v3.25.2
FINANCING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table details long-term debt outstanding, net of issuance costs and premiums or discounts:
Type of DebtJune 30, 2025December 31, 2024
 (in millions)
Senior Unsecured Notes$37,019.1 $36,410.9 
Pollution Control Bonds1,730.3 1,771.3 
Notes Payable644.5 609.9 
Securitization Bonds1,021.0 578.0 
Spent Nuclear Fuel Obligation (a)323.2 316.3 
Junior Subordinated Notes2,581.2 2,579.1 
Other Long-term Debt1,206.2 377.3 
Total Long-term Debt Outstanding44,525.5 42,642.8 
Long-term Debt Due Within One Year3,212.4 3,335.0 
Long-term Debt$41,313.1 $39,307.8 

(a)Pursuant to the Nuclear Waste Policy Act of 1982, I&M, a nuclear licensee, has an obligation to the United States Department of Energy for SNF disposal. The obligation includes a one-time fee for nuclear fuel consumed prior to April 7, 1983. Trust fund assets related to this obligation were $375 million and $367 million as of June 30, 2025 and December 31, 2024, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.
Retirements and Principal Payments
Long-term debt and other securities issued, retired and principal payments made during the first six months of 2025 are shown in the following tables:
PrincipalInterest
CompanyType of DebtAmount (a)RateDue Date
Issuances: (in millions)(%)
AEP TexasOther Long-term Debt$400.0 Variable2026
AEPTCoSenior Unsecured Notes425.0 5.382035
APCoOther Long-term Debt425.0 Variable2026
APCoPollution Control Bonds104.4 3.702028
I&MNotes Payable100.0 4.892029
I&MPollution Control Bonds150.03.702029
PSOSenior Unsecured Notes800.0 5.452036
Non-Registrant:
KPCoOther Long-term Debt150.0 Variable2026
KPCoSecuritization Bonds477.7 5.302045
Transource EnergyOther Long-term Debt29.5 Variable2025
WPCoOther Long-term Debt125.0 Variable2026
Total Issuances$3,186.6 

(a)Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not tie to the issuance amounts.
PrincipalInterest
CompanyType of DebtAmount PaidRateDue Date
Retirements and Principal Payments:
(in millions)(%)
AEP TexasSecuritization Bonds$10.3 2.062025
AEP TexasSecuritization Bonds1.9 2.292029
AEPTCoSenior Unsecured Notes50.0 3.662025
AEPTCoSenior Unsecured Notes40.0 3.762025
APCoOther Long-term Debt0.1 13.722026
APCoPollution Control Bonds104.4 3.752025
APCoSecuritization Bonds13.9 3.772028
APCoSenior Unsecured Notes300.0 3.402025
I&MNotes Payable1.1 Variable2025
I&MNotes Payable2.6 0.932025
I&MNotes Payable7.5 3.442026
I&MNotes Payable8.7 5.932027
I&MNotes Payable10.1 6.012028
I&MNotes Payable16.3 6.412028
I&MNotes Payable3.5 4.892029
I&MOther Long-term Debt0.2 6.002025
I&MPollution Control Bonds40.0 0.752025
I&MPollution Control Bonds50.0 2.752025
I&MPollution Control Bonds100.0 3.052025
PSOOther Long-term Debt0.3 3.002027
PSOSenior Unsecured Notes125.0 3.172025
Non-Registrant:
KPCoOther Long-term Debt150.0 Variable2025
KPCoOther Long-term Debt150.0 Variable2026
Transource EnergySenior Unsecured Notes1.2 2.752050
WPCoSenior Unsecured Notes122.0 3.702025
WPCoNotes Payable15.0 6.892034
Total Retirements and Principal Payments
$1,324.1 
Schedule of Utility Money Pool Participants' Money Pool Activity and Authorized Borrowing Limits The Utility Money Pool participants’ money pool activity and corresponding authorized borrowing limits for the six months ended June 30, 2025 are described in the following table:
MaximumAverageNet Loans to
BorrowingsMaximumBorrowingsAverage(Borrowings from)Authorized
from theLoans to thefrom theLoans to thethe Utility MoneyShort-term
UtilityUtilityUtilityUtilityPool as ofBorrowing
CompanyMoney PoolMoney PoolMoney PoolMoney PoolJune 30, 2025Limit
 (in millions)
AEP Texas$468.4 $112.8 $182.7 $62.5 $(109.5)$600.0 
AEPTCo403.6 312.2 192.0 39.8 32.7 820.0 (a)
APCo263.5 242.1 141.3 30.0 (154.8)750.0 
I&M145.2 19.3 77.2 6.1 (25.7)500.0 
OPCo270.9 165.9 71.6 81.7 (203.0)600.0 
PSO505.1 391.5 204.1 167.0 (319.7)750.0 
SWEPCo471.9 76.3 285.9 10.2 76.3 750.0 

