COLUMBUS, Ohio, July 23, 2015 /PRNewswire/ --
- Second-quarter 2015 GAAP and operating earnings $0.88 per share
- AEP increases and narrows 2015 operating earnings guidance
range to $3.50 to $3.65 per
share
- Company adds $200 million to
its 2015 capital investment plan for transmission
|
AMERICAN ELECTRIC
POWER
|
Preliminary,
unaudited results
|
|
|
|
Second-quarter
ended June 30
|
|
Year-to-date ended
June 30
|
|
|
2015
|
2014
|
Variance
|
|
2015
|
2014
|
Variance
|
Revenue ($ in
billions):
|
3.9
|
4.0
|
(0.1)
|
|
8.7
|
8.7
|
0.0
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
GAAP
|
430
|
390
|
40
|
|
1,059
|
950
|
109
|
|
Operating
|
429
|
390
|
39
|
|
1,054
|
950
|
104
|
EPS
($):
|
|
|
|
|
|
|
|
|
|
GAAP
|
0.88
|
0.80
|
0.08
|
|
2.16
|
1.95
|
0.21
|
|
Operating
|
0.88
|
0.80
|
0.08
|
|
2.15
|
1.95
|
0.20
|
EPS based on 490mm
shares Q2 2015, 488mm shares Q2 2014, 490mm shares YTD 2015 and
488mm shares YTD 2014
|
|
American Electric Power (NYSE: AEP) today reported
second-quarter 2015 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $430 million or $0.88 per share, compared with $390 million or $0.80 per share in second-quarter 2014. Operating
earnings (GAAP earnings excluding special items) for second-quarter
2015 were $429 million or
$0.88 per share, compared with
second-quarter 2014 operating earnings of $390 million or $0.80 per share.
The difference in second-quarter 2015 GAAP and operating
earnings was due to commodity hedging within the Generation &
Marketing segment.
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 ongoing strategy of investing in our regulated business for
the benefit of our customers while managing our costs continues to
deliver positive earnings results. Our GAAP and operating earnings
for the second quarter increased 10 percent over the same period
last year, and our performance during the first half of this year
gives us confidence to increase and narrow our operating earnings
guidance range for 2015 to $3.50 to
$3.65 per share," said Nicholas K. Akins, AEP chairman, president and
chief executive officer.
"We saw positive load growth across all major retail customer
classes in the second quarter of 2015. Although the level of
industrial sales growth has moderated recently, we continue to see
robust industrial sales growth from shale gas activity, including
pipeline transportation infrastructure being built to support the
Marcellus, Utica and Texas shale operations. As anticipated, new
oil- and gas-related expansions are expected to come on line over
the next 18 months.
"Based on our positive results and our strong balance sheet, we
are increasing our 2015 capital investments by $200 million to $4.6
billion. This additional capital will be allocated to
transmission investment where we have significant opportunities to
enhance and rebuild infrastructure in both our regulated utility
operating companies and our Transmission Holding Co. business. Our
transmission business continues to grow and support our earnings
growth. Transmission Holdco contributed 13
cents per share to our operating earnings during this
quarter, a 30 percent increase over the second quarter last year,
and the business is on target to achieve its expected contribution
to earnings for the year," Akins said.
