COLUMBUS, Ohio, Aug. 6, 2020 /PRNewswire/ --
|
|
AMERICAN ELECTRIC
POWER
|
Preliminary,
unaudited results
|
|
|
|
Second Quarter
ended June 30
|
|
Year-to-date ended
June 30
|
|
|
2020
|
2019
|
Variance
|
|
2020
|
2019
|
Variance
|
Revenue ($ in
billions):
|
3.5
|
3.6
|
(0.1)
|
|
7.2
|
7.6
|
|
(0.4)
|
|
Earnings ($ in
millions):
|
|
|
|
|
|
|
|
|
GAAP
|
520.8
|
461.3
|
59.5
|
|
1,016.0
|
1,034.1
|
|
(18.1)
|
|
|
Operating
(non-GAAP)
|
533.5
|
493.6
|
39.9
|
|
1,037.7
|
1,078.4
|
|
(40.7)
|
|
|
|
|
|
|
|
|
|
|
EPS
($):
|
|
|
|
|
|
|
|
|
GAAP
|
1.05
|
0.93
|
0.12
|
|
2.05
|
2.10
|
|
(0.05)
|
|
|
Operating
(non-GAAP)
|
1.08
|
1.00
|
0.08
|
|
2.10
|
2.19
|
|
(0.09)
|
|
|
EPS based on 496
million shares 2Q 2020, 494 million shares 2Q 2019, 495 million
shares YTD 2020 and 493 million shares YTD 2019.
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|
American Electric Power (NYSE: AEP) today reported
second-quarter 2020 earnings, prepared in accordance with Generally
Accepted Accounting Principles (GAAP), of $521 million or $1.05 per share, compared with GAAP earnings of
$461 million or $0.93 per share in second-quarter 2019. Operating
earnings for second-quarter 2020 were $534
million or $1.08 per share,
compared with operating earnings of $494
million or $1.00 per share in
second-quarter 2019. Operating earnings is a non-GAAP measure
representing GAAP earnings excluding special items. The difference
between 2020 GAAP earnings and operating earnings for the quarter
was primarily driven by the impacts of COVID-19 and the Achieving
Excellence cost savings and efficiency program.
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 employees have done an amazing job protecting themselves
and our customers over the past five months as we've kept power
flowing, responded to storms and adjusted to a new normal of nearly
12,000 employees working remotely. In the last few months, we've
focused on outreach to our customers, providing resources and
payment options to help them manage the economic impacts of the
pandemic," said Nicholas K. Akins,
AEP chairman, president and chief executive officer.
"While adjusting to the challenges of the pandemic, we still
made significant progress on our long-term strategy to diversify
our generation mix in the second quarter. We received all necessary
approvals to move forward with the $2
billion North Central wind projects that will provide
renewable energy for our customers in Arkansas, Louisiana and Oklahoma. Additionally, we
retired the last generating unit at our coal-fueled Conesville
Plant in Ohio.
"We've continued to review our load projections based on the
economic impacts of the pandemic. The overall load declines we
experienced in the second quarter were consistent with our
expectations, and we've seen gradual improvements in load growth
since May. If the ongoing impacts of the pandemic don't necessitate
closing non-essential businesses again, we expect gradual economic
recovery to continue throughout the second half of this year,"
Akins said.
"The 2020 operations and maintenance spending cuts we announced
in May are on target, and we remain focused on achieving longer
term efficiencies through our Achieving Excellence Program. We are
reaffirming our existing 2020 operating earnings guidance range of
$4.25 to $4.45 per share. We've also updated our five-year
capital plan from $33 billion to
$35 billion to include the North
Central wind projects and are reaffirming our long-term growth rate
of 5% to 7%," Akins said.
