N EWS R ELEASES

• Year-end 2022 GAAP earnings of $4.51 per share; operating earnings of $5.09 per share
• Company advances strategic initiatives including sales agreement for contracted renewables, new FERC 203 filing for Kentucky sale and continued strategic review of retail business
• 2023 operating earnings (non-GAAP) guidance range reaffirmed at $5.19 to $5.39 per share with long-term growth rate of 6% to 7%

American Electric Power and Liberty, an indirect subsidiary of Algonquin Power & Utilities Corp., today filed a new application with the Federal Energy Regulatory Commission (FERC) under section 203 of the Federal Power Act seeking approval of the sale of AEP’s Kentucky operations to Liberty. The companies are asking FERC for expedited review of the application as they work to close the transaction by April 26, 2023. In December 2022, FERC denied approval of the sale without prejudice and outlined the additional information about customer protections needed to obtain approval. 

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 83 cents a share on the company’s common stock.

• Reaffirmed 2022 operating earnings guidance range of $4.97-$5.07 per share and midpoint of $5.02; 2023 operating earnings guidance range of $5.19 to $5.39 per share
• Five-year, $40 billion capital plan emphasizes investment in wires and renewables
• Company’s 10-year regulated generation plan outlines nearly 15,700 MW of renewables and energy storage to meet capacity needs, manage customer affordability and support 2045 net zero target

American Electric Power has named Ann P. Kelly executive vice president and chief financial officer (CFO), effective Nov. 30. Kelly is currently vice president of finance and CFO for AmeriGas Propane, Inc., a UGI Corp. subsidiary.

• Third-quarter 2022 GAAP earnings of $1.33 per share and $1.62 per share operating
• Company reaffirms narrowed 2022 operating earnings (non-GAAP) guidance range of $4.97 to $5.07, raised midpoint of $5.02, and 6% to 7% long-term growth rate
• $40 billion, five-year capex plan focuses on robust pipeline of wires investments and renewable generation to drive the clean energy transition

The Board of Directors of American Electric Power Co. today declared a regular quarterly cash dividend of 83 cents a share on the company’s common stock, an increase of 5 cents per share. The increase is in line with the company’s 6% to 7% operating earnings growth range.

American Electric Power has scheduled a quarterly earnings conference call with financial analysts at 9 a.m. ET Thursday, Oct.  27. The call will be broadcast live over the internet at http://www.aep.com/webcasts.

• 2022 operating earnings guidance narrowed to $4.97-$5.07 per share and midpoint raised to $5.02; 2023 operating earnings guidance range of $5.19 to $5.39 announced
• Emission reduction targets accelerated, including new net zero goal by 2045 and 80% reduction in full Scope 1 emissions by 2030 from 2005 baseline
• Strategic review of retail energy business will begin; company on track to divest unregulated renewable assets and complete Kentucky sale

American Electric Power  plans to invest in its regulated businesses, accelerate its carbon reduction targets and streamline the business to drive value for customers, communities and investors. AEP leadership will share the company’s financial plan and strategy with analysts in New York City today. The presentation will be webcast live at 1:30 p.m. ET at https://aep.com/investors/events.

• Second-quarter 2022 GAAP earnings of $1.02 per share and $1.20 per share operating
• Company reaffirms 2022 operating earnings (non-GAAP) guidance range of $4.87 to $5.07 and 6% to 7% long-term growth rate
• Continued focus on a responsible clean energy transition through regulated renewables and grid investments
• Kentucky sale expected to close this summer; unregulated renewable sales process will officially launch by early September