COLUMBUS, Ohio, Jan. 28, 2016 /PRNewswire/ --
- Fourth-quarter 2015 earnings $0.96 per share GAAP and $0.48 per share operating
- Year-end 2015 earnings $4.17 per
share GAAP and $3.69 per share
operating
- Company reaffirms 2016 operating earnings guidance range of
$3.60 to $3.80 per share
- Company increases planned capital investments for 2017 and 2018
to $5 billion annually
|
AMERICAN ELECTRIC
POWER
|
Preliminary,
unaudited results
|
|
|
|
Fourth-quarter
ended Dec. 31
|
|
Year-to-date ended
Dec. 31
|
|
|
2015
|
2014
|
Variance
|
|
2015
|
2014
|
Variance
|
Revenue ($ in
billions):
|
3.6
|
3.8
|
(0.2)
|
|
16.5
|
16.4
|
0.1
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
|
GAAP
|
469
|
191
|
278
|
|
2,047
|
1,634
|
413
|
|
Operating
|
233
|
232
|
1
|
|
1,808
|
1,675
|
133
|
EPS
($):
|
|
|
|
|
|
|
|
|
|
GAAP
|
0.96
|
0.39
|
0.57
|
|
4.17
|
3.34
|
0.83
|
|
Operating
|
0.48
|
0.48
|
0.00
|
|
3.69
|
3.43
|
0.26
|
EPS based on 491mm
shares Q4 2015, 489mm shares Q4 2014, 490mm shares YTD 2015 and
489mm shares YTD 2014.
|
American Electric Power (NYSE: AEP) today reported
fourth-quarter 2015 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $469 million or $0.96 per share, compared with $191 million or $0.39 per share in fourth-quarter 2014. Operating
earnings (GAAP earnings excluding special items) for fourth-quarter
2015 were $233 million or
$0.48 per share, compared with
fourth-quarter 2014 operating earnings of $232 million or $0.48 per share.
Year-end 2015 GAAP earnings were $2.047
billion or $4.17 per share,
compared with $1.634 billion or
$3.34 per share in 2014. Year-end
2015 operating earnings were $1.808
billion or $3.69 per share,
compared with $1.675 billion or
$3.43 per share in 2014.
The difference in both fourth-quarter and year-end 2015 GAAP and
operating earnings was primarily due to the sale of AEP's
commercial barge operations in November
2015.
A full reconciliation of GAAP earnings with operating earnings
for the quarter and year-to-date is included in the tables at the
end of this news release.
"Our strong 2015 earnings performance demonstrates that ongoing
investment in our core, regulated operations is the right way to
deliver enhanced service for our customers and value for our
shareholders. We increased our earnings guidance twice in 2015 and
achieved earnings performance solidly within our revised range,
despite extremely warm temperatures in the fourth quarter. For the
year, we grew operating earnings per share by 7.6 percent and
increased our quarterly dividend by nearly 6 percent," said
Nicholas K. Akins, AEP chairman,
president and chief executive officer.
"The success of our transmission business continues, and its
contribution to earnings was 39 cents
per share for the year, an increase of 26 percent from 2014," Akins
said. "Additionally, we benefited from successful regulatory
proceedings resolving important issues in several states. During
the fourth quarter, we achieved a settlement in our AEP Ohio Power
Purchase Agreement proceeding and completed the sale of our
commercial barge business. We are reinvesting the proceeds from the
sale of AEP River Operations back in our core, regulated
businesses.
"We've also increased our expected capital investments for 2017
and 2018 to $5 billion per year to
realize benefits from the extension of bonus depreciation for our
customers and to support long-term earnings growth.
"The positive load growth pattern we saw developing in the
second and third quarters of 2015 moderated late in the year as we
saw declines in economic activity related to the strong dollar,
weak global economy and low oil prices, as well as unseasonably
warm weather. The primary metals and mining sectors, in particular,
have been challenged. We experienced commercial load growth in
several Midwestern states from domestic auto production, and we
continue to see load increases in the parts of our service
territory located near major shale formations. Overall, we expect
normalized load growth in 2016 to track slightly better than 2015,"
Akins said.