SUMMARY OF RESULTS
BY SEGMENT
|
$ in
millions
|
|
GAAP
Earnings
|
2Q
20
|
2Q
19
|
Variance
|
YTD
20
|
YTD
19
|
Variance
|
Vertically Integrated
Utilities (a)
|
255.9
|
|
177.7
|
|
78.2
|
|
501.2
|
|
480.1
|
|
21.1
|
|
Transmission &
Distribution Utilities (b)
|
139.5
|
|
131.4
|
|
8.1
|
|
255.7
|
|
287.9
|
|
(32.2)
|
|
AEP Transmission
Holdco (c)
|
91.5
|
|
154.5
|
|
(63.0)
|
|
232.1
|
|
278.7
|
|
(46.6)
|
|
Generation &
Marketing (d)
|
65.9
|
|
9.4
|
|
56.5
|
|
94.3
|
|
49.5
|
|
44.8
|
|
All Other
|
(32.0)
|
|
(11.7)
|
|
(20.3)
|
|
(67.3)
|
|
(62.1)
|
|
(5.2)
|
|
Total GAAP
Earnings (Loss)
|
520.8
|
|
461.3
|
|
59.5
|
|
1,016.0
|
|
1,034.1
|
|
(18.1)
|
|
|
|
|
|
|
|
|
Operating Earnings
(non-GAAP)
|
2Q
20
|
2Q
19
|
Variance
|
YTD
20
|
YTD
19
|
Variance
|
Vertically Integrated
Utilities (a)
|
270.4
|
|
186.9
|
|
83.5
|
|
517.6
|
|
497.7
|
|
19.9
|
|
Transmission &
Distribution Utilities (b)
|
144.9
|
|
131.3
|
|
13.6
|
|
261.9
|
|
287.9
|
|
(26.0)
|
|
AEP Transmission
Holdco (c)
|
93.9
|
|
154.6
|
|
(60.7)
|
|
234.5
|
|
278.8
|
|
(44.3)
|
|
Generation &
Marketing (d)
|
55.9
|
|
27.4
|
|
28.5
|
|
90.6
|
|
70.5
|
|
20.1
|
|
All Other
|
(31.6)
|
|
(6.6)
|
|
(25.0)
|
|
(66.9)
|
|
(56.5)
|
|
(10.4)
|
|
Total Operating
Earnings (non-GAAP)
|
533.5
|
|
493.6
|
|
39.9
|
|
1,037.7
|
|
1,078.4
|
|
(40.7)
|
|
|
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
and AEP Texas.
|
c.
|
Includes wholly-owned
transmission-only subsidiaries and transmission-only joint
ventures.
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d.
|
Includes AEP OnSite
Partners, AEP Renewables, competitive generation in ERCOT and PJM
as well as marketing, risk management and retail activities in
ERCOT, PJM and MISO.
|
EARNINGS GUIDANCE
AEP management reaffirmed its 2020 operating earnings guidance
range to $4.25 to $4.45 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
$4.20 to $4.40 per share. See the table below for a full
reconciliation of 2020 earnings guidance.
2020 EPS Guidance
Reconciliation
|
|
|
|
|
Estimated EPS on a
GAAP basis
|
$4.20
|
to
|
$4.40
|
|
|
|
|
Mark-to-market impact
of commodity
hedging
activities
|
|
(0.01)
|
|
|
|
|
|
COVID-19
|
|
0.04
|
|
|
|
|
|
Achieving Excellence
Program
|
|
0.02
|
|
|
|
|
|
Operating EPS
Guidance
|
$4.25
|
to
|
$4.45
|
WEBCAST
AEP's quarterly discussion with financial analysts and investors
will be broadcast live over the internet at 9 a.m. Eastern 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.
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, 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.
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 approximately
17,400 employees operate and maintain the nation's largest
electricity transmission system and more than 221,000 miles of
distribution lines to efficiently deliver safe, reliable power to
nearly 5.5 million regulated customers in 11 states. AEP also is
one of the nation's largest electricity producers with
approximately 30,000 megawatts of diverse generating capacity,
including more than 5,200 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, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, AEP Energy Partners,
AEP OnSite Partners, and AEP Renewables, which provide innovative
competitive energy solutions nationwide. For more information,
visit aep.com.
---
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: changes in economic conditions,
electric market demand and demographic patterns in AEP service
territories; the impact of pandemics, including COVID-19, and any
associated disruption of AEP's business operations due to impacts
on economic or market conditions, electricity usage, employees,
customers, service providers, vendors and suppliers; 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; decreased demand for electricity; weather
conditions, including storms and drought conditions, and AEP's
ability to recover significant storm restoration costs; the cost of
fuel and its transportation, 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;
the availability of fuel and necessary generation capacity and the
performance of AEP's generation plants; AEP's ability to recover
fuel and other energy costs through regulated or competitive
electric rates; AEP's ability to build or acquire renewable
generation, 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 coal ash and nuclear fuel; 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; 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 generation units that may be retired before the end
of their previously projected useful lives; volatility and changes
in markets for 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; 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,
OPEB, captive insurance entity and nuclear decommissioning trust
and the impact of such volatility on future funding requirements;
accounting standards periodically issued by accounting
standard-setting bodies; other risks and unforeseen events,
including wars, the effects of terrorism (including increased
security costs), embargoes, naturally occurring and human-caused
fires, cyber security threats and other catastrophic events; and
the ability to attract and retain the requisite work force and key
personnel.
