COLUMBUS, Ohio, July 28,
2016 /PRNewswire/ --
- Second-quarter 2016 GAAP earnings of $1.02 per share and operating earnings of
$0.95 per share
- Investments in regulated businesses support continued earnings
growth
AMERICAN ELECTRIC
POWER
Preliminary, unaudited results
|
|
|
|
Second Quarter
ended June 30
|
Year-to-date ended
June 30
|
|
|
2016
|
2015
|
Variance
|
2016
|
2015
|
Variance
|
Revenue ($ in
billions):
|
3.9
|
|
3.8
|
|
0.1
|
|
7.9
|
|
8.4
|
|
(0.5)
|
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
GAAP
|
502.1
|
|
430.0
|
|
72.1
|
|
1,003.3
|
|
1,059.2
|
|
(55.9)
|
|
|
Operating
|
465.7
|
|
429.0
|
|
36.7
|
|
966.9
|
|
1,053.8
|
|
(86.9)
|
|
EPS
($):
|
|
|
|
|
|
|
|
|
GAAP
|
1.02
|
|
0.88
|
|
0.14
|
|
2.04
|
|
2.16
|
|
(0.12)
|
|
|
Operating
|
0.95
|
|
0.88
|
|
0.07
|
|
1.97
|
|
2.15
|
|
(0.18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS based on 491mm
shares 2Q 2016, 490mm shares 2Q 2015, 491mm shares YTD 2016 and
490mm shares YTD 2015.
|
American Electric Power (NYSE: AEP) today reported
second-quarter 2016 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $502 million or $1.02 per share, compared with GAAP earnings of
$430 million or $0.88 per share in second-quarter 2015. Operating
earnings for second-quarter 2016 were $466
million or $0.95 per share,
compared with operating earnings of $429
million or $0.88 per share in
second-quarter 2015. Operating earnings is a non-GAAP measure
representing GAAP earnings excluding special items.
The difference between second-quarter 2016 GAAP earnings and
operating earnings was due to a federal tax audit settlement, final
accounting for the fourth-quarter 2015 sale of AEP's commercial
barge operations, and the mark-to-market impact of commodity
hedging activities within the Generation & Marketing
segment.
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.
"Our positive earnings performance this quarter once again
demonstrates that strategic investment in our regulated businesses
supports earnings growth. There are significant opportunities for
us to develop advanced energy infrastructure and technologies to
enhance service for our customers and support the nation's energy
future," said Nicholas K. Akins, AEP
chairman, president and chief executive officer.
"We are investing in transmission infrastructure through our
regulated utilities and our transmission business. Net plant
investment in AEP Transmission Holding Co. has grown more than
$840 million, an increase of 32
percent, since June 2015. This
segment contributed 19 cents per
share to earnings this quarter, an increase of 6 cents per share over the same period last
year," Akins said.
"We experienced growth in sales to our commercial customers in
the second quarter, and normalized residential sales rebounded
after declines in the first three months of the year. Industrial
sales declined in the second quarter reflecting lower energy
prices, weak global demand and the strong dollar. However, these
declines were offset by the growth in residential and commercial
customer sales, which provide higher margins," Akins said.
"The focus of the entire AEP team on process improvement, cost
discipline and capital allocation gives us confidence that we can
achieve operating earnings within our guidance range of
$3.60 to $3.80 per share for 2016,"
Akins said.
