COLUMBUS, Ohio, July 27,
2017 /PRNewswire/ --
|
AMERICAN ELECTRIC
POWER
|
Preliminary,
unaudited results
|
|
|
|
Second Quarter
ended June 30
|
|
Year-to-date ended
June 30
|
|
|
2017
|
|
2016
|
|
Variance
|
|
2017
|
|
|
2016
|
|
Variance
|
Revenue ($ in
billions):
|
3.6
|
|
3.9
|
|
(0.3)
|
|
7.5
|
|
|
7.9
|
|
(0.4)
|
Earnings (Loss) ($
in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
375.0
|
|
502.1
|
|
(127.1)
|
|
967.2
|
|
|
1,003.3
|
|
(36.1)
|
|
Operating
|
370.4
|
|
465.7
|
|
(95.3)
|
|
844.7
|
|
|
966.9
|
|
(122.2)
|
EPS
($):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
0.76
|
|
1.02
|
|
(0.26)
|
|
1.97
|
|
|
2.04
|
|
(0.07)
|
|
Operating
|
0.75
|
|
0.95
|
|
(0.20)
|
|
1.72
|
|
|
1.97
|
|
(0.25)
|
|
EPS based on 492mm
shares 2Q 2017, 491mm shares 2Q 2016, 492mm shares YTD 2017 and
491mm shares YTD 2016.
|
|
American Electric Power (NYSE: AEP) today reported
second-quarter 2017 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $375 million or $0.76 per share, compared with GAAP earnings of
$502 million or $1.02 per share in second-quarter 2016. Operating
earnings for second-quarter 2017 were $370
million or $0.75 per share,
compared with operating earnings of $466
million or $0.95 per share in
second-quarter 2016. Operating earnings is a non-GAAP measure
representing GAAP earnings excluding special items. The difference
between 2017 GAAP earnings and operating earnings was largely due
to adjustments related to the sale of competitive generation
assets.
A full reconciliation of GAAP earnings to operating earnings for
the quarter and year-to-date is included in the tables at the end
of this news release.
"We are on track to achieve our operating earnings guidance
range of $3.55 to $3.75 per share
this year, despite the negative impact of very mild temperatures.
We anticipated lower operating earnings performance this quarter,
compared with last year, due to the sale of competitive generation
assets and the positive impacts from regulatory true ups and
reversals a year ago. The remainder of the year will benefit from
lower operating and maintenance expenses compared to last year,"
said Nicholas K. Akins, AEP
chairman, president and chief executive officer.
"Overall economic conditions are getting better in the states we
serve, consistent with the improvement we've projected in our 2017
operating earnings guidance. Industrial load increased by four
percent this quarter, and we are now seeing positive industrial
sales results across most industries in our service area. We are
optimistic that this stronger industrial demand will lead to future
improvements in commercial and residential load later this
year.
"Our transmission business continues to expand, reflecting the
increased investments we are making to provide enhanced grid
reliability and resilience for customers. Our Transmission Holding
Co. business contributed 26 cents per
share for the quarter, an increase of seven
cents from the same period last year," Akins said.