EARNINGS GUIDANCE
Management reaffirmed its 2016 operating earnings guidance range
of $3.60 to $3.80 per share. In
providing operating earnings guidance, there could be differences
between operating earnings and GAAP earnings for matters such as,
but not limited to, impairments, divestitures or changes in
accounting principles. AEP management is not able to estimate the
impact, if any, on GAAP earnings of these items. Therefore, AEP is
not able to provide a corresponding GAAP equivalent for earnings
guidance.
SUMMARY OF RESULTS
BY SEGMENT
|
$ in
millions
|
|
GAAP
Earnings
|
4Q
15
|
4Q
14
|
Variance
|
YTD
15
|
YTD
14
|
Variance
|
Vertically Integrated
Utilities(a)
|
117
|
57
|
60
|
897
|
708
|
189
|
Transmission &
Distribution Utilities (b)
|
64
|
76
|
(12)
|
352
|
355
|
(3)
|
AEP Transmission
Holdco (c)
|
44
|
37
|
7
|
191
|
151
|
40
|
Generation &
Marketing (d)
|
6
|
(11)
|
17
|
366
|
367
|
(1)
|
AEP River Operations
(e)
|
13
|
33
|
(20)
|
29
|
50
|
(21)
|
All Other
|
225
|
(1)
|
226
|
212
|
3
|
209
|
Total
GAAP Earnings
|
469
|
191
|
278
|
2,047
|
1,634
|
413
|
|
|
|
|
|
|
|
Operating
Earnings
|
4Q
15
|
4Q
14
|
Variance
|
YTD
15
|
YTD
14
|
Variance
|
Vertically Integrated
Utilities
|
117
|
57
|
60
|
897
|
708
|
189
|
Transmission &
Distribution Utilities
|
64
|
76
|
(12)
|
352
|
355
|
(3)
|
AEP Transmission
Holdco
|
44
|
37
|
7
|
191
|
151
|
40
|
Generation &
Marketing
|
9
|
30
|
(21)
|
366
|
408
|
(42)
|
AEP River
Operations
|
13
|
33
|
(20)
|
29
|
50
|
(21)
|
All Other
|
(14)
|
(1)
|
(13)
|
(27)
|
3
|
(30)
|
Total
Operating Earnings
|
233
|
232
|
1
|
1,808
|
1,675
|
133
|
|
A full reconciliation
of GAAP earnings with operating earnings is included in tables at
the end of this news release.
|
|
(a) Includes
AEP Generating Co., Appalachian Power, Indiana Michigan Power,
Kentucky Power, Kingsport Power, Public Service Company of
Oklahoma, Southwestern Electric Power and Wheeling
Power.
|
(b) Includes
Ohio Power, AEP Texas Central and AEP Texas North.
|
(c) Includes
wholly owned transmission-only subsidiaries and transmission-only
joint ventures.
|
(d) Includes
nonregulated generation in ERCOT and PJM as well as marketing, risk
management and retail activities in ERCOT, PJM and MISO.
|
(e) Includes
commercial barging operations.
|
Operating earnings from Vertically Integrated Utilities for
fourth-quarter 2015 and the year increased compared with the same
periods in 2014 by $60 million and
$189 million, respectively. This
reflects the impact of favorable rate outcomes, prior-year
regulatory provisions, lower operations and maintenance expenses
and lower income tax expenses, partially offset by reduced margins
from retail and wholesale energy sales.
Operating earnings from AEP Transmission Holdco for
fourth-quarter 2015 and the year increased compared with the same
periods in 2014 by $7 million and
$40 million, respectively, largely
due to increased transmission-related investment.
Operating earnings from Generation & Marketing for
fourth-quarter 2015 and the year decreased compared with the same
periods in 2014 by $21 million and
$42 million, respectively, primarily
from reduced capacity revenue, partially offset by lower fuel
costs, favorable hedging activity and lower operations and
maintenance expenses.