SUMMARY OF RESULTS
BY SEGMENT $ in millions
|
|
GAAP
Earnings
|
2Q
16
|
2Q
15
|
Variance
|
YTD
16
|
YTD
15
|
Variance
|
Vertically Integrated
Utilities (a)
|
209.4
|
|
206.9
|
|
2.5
|
|
487.0
|
|
506.2
|
|
(19.2)
|
|
Transmission &
Distribution Utilities
(b)
|
124.6
|
|
77.6
|
|
47.0
|
|
232.6
|
|
174.8
|
|
57.8
|
|
AEP Transmission
Holdco (c)
|
94.6
|
|
65.2
|
|
29.4
|
|
138.5
|
|
101.0
|
|
37.5
|
|
Generation &
Marketing (d)
|
49.7
|
|
81.3
|
|
(31.6)
|
|
120.4
|
|
268.7
|
|
(148.3)
|
|
Corporate and Other
(e)
|
23.8
|
|
(1.0)
|
|
24.8
|
|
24.8
|
|
8.5
|
|
16.3
|
|
Total
GAAP Earnings
|
502.1
|
|
430.0
|
|
72.1
|
|
1,003.3
|
|
1,059.2
|
|
(55.9)
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
2Q
16
|
2Q
15
|
Variance
|
YTD
16
|
YTD
15
|
Variance
|
Vertically Integrated
Utilities
|
209.4
|
|
206.9
|
|
2.5
|
|
487.0
|
|
506.2
|
|
(19.2)
|
|
Transmission &
Distribution
Utilities
|
124.6
|
|
77.6
|
|
47.0
|
|
232.6
|
|
174.8
|
|
57.8
|
|
AEP Transmission
Holdco
|
94.6
|
|
65.2
|
|
29.4
|
|
138.5
|
|
101.0
|
|
37.5
|
|
Generation &
Marketing
|
46.0
|
|
80.3
|
|
(34.3)
|
|
116.7
|
|
263.3
|
|
(146.6)
|
|
Corporate and
Other
|
(8.9)
|
|
(1.0)
|
|
(7.9)
|
|
(7.9)
|
|
8.5
|
|
(16.4)
|
|
Total
Operating Earnings
|
465.7
|
|
429.0
|
|
36.7
|
|
966.9
|
|
1,053.8
|
|
(86.9)
|
|
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 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 in prior
periods.
|
EARNINGS GUIDANCE
Management reaffirmed its 2016 operating earnings guidance range
of $3.60 to $3.80 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
$3.67 to 3.87 per share. See the
table below for a full reconciliation of 2016 earnings
guidance.
2016 EPS Guidance
Reconciliation
|
|
|
|
|
|
Estimated EPS on a
GAAP basis
|
$3.67
|
to
|
$3.87
|
|
|
|
|
|
|
Mark-to-Market Impact
of Commodity Hedging Activities
|
|
(0.01)
|
|
|
Disposition of
Commercial Barge Operations
|
|
0.05
|
|
|
Federal Tax Audit
Settlement
|
|
(0.11)
|
|
|
Operating EPS
Guidance
|
$3.60
|
to
|
$3.80
|
|
|
|
|
|
|
|
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 and custom energy solutions to nearly 5.4 million
customers in 11 states. AEP 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 also operates 224,000
miles of distribution lines. AEP ranks among the nation's largest
generators of electricity, owning approximately 31,000 megawatts of
generating capacity in the U.S. AEP also supplies 3,200 megawatts
of renewable energy to customers. 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, 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:
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; the 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 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 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 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
|
|
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 Operations
|
(b)
|
|
|
|
|
|
|
|
|
22.9
|
|
22.9
|
|
$
0.05
|
|
|
Federal Tax
Audit Settlement
|
(c)
|
|
|
|
|
|
|
|
|
(55.6)
|
|
(55.6)
|
|
$
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(3.7)
|
|
(32.7)
|
|
(36.4)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
209.4
|
|
124.6
|
|
94.6
|
|
46.0
|
|
(8.9)
|
|
465.7
|
|
$
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the 2nd Quarter 2015
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
Vertically Integrated
Utilities
|
|
Transmission &
Distribution Utilities
|
|
AEP Transmission
Holdco
|
|
Generation &
Marketing
|
|
Corporate and
Other
|
|
Total
|
|
EPS
|
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Earnings
|
|
206.9
|
|
77.6
|
|
65.2
|
|
81.3
|
|
(1.0)
|
|
430.0
|
|
$
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Commodity Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
(1.0)
|
|
-
|
|
(1.0)
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(1.0)
|
|
-
|
|
(1.0)
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
206.9
|
|
77.6
|
|
65.2
|
|
80.3
|
|
(1.0)
|
|
429.0
|
|
$
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Reflected in