|
American Electric
Power
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for the Second Quarter of 2020
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
255.9
|
|
|
139.5
|
|
|
91.5
|
|
|
65.9
|
|
|
(32.0)
|
|
|
520.8
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity
Hedging
Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.4)
|
|
|
—
|
|
|
(10.4)
|
|
|
(0.02)
|
|
|
COVID-19
|
(b)
|
8.8
|
|
|
3.1
|
|
|
0.5
|
|
|
0.1
|
|
|
—
|
|
|
12.5
|
|
|
0.03
|
|
|
Achieving Excellence
Program
|
(c)
|
5.7
|
|
|
2.3
|
|
|
1.9
|
|
|
0.3
|
|
|
0.4
|
|
|
10.6
|
|
|
0.02
|
|
|
Total Special
Items
|
|
14.5
|
|
|
5.4
|
|
|
2.4
|
|
|
(10.0)
|
|
|
0.4
|
|
|
12.7
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
270.4
|
|
|
144.9
|
|
|
93.9
|
|
|
55.9
|
|
|
(31.6)
|
|
|
533.5
|
|
|
$
|
1.08
|
|
Financial Results
for the Second Quarter of 2019
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
177.7
|
|
|
131.4
|
|
|
154.5
|
|
|
9.4
|
|
|
(11.7)
|
|
|
461.3
|
|
|
$
|
0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging
Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
12.3
|
|
|
—
|
|
|
12.3
|
|
|
0.03
|
|
|
Severance
Charges
|
(c)
|
9.2
|
|
|
(0.1)
|
|
|
0.1
|
|
|
(0.1)
|
|
|
—
|
|
|
9.1
|
|
|
0.02
|
|
|
Acquisition
Fees
|
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
5.8
|
|
|
5.1
|
|
|
10.9
|
|
|
0.02
|
|
|
Total Special
Items
|
|
9.2
|
|
|
(0.1)
|
|
|
0.1
|
|
|
18.0
|
|
|
5.1
|
|
|
32.3
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
186.9
|
|
|
131.3
|
|
|
154.6
|
|
|
27.4
|
|
|
(6.6)
|
|
|
493.6
|
|
|
$
|
1.00
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
(b)
|
Reflected in Fuel
Expense, Other Operation Expenses and Income Tax Expense
|
(c)
|
Reflected in Other
Operation Expenses and Income Tax Expense
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30
|
ENERGY &
DELIVERY SUMMARY
|
|
2020
|
|
2019
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
6,976
|
|
|
6,315
|
|
|
10.5
|
%
|
Commercial
|
|
5,150
|
|
|
5,710
|
|
|
(9.8)
|
%
|
Industrial
|
|
7,699
|
|
|
8,865
|
|
|
(13.2)
|
%
|
Miscellaneous
|
|
511
|
|
|
547
|
|
|
(6.6)
|
%
|
Total
Retail
|
|
20,336
|
|
|
21,437
|
|
|
(5.1)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
4,924
|
|
|
4,826
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
25,260
|
|
|
26,263
|
|
|
(3.8)
|
%
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
6,299
|
|
|
5,799
|
|
|
8.6
|
%
|
Commercial
|
|
5,559
|
|
|
6,232
|
|
|
(10.8)
|
%
|
Industrial
|
|
5,148
|
|
|
5,864
|
|
|
(12.2)
|
%
|
Miscellaneous
|
|
180
|
|
|
196
|
|
|
(8.2)
|
%
|
Total
Retail (b)
|
|
17,186
|
|
|
18,091
|
|
|
(5.0)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
455
|
|
|
440
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
17,641
|
|
|
18,531
|
|
|
(4.8)
|
%
|
|
|
(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 2020
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
501.2
|
|
|
255.7
|
|
|
232.1
|
|
|
94.3
|
|
|
(67.3)
|
|
|
1,016.0
|
|
|
$
|
2.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging
Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.1)
|
|
|
—
|
|
|
(4.1)
|
|
|
(0.01)
|
|
|
COVID-19
|
(b)
|
10.7
|
|
|
3.9
|
|
|
0.5
|
|
|
0.1
|
|
|
—
|
|
|
15.2
|
|
|
0.04
|
|
|
Achieving Excellence
Program
|
(c)
|
5.7
|
|
|
2.3
|
|
|
1.9
|
|
|
0.3
|