Operating earnings from AEP River Operations for fourth-quarter
2015 and the year decreased compared with the same periods in 2014
by $20 million and $21 million, respectively. The decrease is
primarily due to the sale of AEP River Operations during the fourth
quarter of 2015.
Operating earnings from All Other for fourth-quarter 2015 and
the year decreased compared with the same periods in 2014 by
$13 million and $30 million, respectively, primarily due to an
increase in operations and maintenance expenses as well as the
impact of a prior-year tax adjustment.
WEBCAST
American Electric Power's quarterly conference call with
financial analysts and investors will be broadcast live over the
Internet at 9 a.m. EST today at
http://www.aep.com/webcasts. The webcast will include audio of the
conference call and visuals of charts and graphics referred to by
AEP management during the call. The charts and graphics will be
available for download at http://www.aep.com/webcasts.
The call will be archived on http://www.aep.com/webcasts for
those unable to listen during the live webcast. Archived calls also
are available as podcasts.
---
AEP's earnings are prepared in accordance with accounting
principles generally accepted in the
United States and represent the company's earnings as
reported to the Securities and Exchange Commission. The company's
operating earnings, or GAAP earnings adjusted for certain items as
described in the news release and charts, provide another
representation of the company's performance. AEP uses operating
earnings as the primary performance measurement when communicating
with analysts and investors regarding its earnings outlook and
results. The company also uses operating earnings data internally
to measure performance against budget and to report to AEP's Board
of Directors.
---
This report made by American Electric Power and its Registrant
Subsidiaries contains forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934. Although AEP
and each of its Registrant Subsidiaries believe that their
expectations are based on reasonable assumptions, any such
statements may be influenced by factors that could cause actual
outcomes and results to be materially different from those
projected. Among the factors that could cause actual results to
differ materially from those in the forward-looking statements are:
the economic climate, growth or contraction within and changes in
market demand and demographic patterns in AEP's service territory;
inflationary or deflationary interest rate trends; volatility in
the financial markets, particularly developments affecting the
availability or cost of capital to finance new capital projects and
refinance existing debt; the availability and cost of funds to
finance working capital and capital needs, particularly during
periods when the time lag between incurring costs and recovery is
long and the costs are material; electric load, customer growth and
the impact of competition, including competition for retail
customers; weather conditions, including storms and drought
conditions, and AEP's ability to recover significant storm
restoration costs; the cost of fuel and its transportation and the
creditworthiness and performance of fuel suppliers and
transporters; availability of necessary generating capacity and the
performance of AEP's generating plants; AEP's ability to recover
fuel and other energy costs through regulated or competitive
electric rates; AEP's ability to build transmission lines and
facilities (including the ability to obtain any necessary
regulatory approvals and permits) when needed at acceptable prices
and terms and to recover those costs; new legislation, litigation
and government regulation, including oversight of nuclear
generation, energy commodity trading and new or heightened
requirements for reduced emissions of sulfur, nitrogen, mercury,
carbon, soot or particulate matter and other substances, or
additional regulation of fly ash and similar combustion products
that could impact the continued operation, cost recovery, and/or
profitability of AEP's generation plants and related assets;
evolving public perception of the risks associated with fuels used
before, during and after the generation of electricity, including
nuclear fuel; a reduction in the federal statutory tax rate that
could result in an accelerated return of deferred federal income
taxes to customers; timing and resolution of pending and future
rate cases, negotiations and other regulatory decisions, including
rate or other recovery of new investments in generation,
distribution and transmission service and environmental compliance;
resolution of litigation; AEP's ability to constrain operation and
maintenance costs; AEP's ability to develop and execute a strategy
based on a view regarding prices of electricity and other
energy-related commodities; prices and demand for power that AEP
generates and sells at wholesale; changes in technology,
particularly with respect to new, developing, alternative or
distributed sources of generation; AEP's ability to recover through
rates or market prices any remaining unrecovered investment in
generating units that may be retired before the end of their
previously projected useful lives; volatility and changes in
markets for capacity and electricity, coal, and other
energy-related commodities, particularly changes in the price of
natural gas and capacity auction returns; changes in utility
regulation and the allocation of costs within regional transmission
organizations, including ERCOT, PJM and SPP; the market for
generation in Ohio and PJM and
AEP's ability to recover investments in its Ohio generation assets; AEP's ability to
successfully and profitably manage its competitive generation
assets, including AEP's evaluation of strategic alternatives for
these assets as some of these alternatives could result in a loss;
changes in the creditworthiness of the counterparties with whom AEP
has contractual arrangements, including participants in the energy
trading market; actions of rating agencies, including changes in
the ratings of AEP debt; the impact of volatility in the capital
markets on the value of the investments held by AEP's pension,
other postretirement benefit plans, captive insurance entity and
nuclear decommissioning trust and the impact of such volatility on
future funding requirements; accounting pronouncements periodically
issued by accounting standard-setting bodies; and other risks and
unforeseen events, including wars, the effects of terrorism
(including increased security costs), embargoes, cyber security
threats and other catastrophic events.