SUMMARY OF RESULTS
BY SEGMENT
|
$ in
millions
|
|
GAAP
Earnings
|
2Q
17
|
|
2Q
16
|
|
Variance
|
|
YTD
17
|
|
YTD
16
|
|
Variance
|
Vertically Integrated
Utilities (a)
|
120.8
|
|
209.4
|
|
(88.6)
|
|
340.3
|
|
487.0
|
|
(146.7)
|
Transmission &
Distribution Utilities (b)
|
111.2
|
|
124.6
|
|
(13.4)
|
|
230.3
|
|
232.1
|
|
(1.8)
|
AEP Transmission
Holdco (c)
|
128.4
|
|
94.6
|
|
33.8
|
|
200.2
|
|
138.5
|
|
61.7
|
Generation &
Marketing (d)
|
26.4
|
|
49.7
|
|
(23.3)
|
|
212.6
|
|
120.4
|
|
92.2
|
Corporate and Other
(e)
|
(11.8)
|
|
23.8
|
|
(35.6)
|
|
(16.2)
|
|
25.3
|
|
(41.5)
|
Total
GAAP Earnings (Loss)
|
375.0
|
|
502.1
|
|
(127.1)
|
|
967.2
|
|
1,003.3
|
|
(36.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
2Q
17
|
|
2Q
16
|
|
Variance
|
|
YTD
17
|
|
YTD
16
|
|
Variance
|
Vertically Integrated
Utilities (a)
|
120.8
|
|
209.4
|
|
(88.6)
|
|
340.3
|
|
487.0
|
|
(146.7)
|
Transmission &
Distribution Utilities (b)
|
111.2
|
|
124.6
|
|
(13.4)
|
|
230.3
|
|
232.1
|
|
(1.8)
|
AEP Transmission
Holdco (c)
|
128.4
|
|
94.6
|
|
33.8
|
|
200.2
|
|
138.5
|
|
61.7
|
Generation &
Marketing (d)
|
21.8
|
|
46.0
|
|
(24.2)
|
|
90.1
|
|
116.7
|
|
(26.6)
|
Corporate and Other
(e)
|
(11.8)
|
|
(8.9)
|
|
(2.9)
|
|
(16.2)
|
|
(7.4)
|
|
(8.8)
|
Total
Operating Earnings
|
370.4
|
|
465.7
|
|
(95.3)
|
|
844.7
|
|
966.9
|
|
(122.2)
|
A full reconciliation
of GAAP earnings to 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.
|
c.
|
Includes wholly-owned
transmission-only subsidiaries and transmission-only joint
ventures.
|
d.
|
Includes AEP OnSite
Partners, AEP Renewables, 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 in prior periods.
|
EARNINGS GUIDANCE
Management reaffirms its 2017 operating earnings guidance range
of $3.55 to $3.75 per share.
Operating earnings could differ from GAAP earnings for matters such
as impairments, divestitures or changes in accounting principles.
AEP management is not able to forecast if any of these items will
occur or any amounts that may be reported for future periods.
Therefore, AEP is not able to provide a corresponding GAAP
equivalent for earnings guidance.
Reflecting special items recorded through the second quarter,
the estimated earnings per share on a GAAP basis would be
$3.80 to $4.00 per share. See the
table below for a full reconciliation of 2017 earnings
guidance.
2017 EPS Guidance
Reconciliation
|
|
|
|
|
Estimated EPS on a
GAAP basis
|
$3.80
|
to
|
$4.00
|
|
|
|
|
Mark-to-Market impact
of commodity hedging activities
|
|
0.00
|
|
Impairment of certain
merchant generation assets
|
|
0.01
|
|
Gain from competitive
generation asset sale
|
|
(0.26)
|
|
|
|
|
|
Operating EPS
Guidance
|
$3.55
|
to
|
$3.75
|
WEBCAST
AEP's quarterly discussion with financial analysts and investors
will be broadcast live over the internet at 9 a.m. EDT today at http://www.aep.com/webcasts.
The webcast will include audio of the discussion and visuals of
charts and graphics referred to by AEP management. The charts and
graphics will be available for download at
http://www.aep.com/webcasts.
American Electric Power, based in Columbus, Ohio, is focused on building a
smarter energy infrastructure and delivering new technologies and
custom energy solutions to our customers. AEP's more than 17,000
employees operate and maintain the nation's largest electricity
transmission system and more than 224,000 miles of distribution
lines to efficiently deliver safe, reliable power to nearly 5.4
million regulated customers in 11 states. AEP also is one of the
nation's largest electricity producers with approximately 33,000
megawatts of diverse generating capacity, including 4,200 megawatts
of renewable energy. AEP's family of companies includes utilities
AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West
Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky
Power, Public Service Company of Oklahoma, and Southwestern Electric Power
Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy
Partners, AEP OnSite Partners, and AEP Renewables, which provide
innovative competitive energy solutions nationwide.