(a)    Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions.
Schedule of Nonutility Money Pool Activity The Nonutility Money Pool participants’ activity for the six months ended June 30, 2025 is described in the following table:
Maximum Loans Average Loans Loans to the Nonutility
to the Nonutility to the Nonutility Money Pool as of
CompanyMoney PoolMoney PoolJune 30, 2025
(in millions)
AEP Texas$7.2 $7.1 $7.1 
SWEPCo2.4 2.3 2.4 
Schedule of Direct Borrowing Activity AEPTCo’s direct financing activities with AEP and corresponding authorized borrowing limit for the six months ended June 30, 2025 are described in the following table:
BorrowingsAuthorized
MaximumMaximumAverageAveragefrom AEPLoans toShort-term
BorrowingsLoansBorrowingsLoansas of AEP as ofBorrowing
Companyfrom AEP to AEP from AEP to AEP June 30, 2025June 30, 2025Limit (a)
(in millions)
AEPTCo Parent$106.6 $132.6 $13.6 $38.2 $10.5 $— $— 
SWTCo2.0 — 1.9 — 2.0 — 50.0 
Midwest Transmission Holdings— 32.6 — 11.0 — — — 

(a)    Amount represents the authorized short-term borrowing limit from FERC or state regulatory agencies not otherwise included in the utility money pool above.
Schedule of Maximum and Minimum Interest Rates for Funds Either Borrowed from or Loaned to Utility Money Pool
The maximum and minimum interest rates for funds either borrowed from or loaned to the Utility Money Pool are summarized in the following table:
 Six Months Ended June 30,
20252024
Maximum Interest Rate4.83 %5.79 %
Minimum Interest Rate4.14 %5.14 %
Schedule of Average Interest Rates for Funds Borrowed from and Loaned to Utility Money Pool
The average interest rates for funds borrowed from and loaned to the Utility Money Pool are summarized in the following table:
Average Interest Rate for FundsAverage Interest Rate for Funds
Borrowed from the Utility Money PoolLoaned to the Utility Money Pool
for Six Months Ended June 30,for Six Months Ended June 30,
Company2025202420252024
AEP Texas4.69 %5.70 %4.72 %5.49 %
AEPTCo4.68 %5.71 %4.62 %5.62 %
APCo4.69 %5.73 %4.58 %5.64 %
I&M4.69 %5.67 %4.64 %5.68 %
OPCo4.65 %5.70 %4.70 %5.52 %
PSO4.67 %5.64 %4.68 %— %
SWEPCo4.69 %5.64 %4.65 %— %
Schedule of Maximum, Minimum and Average Interest Rates for Funds Borrowed from and Loaned to the Nonutility Money Pool
Maximum, minimum and average interest rates for funds loaned to the Nonutility Money Pool are summarized in the following table:
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
  Maximum Minimum AverageMaximum Minimum Average
  Interest Rate Interest Rate Interest RateInterest Rate Interest Rate Interest Rate
  for Funds for Funds for Fundsfor Funds for Funds for Funds
 Loaned to Loaned to Loaned toLoaned to Loaned to Loaned to
 the Nonutility the Nonutility the Nonutilitythe Nonutility the Nonutility the Nonutility
Company Money Pool Money Pool Money PoolMoney Pool Money Pool Money Pool
AEP Texas 4.76 %4.64 %4.70 %5.79 %5.56 %5.69 %
SWEPCo 4.76 %4.64 %4.70 %5.79 %5.56 %5.68 %
Schedule of Maximum Minimum and Average Interest Rates for Funds Borrowed from and Loaned to AEP
AEPTCo’s maximum, minimum and average interest rates for funds either borrowed from or loaned to AEP are summarized in the following table:

