American Electric Power
Financial Results for YTD September 2004 Actual
Reconciliation of On-going and Reported Earnings
		2004 Actual
		Utility		Invest.		Parent		Total		EPS
		($ millions)
On-going Earnings		845		(45)		(43)		757		1.91
Dispositions:
Gain from sale of Nanyang General Light Electric Co.		-		6		-		6		0.02
Gain from sale of IPP's		-		64		-		64		0.16
Gain from sale of UK Generation		-		127		-		127		0.32
Gain from sale of Southcoast Power Ltd.		-		31		-		31		0.08
Loss from sale of Jefferson Island Storage Hub		-		(2)		-		(2)		(0.01)
Discontinued Operations:
UK Discontinued Operations		-		(71)		-		(71)		(0.18)
LIG Discontinued Operations		-		-		-		-		-
Total Special Items		-		155		-		155		0.39
Reported Earnings		845		110		(43)		912		2.30
Shares Outstanding
Financial Results for YTD September 2003 Actual
Reconciliation of On-going and Reported Earnings
		2003 Actual
		Utility		Invest.		Parent		Total		EPS
		($ millions)
On-going Earnings		928		(111)		(39)		778		2.04
Changes in Accounting Principles:
SFAS 143 Asset Retirement Obligation		249		(7)		-		242		0.63
Cessation of EITF 98-10 re: MTM accounting		(13)		(36)		-		(49)		(0.13)
Impairments and Dispositions:
Adjustment to South Coast Impairment		-		6		-		6		0.02
Net Proceeds from Sale of Mutual Energy (back office operations)		-		26		-		26		0.07
Adjustment to sale of water heater rental program		(3)		-		-		(3)		(0.01)
IPP Impairment		-		(45)		-		(45)		(0.12)
Discontinued Operations:
UK Discontinued Operations		-		(89)		-		(89)		(0.24)
LIG Discontinued Operations		-		6		-		6		0.02
Total Special Items		233		(139)		-		94		0.24
Reported Earnings		1,161		(250)		(39)		872		2.28