EARNINGS GUIDANCE
Management increased and narrowed its 2015 operating earnings
guidance range to $3.50 to $3.65 per
share from the previous 2015 operating earnings guidance of
$3.40 to $3.60 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 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
|
2Q
15
|
2Q
14
|
Variance
|
YTD
15
|
YTD
14
|
Variance
|
|
Vertically Integrated
Utilities(a)
|
207
|
154
|
53
|
506
|
432
|
74
|
|
Transmission &
Distribution Utilities (b)
|
78
|
90
|
(12)
|
175
|
187
|
(12)
|
|
AEP Transmission
Holdco (c)
|
65
|
47
|
18
|
101
|
71
|
30
|
|
Generation &
Marketing (d)
|
82
|
98
|
(16)
|
269
|
261
|
8
|
|
AEP River Operations
(e)
|
1
|
3
|
(2)
|
12
|
6
|
6
|
|
All Other
|
(3)
|
(2)
|
(1)
|
(4)
|
(7)
|
3
|
|
Total
GAAP Earnings
|
430
|
390
|
40
|
1,059
|
950
|
109
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
2Q
15
|
2Q
14
|
Variance
|
YTD
15
|
YTD
14
|
Variance
|
|
Vertically Integrated
Utilities
|
207
|
154
|
53
|
506
|
432
|
74
|
|
Transmission &
Distribution Utilities
|
78
|
90
|
(12)
|
175
|
187
|
(12)
|
|
AEP Transmission
Holdco
|
65
|
47
|
18
|
101
|
71
|
30
|
|
Generation &
Marketing
|
81
|
98
|
(17)
|
264
|
261
|
3
|
|
AEP River
Operations
|
1
|
3
|
(2)
|
12
|
6
|
6
|
|
All Other
|
(3)
|
(2)
|
(1)
|
(4)
|
(7)
|
3
|
|
Total
Operating Earnings
|
429
|
390
|
39
|
1,054
|
950
|
104
|
|
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
second-quarter 2015 increased $53
million compared with the same period in 2014. This reflects
favorable rate impacts and lower operations and maintenance costs,
partially offset by reduced off-system sales.
Operating earnings from Transmission & Distribution
Utilities for second-quarter 2015 decreased $12 million compared with the same period in
2014, primarily because of a reduction in normalized margins.
Operating earnings from AEP Transmission Holdco for
second-quarter 2015 increased $18
million compared with the same period in 2014, largely due
to increased transmission-related investment.
Operating earnings from Generation & Marketing for
second-quarter 2015 decreased $17
million compared with the same period in 2014, primarily
from reduced capacity revenue, partially offset by favorable
hedging activity.
Operating earnings from AEP River Operations for second-quarter
2015 decreased $2 million compared
with the same period in 2014, primarily due to lower freight
revenue resulting from operating restrictions because of high
water.
WEBCAST
American Electric Power's quarterly conference call 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
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.
---
American Electric Power is one of the largest electric utilities
in the United States, delivering
electricity to more than 5.3 million customers in 11 states. AEP
ranks among the nation's largest generators of electricity, owning
nearly 32,000 megawatts of generating capacity in the U.S. AEP also
owns the nation's largest electricity transmission system, a more
than 40,000-mile network that includes more 765-kilovolt extra-high
voltage transmission lines than all other U.S. transmission systems
combined. AEP's transmission system directly or indirectly serves
about 10 percent of the electricity demand in the Eastern
Interconnection, the interconnected transmission system that covers
38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the
electricity demand in ERCOT, the transmission system that covers
much of Texas. AEP's utility units
operate as 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's headquarters are in Columbus, Ohio.
---
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 of capital on reasonable terms and developments
impairing AEP's ability to finance new capital projects and
refinance existing debt at attractive rates; 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; available sources and costs
of, and transportation for, fuels 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 increases in fuel and
other energy costs through regulated or competitive electric rates;
AEP's ability to build or acquire generating capacity and
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 transition to
market for generation in Ohio,
including the implementation of ESPs and AEP's ability to recover
investments in its Ohio generation
assets; AEP's ability to successfully and profitably manage its