 MaximumMinimumMaximumMinimumAverageAverage
 Interest RateInterest RateInterest RateInterest RateInterest RateInterest Rate
Six Months for Fundsfor Fundsfor Fundsfor Fundsfor Fundsfor Funds
Ended BorrowedBorrowedLoanedLoanedBorrowedLoaned
June 30, from AEP from AEPto AEP to AEP from AEP to AEP
2025 4.76 %4.63 %4.76 %4.63 %4.69 %4.69 %
2024 5.79 %5.55 %5.79 %5.55 %5.68 %5.68 %
Schedule of Short-term Debt
Outstanding short-term debt was as follows:
 June 30, 2025December 31, 2024
OutstandingInterestOutstandingInterest
CompanyType of DebtAmountRate (a)AmountRate (a)
 (dollars in millions)
AEPSecuritized Debt for Receivables (b)$900.0 4.57 %$900.0 4.73 %
AEPCommercial Paper600.0 4.62 %1,618.3 4.70 %
SWEPCoNotes Payable1.6 6.68 %5.5 6.69 %
Total Short-term Debt$1,501.6  $2,523.8  

(a)Weighted-average rate as of June 30, 2025 and December 31, 2024, respectively.
(b)Amount of securitized debt for receivables as accounted for under the “Transfers and Servicing” accounting guidance.
Schedule of Comparative Accounts Receivable Information
Accounts receivable information for AEP Credit was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable
4.53 %5.51 %4.57 %5.56 %
Net Uncollectible Accounts Receivable Written-Off$6.1 $5.8 $13.9 $13.9 
Schedule of Customer Accounts Receivable Managed Portfolio
June 30, 2025December 31, 2024
(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts
$1,233.9 $1,117.0 
Short-term – Securitized Debt of Receivables900.0 900.0 
Delinquent Securitized Accounts Receivable 58.5 56.2 
Bad Debt Reserves Related to Securitization45.1 44.5 
Unbilled Receivables Related to Securitization390.6 335.5 
Schedule of Accounts Receivable and Accrued Unbilled Revenues
The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreements were:
CompanyJune 30, 2025December 31, 2024
 (in millions)
APCo$197.4 $192.7 
I&M182.9 160.5 
OPCo477.4 470.7 
PSO158.1 111.4 
SWEPCo189.7 153.5 
Schedule of Fees Paid to AEP Credit for Customer Accounts Receivable Sold
The fees paid to AEP Credit for customer accounts receivable sold were:
 Three Months Ended June 30,Six Months Ended June 30,
Company2025202420252024
 (in millions)
APCo$3.3 $3.9 $7.2 $8.1 
I&M3.5 3.8 7.0 7.9 
OPCo7.5 7.4 14.9 14.8 
PSO2.8 3.4 5.7 6.8 
SWEPCo3.7 4.3 7.8 9.1 
Schedule of Proceeds on Sale of Receivables to AEP Credit
The proceeds on the sale of receivables to AEP Credit were:
 Three Months Ended June 30,Six Months Ended June 30,
Company2025202420252024
(in millions)
APCo$429.8 $447.3 $1,034.6 $983.3 
I&M545.4 502.1 1,130.2 1,031.8 
OPCo735.2 771.5 1,595.5 1,617.2 
PSO431.9 425.0 806.7 786.6 
SWEPCo456.0 471.9 884.1 897.3