Discontinued Operations, Equity Earnings and Income Tax
Expense
|
|
|
|
|
|
|
|
|
|
|
(c)
|
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
|
|
2016
|
|
2015
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
RetailElectric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
6,674
|
|
6,672
|
|
0.0%
|
|
Commercial
|
|
6,190
|
|
6,296
|
|
(1.7%)
|
|
Industrial
|
|
8,654
|
|
8,937
|
|
(3.2%)
|
|
Miscellaneous
|
|
565
|
|
574
|
|
(1.6%)
|
|
Total
Retail
|
|
22,083
|
|
22,479
|
|
(1.8%)
|
|
|
|
|
|
|
|
|
|
WholesaleElectric
(in millions of kWh): (a)
|
|
5,696
|
|
5,903
|
|
(3.5%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
27,779
|
|
28,382
|
|
(2.1%)
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
RetailElectric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
6,009
|
|
5,630
|
|
6.7%
|
|
Commercial
|
|
6,602
|
|
6,372
|
|
3.6%
|
|
Industrial
|
|
5,506
|
|
5,809
|
|
(5.2%)
|
|
Miscellaneous
|
|
175
|
|
177
|
|
(1.1%)
|
|
Total
Retail (b)
|
|
18,292
|
|
17,988
|
|
1.7%
|
|
|
|
|
|
|
|
|
|
WholesaleElectric
(in millions of kWh): (a)
|
|
412
|
|
429
|
|
(4.0%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
18,704
|
|
18,417
|
|
1.6%
|
|
|
|
|
|
|
|
|
|
(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 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
|
|
487.0
|
|
232.6
|
|
138.5
|
|
120.4
|
|
24.8
|
|
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
|
(b)
|
|
|
|
|
|
|
|
|
22.9
|
|
22.9
|
|
0.05
|
|
|
Federal Tax
Audit Settlement
|
(c)
|
|
|
|
|
|
|
|
|
(55.6)
|
|
(55.6)
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(3.7)
|
|
(32.7)
|
|
(36.4)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
487.0
|
|
232.6
|
|
138.5
|
|
116.7
|
|
(7.9)
|
|
966.9
|
|
$
1.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for Year-to-Date 2015
|
Reconciliation of
GAAP to Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
|
Vertically Integrated
Utilities
|
|
Transmission &
Distribution Utilities
|
|
AEP Transmission
Holdco
|
|
Generation &
Marketing
|
|
Corporate and
Other
|
|
Total
|
|
EPS
|
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Earnings
|
|
506.2
|
|
174.8
|
|
101.0
|
|
268.7
|
|
8.5
|
|
1,059.2
|
|
$
2.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market
Impact of Commodity Hedging Activities
|
(a)
|
-
|
|
-
|
|
-
|
|
(5.4)
|
|
-
|
|
(5.4)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special
Items
|
|
-
|
|
-
|
|
|
|
(5.4)
|
|
-
|
|
(5.4)
|
|
$
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
506.2
|
|
174.8
|
|
101.0
|
|
263.3
|
|
8.5
|
|
1,053.8
|
|
$
2.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
Reflected in
Discontinued Operations, Equity Earnings and Income Tax
Expense
|
|
|
|
|
|
|
|
|
|
(c)
|
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
|
|
2016
|
|
2015
|
|
Change
|
|
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
|
RetailElectric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
15,798
|
|
17,051
|
|
(7.3%)
|
|
Commercial
|
|
12,070
|
|
12,307
|
|
(1.9%)
|
|
Industrial
|
|
16,921
|
|
17,297
|
|
(2.2%)
|
|
Miscellaneous
|
|
1,106
|
|
1,122
|
|
(1.4%)
|
|
Total
Retail
|
|
45,895
|
|
47,777
|
|
(3.9%)
|
|
|
|
|
|
|
|
|
|
WholesaleElectric
(in millions of kWh): (a)
|
|
10,488
|
|
14,171
|
|
(26.0%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
56,383
|
|
61,948
|
|
(9.0%)
|
|
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
|
RetailElectric (in
millions of kWh):
|
|
|
|
|
|
|
|
Residential
|
|
12,250
|
|
12,896
|
|
(5.0%)
|
|
Commercial
|
|
12,389
|
|
12,287
|
|
0.8%
|
|
Industrial
|
|
11,004
|
|
11,089
|
|
(0.8%)
|
|
Miscellaneous
|
|
341
|
|
338
|
|
0.9%
|
|
Total
Retail (b)
|
|
35,984
|
|
36,610
|
|
(1.7%)
|
|
|
|
|
|
|
|
|
|
WholesaleElectric
(in millions of kWh): (a)
|
|
735
|
|
963
|
|
(23.7%)
|
|
|
|
|
|
|
|
|
|
Total
KWHs
|
|
36,719
|
|
37,573
|
|
(2.3%)
|
|
|
|
|
|
|
|
|
|
(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-strong-2016-second-quarter-gaap-and-operating-earnings-300305344.html
SOURCE American Electric Power