American Electric
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the 4th Quarter 2015
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
&
Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
and
Marketing
|
|
AEP River
Operations
|
|
Parent & All
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Earnings
|
|
117.0
|
|
64.0
|
|
44.0
|
|
6.0
|
|
13.0
|
|
225.0
|
|
469.0
|
|
$ 0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Economic Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
3.0
|
|
-
|
|
-
|
|
3.0
|
|
$
-
|
|
Disposition of
Commercial Barge Operations
|
(b)
|
|
|
|
|
|
|
|
|
-
|
|
(239.0)
|
|
(239.0)
|
|
$ (0.48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
3.0
|
|
-
|
|
(239.0)
|
|
(236.0)
|
|
$ (0.48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
117.0
|
|
64.0
|
|
44.0
|
|
9.0
|
|
13.0
|
|
(14.0)
|
|
233.0
|
|
$ 0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the 4th Quarter 2014
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
&
Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
and
Marketing
|
|
AEP River
Operations
|
|
Parent & All
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Earnings
|
|
57.0
|
|
76.0
|
|
37.0
|
|
(11.0)
|
|
33.0
|
|
(1.0)
|
|
191.0
|
|
$ 0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Economic Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
6.0
|
|
-
|
|
-
|
|
6.0
|
|
$ 0.01
|
|
Coal Contract
Termination
|
(c)
|
|
|
|
|
|
|
35.0
|
|
|
|
|
|
35.0
|
|
$ 0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
41.0
|
|
-
|
|
-
|
|
41.0
|
|
$ 0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
57.0
|
|
76.0
|
|
37.0
|
|
30.0
|
|
33.0
|
|
(1.0)
|
|
232.0
|
|
$ 0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
|
|
|
|
|
|
|
|
(b)
|
Reflected in
Discontinued Operations, Equity Earnings and Income Tax
Expense
|
|
|
|
|
|
|
(c)
|
Reflected in Fuel,
and Income Tax Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending December 31
|
|
ENERGY &
DELIVERY SUMMARY
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
6,649
|
|
7,947
|
|
(16.3%)
|
|
Commercial
|
|
5,691
|
|
6,068
|
|
(6.2%)
|
|
Industrial
|
|
8,460
|
|
8,962
|
|
(5.6%)
|
|
Miscellaneous
|
|
541
|
|
571
|
|
(5.3%)
|
|
Total
Retail
|
|
21,341
|
|
23,548
|
|
(9.4%)
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
4,605
|
|
6,824
|
|
(32.5%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
25,946
|
|
30,372
|
|
(14.6%)
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
5,250
|
|
5,929
|
|
(11.5%)
|
|
Commercial
|
|
5,949
|
|
6,295
|
|
(5.5%)
|
|
Industrial
|
|
5,598
|
|
5,568
|
|
0.5%
|
|
Miscellaneous
|
|
169
|
|
173
|
|
(2.3%)
|
|
Total
Retail (b)
|
|
16,966
|
|
17,965
|
|
(5.6%)
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
241
|
|
471
|
|
(48.8%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
17,207
|
|
18,436
|
|
(6.7%)
|
|
|
|
|
|
|
|
|
|
(a) Includes
Off-System Sales, Municipalities and Cooperatives, Unit Power,
and
|
|
|
|
Other Wholesale Customers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Represents energy
delivered to distribution customers.
