FERC 203 filing for Kentucky sale and continued strategic review of retail business
• 2023 operating earnings (non-GAAP) guidance range reaffirmed at $5.19 to $5.39 per share with long-term growth rate of 6% to 7%

American Electric Power and Liberty, an indirect subsidiary of Algonquin Power & Utilities Corp., today filed a new application with the Federal Energy Regulatory Commission (FERC) under section 203 of the Federal Power Act seeking approval of the sale of AEP’s Kentucky operations to Liberty. The companies are asking FERC for expedited review of the application as they work to close the transaction by April 26, 2023. In December 2022, FERC denied approval of the sale without prejudice and outlined the additional information about customer protections needed to obtain approval. 

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 83 cents a share on the company’s common stock.

• Reaffirmed 2022 operating earnings guidance range of $4.97-$5.07 per share and midpoint of $5.02; 2023 operating earnings guidance range of $5.19 to $5.39 per share
• Five-year, $40 billion capital plan emphasizes investment in wires and renewables
• Company’s 10-year regulated generation plan outlines nearly 15,700 MW of renewables and energy storage to meet capacity needs, manage customer affordability and support 2045 net zero target

American Electric Power has named Ann P. Kelly executive vice president and chief financial officer (CFO), effective Nov. 30. Kelly is currently vice president of finance and CFO for AmeriGas Propane, Inc., a UGI Corp. subsidiary.

• Third-quarter 2022 GAAP earnings of $1.33 per share and $1.62 per share operating
• Company reaffirms narrowed 2022 operating earnings (non-GAAP) guidance range of $4.97 to $5.07, raised midpoint of $5.02, and 6% to 7% long-term growth rate
• $40 billion, five-year capex plan focuses on robust pipeline of wires investments and renewable generation to drive the clean energy transition

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 83 cents a share on the company’s common stock, an increase of 5 cents per share. The increase is in line with the company’s 6% to 7% operating earnings growth range.