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, a non-GAAP measure representing GAAP earnings
excluding special items as described in the news release and
charts, provide another representation for investors to evaluate
the performance of the company's ongoing business activities. AEP
uses operating earnings as the primary performance measurement when
communicating with analysts and investors regarding its earnings
outlook and results. The company uses operating earnings data
internally to measure performance against budget and to report to
AEP's Board of Directors and also as an input in determining
performance-based compensation under the company's employee
incentive compensation plans.
---
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:
economic growth or contraction within and changes in market demand
and demographic patterns in AEP service territories; 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 and customer growth; 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 and the cost of
storing and disposing of used fuel, including coal ash and spent
nuclear fuel; availability of necessary generating capacity and the
performance of AEP's generating plants and the availability of
fuel, including processed nuclear fuel, parts and service from
reliable vendors; 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 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 gas; prices and demand for power generated and sold at
wholesale; changes in technology, particularly with respect to
energy storage and new, developing, alternative or distributed
sources of generation; AEP's ability to recover through rates 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; changes in utility regulation and the
allocation of costs within regional transmission organizations,
including ERCOT, PJM and SPP; AEP's ability to successfully and
profitably manage competitive generation assets, including the
evaluation and execution of strategic alternatives for these assets
as some of the 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 Second Quarter 2017
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation &
Marketing
|
|
Corporate and
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
120.8
|
|
111.2
|
|
128.4
|
|
26.4
|
|
(11.8)
|
|
375.0
|
|
$
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Commodity
Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
0.7
|
|
-
|
|
0.7
|
|
-
|
|
Gain from
Competitive Generation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Sale
|
(b)
|
-
|
|
-
|
|
-
|
|
(2.3)
|
|
-
|
|
(2.3)
|
|
-
|
|
Impairment of
Certain Merchant
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation
Assets
|
(c)
|
-
|
|
-
|
|
-
|
|
(3.0)
|
|
-
|
|
(3.0)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(4.6)
|
|
-
|
|
(4.6)
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
|
120.8
|
|
111.2
|
|
128.4
|
|
21.8
|
|
(11.8)
|
|
370.4
|
|
$
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the Second Quarter 2016
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
&
Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation &
Marketing
|
|
Corporate and
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
209.4
|
|
124.6
|
|
94.6
|
|
49.7
|
|
23.8
|
|
502.1
|
|
$
1.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging
Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
(3.7)
|
|
-
|
|
(3.7)
|
|
(0.01)
|
|
Disposition of
Commercial Barge
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barge
Operations
|
(d)
|
|
|
|
|
|
|
|
|
22.9
|
|
22.9
|
|
0.05
|
|
Federal Tax
Audit Settlement
|
(e)
|
|
|
|
|
|
|
|
|
(55.6)
|
|
(55.6)
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(3.7)
|
|
(32.7)
|
|
(36.4)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
|
209.4
|
|
124.6
|
|
94.6
|
|
46.0
|
|
(8.9)
|
|
465.7
|
|
$
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
(b)
|
Reflected in Gain on
Sale of Assets and Income Tax Expense
|
(c)
|
Reflected in Asset
Impairments and Other Related Charges and Income Tax
Expense
|
(d)
|
Reflected in
Discontinued Operations, Equity Earnings and Income Tax
Expense
|
(e)
|
Reflected in Income
Tax Expense
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ending June 30
|
|
ENERGY &
DELIVERY SUMMARY
|
|
2017
|
|
2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
Retail Electric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
6,499
|
|
6,674
|
|
(2.6%)
|
|
Commercial
|
|
5,996
|
