In August 2026, PSO completed the acquisition of 100% of the equity interests in Lazbuddie Wind Energy, LLC, the owner of Lazbuddie Wind, a wind generation facility located in Parmer and Castro Counties, Texas. This facility, placed in service in August 2026, serves both retail and wholesale customers in Oklahoma. Oklahoma’s jurisdictional share of the Lazbuddie Wind revenue requirement, net of PTC benefit, is recoverable through existing riders until the amounts are reflected in base rates. The acquisition of Lazbuddie Wind resulted in the recognition of operating leases for easement and access rights to the land on which the facilities are located, as well as the associated ARO.

In accordance with the guidance for “Business Combinations,” management determined the acquisition of Lazbuddie Wind Energy, LLC, represented an asset acquisition. An asset acquisition is accounted for using a cost accumulation model with the cost of the acquisition allocated to the acquired assets and assumed liabilities based on their relative fair value. The table below summarizes the impact at acquisition on PSO’s balance sheets:

In August 2026, I&M completed the acquisition of 100% of the equity interests in Big Sandy Peaker Plant, LLC, the owner of the Big Sandy Peaker Plant, a natural gas-fired, simple-cycle electric generation facility located in Kenova, West Virginia. The Big Sandy Peaker Plant began commercial operations in 2001. I&M acquired the Big Sandy Peaker Plant to provide capacity and energy to both I&M Indiana and FERC jurisdictional customers. As approved by the IURC in September 2026 and prior to incorporation into the development of Indiana base rates, I&M reflects costs associated with the Big Sandy Peaker Plant either as eligible costs for recovery through existing I&M Indiana riders or in I&M’s ongoing Indiana earnings test evaluation.

In accordance with the guidance for “Business Combinations,” management determined the acquisition of the Big Sandy Peaker Plant, LLC, represented an asset acquisition. An asset acquisition is accounted for using a cost accumulation model with the cost of the acquisition allocated to the acquired assets and assumed liabilities based on their relative fair value. The table below summarizes the impact at acquisition on I&M’s balance sheets:

In August 2026, AGR completed the acquisition of 100% of the equity interests in Wolf Hills Energy, LLC, the owner of the Wolf Hills Energy Facility (Wolf Hills), a natural gas-fired, simple-cycle electric generation facility located in Bristol, Virginia. Wolf Hills, a competitive generation asset operating within the PJM market, began commercial operations in 2001. As AGR is not a regulated electric utility, Wolf Hills is not currently subject to regulatory rate recovery approvals.

In accordance with the guidance for “Business Combinations,” management determined the acquisition of Wolf Hills Energy, LLC, represented an asset acquisition. An asset acquisition is accounted for using a cost accumulation model with the cost of the acquisition allocated to the acquired assets and assumed liabilities based on their relative fair value. The table below summarizes the impact at acquisition on AGR’s balance sheets:

In May 2026, APCo completed the acquisition of 100% of the equity interests in Grover Hill Wind, LLC, the owner of the Grover Hill wind facility located in Paulding County, Ohio. This facility, placed in service in May 2026, serves both retail and wholesale customers in Virginia and West Virginia. The Virginia and West Virginia jurisdictional shares of the Grover Hill revenue requirement, net of PTC benefits, are recoverable through existing riders until the amounts are reflected in base rates. The acquisition of Grover Hill resulted in the recognition of operating leases for easement and access rights to the land on which the facility is located, as well as the associated ARO. In accordance with the guidance for “Business Combinations,” management determined the acquisition represented an asset acquisition. The table below summarizes the impact at acquisition on APCo’s balance sheets:

In March 2026, I&M completed the acquisition of 100% of the equity interests in Oregon Clean Energy, LLC, the owner of the Oregon Clean Energy Center (Oregon Plant), a natural gas-powered, combined-cycle electric generation facility located in Oregon, Ohio. The Oregon Plant began commercial operations in 2017. I&M acquired the Oregon Plant to provide capacity and energy to both I&M Indiana and FERC jurisdictional customers. As approved by the IURC in November 2025 and prior to incorporation into the development of Indiana base rates, I&M reflects costs associated with the Oregon Plant either as eligible costs for recovery through existing I&M Indiana riders or in I&M’s ongoing Indiana earnings test evaluation.