separate competitive generation assets; 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 2nd 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
|
|
207.0
|
|
78.0
|
|
65.0
|
|
82.0
|
|
1.0
|
|
(3.0)
|
|
430.0
|
|
$ 0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of
Economic
Hedging
Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
(1.0)
|
|
-
|
|
-
|
|
(1.0)
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(1.0)
|
|
-
|
|
-
|
|
(1.0)
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
207.0
|
|
78.0
|
|
65.0
|
|
81.0
|
|
1.0
|
|
(3.0)
|
|
429.0
|
|
$ 0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the 2nd 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
|
|
154.0
|
|
90.0
|
|
47.0
|
|
98.0
|
|
3.0
|
|
(2.0)
|
|
390.0
|
|
$ 0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of
Economic
Hedging
Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
154.0
|
|
90.0
|
|
47.0
|
|
98.0
|
|
3.0
|
|
(2.0)
|
|
390.0
|
|
$ 0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and 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
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
6,672
|
|
6,716
|
|
(0.7%)
|
|
Commercial
|
|
6,296
|
|
6,122
|
|
2.8%
|
|
Industrial
|
|
8,937
|
|
9,025
|
|
(1.0%)
|
|
Miscellaneous
|
|
574
|
|
577
|
|
(0.5%)
|
|
Total
Retail
|
|
22,479
|
|
22,440
|
|
0.2%
|
|
|
|
|
|
|
|
|
|
Wholesale
Electric (in millions of kWh): (a)
|
|
5,903
|
|
8,602
|
|
(31.4%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
28,382
|
|
31,042
|
|
(8.6%)
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
5,630
|
|
5,559
|
|
1.3%
|
|
Commercial
|
|
6,372
|
|
6,314
|
|
0.9%
|
|
Industrial
|
|
5,809
|
|
5,629
|
|
3.2%
|
|
Miscellaneous
|
|
177
|
|
183
|
|
(3.3%)
|
|
Total
Retail (b)
|
|
17,988
|
|
17,685
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
Wholesale
Electric (in millions of kWh): (a)
|
|
429
|
|
453
|
|
(5.3%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
18,417
|
|
18,138
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
(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
|
|
506.0
|
|
175.0
|
|
101.0
|
|
269.0
|
|
12.0
|
|
(4.0)
|
|
1,059.0
|
|
$ 2.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of
Economic
Hedging
Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
(5.0)
|
|
-
|
|
-
|
|
(5.0)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(5.0)
|
|
-
|
|
-
|
|
(5.0)
|
|
$ (0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
506.0
|
|
175.0
|
|
101.0
|
|
264.0
|
|
12.0
|
|
(4.0)
|
|
1,054.0
|
|
$ 2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
432.0
|
|
187.0
|
|
71.0
|
|
261.0
|
|
6.0
|
|
(7.0)
|
|
950.0
|
|
$ 1.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of
Economic
Hedging
Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
432.0
|
|
187.0
|
|
71.0
|
|
261.0
|
|
6.0
|
|
(7.0)
|
|
950.0
|
|
$ 1.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and 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
|
|
2015
|
|
2014
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
17,051
|
|
17,621
|
|
(3.2%)
|
|
Commercial
|
|
12,307
|
|
12,237
|
|
0.6%
|
|
Industrial
|
|
17,297
|
|
17,357
|
|
(0.3%)
|
|
Miscellaneous
|
|
1,122
|
|
1,132
|
|
(0.9%)
|
|
Total
Retail
|
|
47,777
|
|
48,347
|
|
(1.2%)
|
|
|
|
|
|
|
|
|
|
Wholesale
Electric (in millions of kWh): (a)
|
|
14,171
|
|
18,786
|
|
(24.6%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
61,948
|
|
67,133
|
|
(7.7%)
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
12,896
|
|
13,086
|
|
(1.5%)
|
|
Commercial
|
|
12,287
|
|
12,216
|
|
0.6%
|
|
Industrial
|
|
11,089
|
|
10,773
|
|
2.9%
|
|
Miscellaneous
|
|
338
|
|
353
|
|
(4.2%)
|
|
Total
Retail (b)
|
|
36,610
|
|
36,428
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
Wholesale
Electric (in millions of kWh): (a)
|
|
963
|
|
1,152
|
|
(16.4%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
37,573
|
|
37,580
|
|
(0.0%)
|
|
|
|
|
|
|
|
|
|
(a) Includes
Off-System Sales, Municipalities and Cooperatives, Unit Power,
and
|
|
|
|
Other Wholesale Customers.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Represents energy
delivered to distribution customers.
|
|
|
|
|
|
|
Logo -
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aep-reports-strong-2015-second-quarter-earnings-increases-and-narrows-2015-earnings-guidance-300117471.html
SOURCE American Electric Power