|
6,190
|
|
(3.1%)
|
|
Industrial
|
|
8,689
|
|
8,654
|
|
0.4%
|
|
Miscellaneous
|
|
562
|
|
565
|
|
(0.5%)
|
|
Total
Retail
|
|
21,746
|
|
22,083
|
|
(1.5%)
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
5,918
|
|
5,696
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
27,664
|
|
27,779
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
Retail Electric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
5,956
|
|
6,009
|
|
(0.9%)
|
|
Commercial
|
|
6,490
|
|
6,602
|
|
(1.7%)
|
|
Industrial
|
|
5,941
|
|
5,506
|
|
7.9%
|
|
Miscellaneous
|
|
171
|
|
175
|
|
(2.3%)
|
|
Total
Retail (b)
|
|
18,558
|
|
18,292
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
761
|
|
412
|
|
84.7%
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
19,319
|
|
18,704
|
|
3.3%
|
|
|
|
|
|
|
|
|
|
(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 2017
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation &
Marketing
|
|
Corporate and
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
340.3
|
|
230.3
|
|
200.2
|
|
212.6
|
|
(16.2)
|
|
967.2
|
|
$
1.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Commodity
Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
2.7
|
|
-
|
|
2.7
|
|
-
|
|
Gain from
Competitive Generation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Sale
|
(b)
|
-
|
|
-
|
|
-
|
|
(129.4)
|
|
-
|
|
(129.4)
|
|
(0.26)
|
|
Impairment of
Certain Merchant
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation
Assets
|
(c)
|
-
|
|
-
|
|
-
|
|
4.2
|
|
-
|
|
4.2
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(122.5)
|
|
-
|
|
(122.5)
|
|
$
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
|
340.3
|
|
230.3
|
|
200.2
|
|
90.1
|
|
(16.2)
|
|
844.7
|
|
$
1.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for Year-to-Date 2016
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation &
Marketing
|
|
Corporate and
Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
487.0
|
|
232.1
|
|
138.5
|
|
120.4
|
|
25.3
|
|
1,003.3
|
|
$
2.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging
Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
(3.7)
|
|
-
|
|
(3.7)
|
|
(0.01)
|
|
Disposition of
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barge
Operations
|
(d)
|
|
|
|
|
|
|
|
|
22.9
|
|
22.9
|
|
0.05
|
|
Federal Tax
Audit Settlement
|
(e)
|
|
|
|
|
|
|
|
|
(55.6)
|
|
(55.6)
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(3.7)
|
|
(32.7)
|
|
(36.4)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
|
|
487.0
|
|
232.1
|
|
138.5
|
|
116.7
|
|
(7.4)
|
|
966.9
|
|
$
1.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
(b)
|
Reflected in Gain on
Sale of Assets and Income Tax Expense
|
(c)
|
Reflected in Asset
Impairments and Other Related Charges and Income Tax
Expense.
|
(d)
|
Reflected in
Discontinued Operations, Equity Earnings and Income Tax
Expense
|
(e)
|
Reflected in Income
Tax Expense
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ending
June 30
|
|
ENERGY &
DELIVERY SUMMARY
|
|
2017
|
|
2016
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
Retail Electric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
14,738
|
|
15,798
|
|
(6.7%)
|
|
Commercial
|
|
11,685
|
|
12,070
|
|
(3.2%)
|
|
Industrial
|
|
16,953
|
|
16,921
|
|
0.2%
|
|
Miscellaneous
|
|
1,098
|
|
1,106
|
|
(0.7%)
|
|
Total
Retail
|
|
44,474
|
|
45,895
|
|
(3.1%)
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
12,425
|
|
10,488
|
|
18.5%
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
56,899
|
|
56,383
|
|
0.9%
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
Retail Electric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
11,850
|
|
12,250
|
|
(3.3%)
|
|
Commercial
|
|
12,243
|
|
12,389
|
|
(1.2%)
|
|
Industrial
|
|
11,417
|
|
11,004
|
|
3.8%
|
|
Miscellaneous
|
|
331
|
|
341
|
|
(2.9%)
|
|
Total
Retail (b)
|
|
35,841
|
|
35,984
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
Wholesale Electric
(in millions of kWh): (a)
|
|
1,559
|
|
735
|
|
112.1%
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
37,400
|
|
36,719
|
|
1.9%
|
|
|
|
|
|
|
|
|
|
(a) Includes
Off-System Sales, Municipalities and Cooperatives, Unit Power,
and
|
|
Other Wholesale Customers.
|
|
|
|
|
|
|
|
|
|
(b) Represents energy
delivered to distribution customers.
|
|
View original
content:http://www.prnewswire.com/news-releases/aep-reports-second-quarter-2017-earnings-reaffirms-full-year-earnings-guidance-300494975.html
SOURCE American Electric Power