|
|
|
|
|
|
|
American Electric
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for Year-to-Date 2015
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
&
Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
and
Marketing
|
|
AEP River
Operations
|
|
Parent & All
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Earnings
|
|
897.0
|
|
352.0
|
|
191.0
|
|
366.0
|
|
29.0
|
|
212.0
|
|
2,047.0
|
|
$ 4.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Economic Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Disposition of
Commercial Barge Operations
|
(b)
|
|
|
|
|
|
|
|
|
-
|
|
(239.0)
|
|
(239.0)
|
|
(0.48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
(239.0)
|
|
(239.0)
|
|
$ (0.48)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
897.0
|
|
352.0
|
|
191.0
|
|
366.0
|
|
29.0
|
|
(27.0)
|
|
1,808.0
|
|
$ 3.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for Year-to-Date 2014
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
&
Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
and
Marketing
|
|
AEP River
Operations
|
|
Parent & All
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Earnings
|
|
708.0
|
|
355.0
|
|
151.0
|
|
367.0
|
|
50.0
|
|
3.0
|
|
1,634.0
|
|
$ 3.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Economic Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
6.0
|
|
-
|
|
-
|
|
6.0
|
|
0.01
|
|
Coal Contract
Termination
|
(c)
|
|
|
|
|
|
|
35.0
|
|
|
|
|
|
35.0
|
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
41.0
|
|
-
|
|
-
|
|
41.0
|
|
$ 0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
708.0
|
|
355.0
|
|
151.0
|
|
408.0
|
|
50.0
|
|
3.0
|
|
1,675.0
|
|
$ 3.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
|
|
|
|
|
|
(b)
|
Reflected in
Discontinued Operations, Equity Earnings and Income Tax
Expense
|
|
|
|
|
|
|
(c)
|
Reflected in Fuel,
and Income Tax Expense
|
|
|
|
|
|
|
|
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ending December 31
|
|
ENERGY &
DELIVERY SUMMARY
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
32,720
|
|
34,073
|
|
(4.0%)
|
|
Commercial
|
|
25,006
|
|
25,048
|
|
(0.2%)
|
|
Industrial
|
|
34,638
|
|
35,281
|
|
(1.8%)
|
|
Miscellaneous
|
|
2,279
|
|
2,311
|
|
(1.4%)
|
|
Total
Retail
|
|
94,643
|
|
96,713
|
|
(2.1%)
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
25,353
|
|
34,241
|
|
(26.0%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
119,996
|
|
130,954
|
|
(8.4%)
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
Retail Electric
(in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
25,735
|
|
26,209
|
|
(1.8%)
|
|
Commercial
|
|
25,268
|
|
25,307
|
|
(0.2%)
|
|
Industrial
|
|
22,353
|
|
21,830
|
|
2.4%
|
|
Miscellaneous
|
|
702
|
|
713
|
|
(1.5%)
|
|
Total
Retail (b)
|
|
74,058
|
|
74,059
|
|
(0.0%)
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
1,701
|
|
2,198
|
|
(22.6%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
75,759
|
|
76,257
|
|
(0.7%)
|
|
|
|
|
|
|
|
|
|
(a) Includes
Off-System Sales, Municipalities and Cooperatives, Unit Power,
and
|
|
|
|
Other Wholesale Customers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Represents energy
delivered to distribution customers.
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aep-reports-2015-fourth-quarter-and-year-end-earnings-strong-performance-driven-by-investment-in-core-operations-300211151.html
SOURCE American Electric Power