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Oct. 1, 2003•News Release
COLUMBUS, Ohio, Sept. 30, 2003 - Southwestern Electric Power Company, a wholly owned operating subsidiary of American Electric Power (NYSE: AEP), today announced that on Oct. 31, 2003, its trust subsidiary, SWEPCO Capital I, will redeem all of its outstanding 7.875% Trust Preferred Securities, Series A, (CUSIP No. 870695202) at the redemption price of $25 per preferred security, plus accrued and unpaid distributions of $0.169531 per preferred security. Distributions will cease to accrue on the securities as of the redemption date. The outstanding principal amount is $110 million.

The notice of redemption is expected to be mailed on or before Sept. 30, 2003, to holders of record.

The Bank of New York is the redemption agent and trustee.

Media: Melissa McHenry
Manager, Corporate Media Relations
614/716-1120


Analysts: Bette Jo Rozsa
Manager, Investor Relations
614/716-2840

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