American Electric Power

American Electric Power Company, Inc. (NASDAQ: AEP) operates as a public utility holding company providing electric generation, transmission, and distribution services across an 11-state service territory spanning Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia, and West Virginia. The company maintains its corporate website at www.aep.com.

AEP's primary business involves the generation, transmission, and distribution of electricity to retail and wholesale customers through a portfolio of owned and operated assets. As of December 31, 2025, the company employed approximately 17,581 employees across its operations and served approximately 5.6 million retail customers. The company operates approximately 25,400 megawatts of generation capacity, with fuel sources distributed across coal and lignite at 43 percent, nuclear at 19 percent, natural gas at 22 percent, and renewables at 16 percent of net generation.

AEP's operations are organized into four reportable segments: Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation & Marketing. The Vertically Integrated Utilities segment encompasses generation, transmission, and distribution operations through subsidiaries including Appalachian Power Company, Indiana Michigan Power Company, Kentucky Power Company, Public Service Company of Oklahoma, and Southwestern Electric Power Company. The Transmission and Distribution Utilities segment includes AEP Texas Inc. and Ohio Power Company, which operate in restructured markets. AEP Transmission Holdco owns and operates transmission facilities through multiple state-based transmission companies regulated by the Federal Energy Regulatory Commission. The Generation & Marketing segment includes competitive generation assets and wholesale market participation.

The company's business model centers on regulated utility operations providing cost-based rates and recovery mechanisms, supplemented by competitive generation and retail electric supply operations. AEP maintains extensive transmission networks interconnected with distribution facilities across its service territories, supported by fuel procurement, power dispatch, and risk management operations. The company's competitive advantages include its diversified geographic footprint, integrated utility operations in regulated markets, transmission infrastructure ownership, and established relationships with regulatory commissions across multiple jurisdictions.