In accordance with the guidance for “Business Combinations,” management determined the acquisition of the Oregon Plant represented an asset acquisition. An asset acquisition is accounted for using a cost accumulation model with the cost of the acquisition allocated to the acquired assets and assumed liabilities based on their relative fair value. The table below summarizes the impact at acquisition on I&M’s balance sheets:

In May 2025, PSO acquired 100% of the equity interests in Pixley Solar Energy, LLC, the owner of the newly constructed Pixley solar energy facility in Barber County, Kansas. The Pixley facility, placed in service in May 2025, serves both retail and wholesale customers in Oklahoma. PSO’s revenue requirement is recoverable through an authorized rider until it is incorporated into base rates. Regulatory approval of Pixley’s output in retail rates included capital cost, performance and other guarantees, which may subject PSO to future regulatory liabilities. In June 2025, PSO also acquired 100% of the equity

interests in Flat Ridge IV Wind, LLC, the owner of the newly constructed Flat Ridge IV Wind Energy Facility located in Kingman and Harper Counties, Kansas. This facility, also placed in service in June 2025, serves both retail and wholesale customers under similar recovery and regulatory provisions as the Pixley facility. The acquisitions of Pixley and Flat Ridge IV also resulted in the recognition of operating leases for easement and access rights to the land on which the facilities are located, as well as the associated ARO. In accordance with the guidance for “Business Combinations,” management determined the acquisitions of Pixley and Flat Ridge IV represented asset acquisitions.

Additionally, in June 2025, PSO completed the acquisition of 100% of the equity interests in Green Country Energy, LLC, the owner of a combined-cycle natural gas facility located in Jenks, Oklahoma, following approvals from both the FERC and the OCC. The transaction included the acquisition of a previously executed capacity sales agreement between Green Country Energy, LLC, as seller, and SWEPCo, as purchaser. Since July 2025, PSO sells a portion of Green Country’s capacity to SWEPCo, and this arrangement will continue through May 2027, when the agreement ends. The acquisition also resulted in the extinguishment of a previously executed capacity sales agreement between Green Country Energy, LLC, as seller, and PSO, as purchaser. In accordance with the guidance for “Business Combinations,” management determined the acquisition of Green Country represented an asset acquisition. Asset acquisitions are accounted for using a cost accumulation model, with the cost of the acquisition allocated to the acquired assets and assumed liabilities based on their relative fair value. The liabilities recognized for the capacity sales agreements will reduce PSO’s revenue requirement to recover its overall investment in Green Country, which is recoverable through a rider authorized by the OCC until it is included in base rates for the depreciable life of the facility. Management elected the income approach for its nonrecurring valuation of both the intangible liability and regulatory liability. Specifically, management applied a discounted cash flow model based on a forward market price assumption.

Furthermore, in August 2025, PSO completed the acquisition of 100% of the equity interests in Flat Ridge V Wind Energy, LLC, the owner of the Flat Ridge V Wind Energy Facility located in Kingman and Harper Counties, Kansas. This facility, placed in service in August 2025, serves both retail and wholesale customers under similar recovery and regulatory provisions as the Flat Ridge IV and Pixley facilities. The acquisition of Flat Ridge V also resulted in the recognition of operating leases for easement and access rights to the land on which the facilities are located, as well as the associated ARO. In accordance with the guidance for “Business Combinations,” management determined the acquisition of Flat Ridge V represented an asset acquisition.


Plant Name	State	Fuel Type	Net Maximum Capacity	Property, Plant and Equipment, Net		Operating Lease Assets		Asset Retirement Obligations		Other Liabilities


			(MWs)	(in millions)
Green Country	OK	Natural Gas	904	$	819	$	—	$	—	$	91	(a)
Pixley	KS	Solar	189	380		9		12		—
Flat Ridge IV	KS	Wind	135	305		7		3		—
Flat Ridge V	KS	Wind	153	338		9		4		—
Total			1,381	$	1,842	$	25	$	19	$	91

In January 2025, AEP announced a partnership whereby a nonaffiliated entity would acquire a 19.9% noncontrolling interest in Midwest Transmission Holdings, a subsidiary of AEPTCo Parent that owns all of the issued and outstanding stock of OHTCo and IMTCo. The partnership was structured pursuant to a contribution agreement between AEPTCo, along with Midwest Transmission Holdings, and Olympus BidCo L.P. (“the Investor”), a special purpose entity controlled by (a) investment funds managed by or affiliated with Kohlberg Kravis Roberts & Co. L.P. and (b) Public Sector Pension Investment Board, whereby the Investor agreed to acquire a 19.9% noncontrolling equity interest in Midwest Transmission Holdings for $2.82 billion. The transaction closed in June 2025.