|
|
0.4
|
|
|
10.6
|
|
|
0.02
|
|
|
Total Special
Items
|
|
16.4
|
|
|
6.2
|
|
|
2.4
|
|
|
(3.7)
|
|
|
0.4
|
|
|
21.7
|
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
517.6
|
|
|
261.9
|
|
|
234.5
|
|
|
90.6
|
|
|
(66.9)
|
|
|
1,037.7
|
|
|
$
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Results
for Year-to-Date 2019
|
Reconciliation of
GAAP to Operating Earnings (non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
Vertically
Integrated
Utilities
|
|
Transmission
& Distribution
Utilities
|
|
AEP
Transmission
Holdco
|
|
Generation
&
Marketing
|
|
Corporate
and Other
|
|
Total
|
|
EPS
|
|
|
|
($
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Earnings
(Loss)
|
|
480.1
|
|
|
287.9
|
|
|
278.7
|
|
|
49.5
|
|
|
(62.1)
|
|
|
1,034.1
|
|
|
$
|
2.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-Market Impact
of
Commodity Hedging
Activities
|
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
15.3
|
|
|
—
|
|
|
15.3
|
|
|
0.03
|
|
|
Severance
Charges
|
(c)
|
17.6
|
|
|
—
|
|
|
0.1
|
|
|
(0.1)
|
|
|
0.5
|
|
|
18.1
|
|
|
0.04
|
|
|
Acquisition
Fees
|
(c)
|
—
|
|
|
—
|
|
|
—
|
|
|
5.8
|
|
|
5.1
|
|
|
10.9
|
|
|
0.02
|
|
|
Total Special
Items
|
|
17.6
|
|
|
—
|
|
|
0.1
|
|
|
21.0
|
|
|
5.6
|
|
|
44.3
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Earnings
(Loss)
(non-GAAP)
|
|
497.7
|
|
|
287.9
|
|
|
278.8
|
|
|
70.5
|
|
|
(56.5)
|
|
|
1,078.4
|
|
|
$
|
2.19
|
|
|
|
(a)
|
Reflected in Revenues
and Income Tax Expense
|
(b)
|
Reflected in Fuel
Expense, Other Operation Expenses and Income Tax Expense
|
(c)
|
Reflected in Other
Operation Expenses and Income Tax Expense
|
American Electric
Power
|
Summary of
Selected Sales Data
|
Regulated
Connected Load
|
(Data based on
preliminary, unaudited results)
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30
|
ENERGY &
DELIVERY SUMMARY
|
|
2020
|
|
2019
|
|
Change
|
|
|
|
|
|
|
|
Vertically
Integrated Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
15,238
|
|
|
15,531
|
|
|
(1.9)
|
%
|
Commercial
|
|
10,516
|
|
|
11,343
|
|
|
(7.3)
|
%
|
Industrial
|
|
16,174
|
|
|
17,410
|
|
|
(7.1)
|
%
|
Miscellaneous
|
|
1,041
|
|
|
1,093
|
|
|
(4.8)
|
%
|
Total
Retail
|
|
42,969
|
|
|
45,377
|
|
|
(5.3)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
8,542
|
|
|
10,630
|
|
|
(19.6)
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
51,511
|
|
|
56,007
|
|
|
(8.0)
|
%
|
|
|
|
|
|
|
|
Transmission &
Distribution Utilities
|
|
|
|
|
|
|
Retail
Electric (in millions of kWh):
|
|
|
|
|
|
|
Residential
|
|
12,599
|
|
|
12,346
|
|
|
2.0
|
%
|
Commercial
|
|
11,432
|
|
|
11,850
|
|
|
(3.5)
|
%
|
Industrial
|
|
11,056
|
|
|
11,635
|
|
|
(5.0)
|
%
|
Miscellaneous
|
|
362
|
|
|
372
|
|
|
(2.7)
|
%
|
Total
Retail (b)
|
|
35,449
|
|
|
36,203
|
|
|
(2.1)
|
%
|
|
|
|
|
|
|
|
Wholesale Electric (in millions of kWh): (a)
|
|
845
|
|
|
1,078
|
|
|
(21.6)
|
%
|
|
|
|
|
|
|
|
Total
KWHs
|
|
36,294
|
|
|
37,281
|
|
|
(2.6)
|
%
|
|
|
(a)
|
Includes off-system
sales, municipalities and cooperatives, unit power, and other
wholesale customers
|
(b)
|
Represents energy
delivered to distribution customers
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/aep-reports-strong-second-quarter-2020-earnings-managing-performance-during-economic-downturn-301107337.html
SOURCE American Electric Power