v3.26.3
FINANCING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Sales Of Stock
AEP has entered into the following forward sales under its ATM program and its March 2025 and May 2026 forward sale of equity agreements as follows:
Final MaturityCommon Shares into Forward (Number of Shares)Settled (Number of Shares) (a)Net Proceeds from Settlement (a)Common Shares Remaining in Forward (Number of Shares)Expected Proceeds (b)
(shares and dollars in millions)
March 2025 Forward SaleDecember 202623 5 $500 18 $1,729 
ATM Forward (c)December 2026/July 20286 — — 6 684 
May 2026 Forward SaleMay 202824 — — 24 2,945 

(a)The five million shares were settled in 2025.
(b)Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on AEP’s common stock during the period the agreements are outstanding.
(c)Includes three million shares with a final maturity in December 2026 and expected proceeds of $374 million and three million shares with a final maturity in July 2028 and expected proceeds of $310 million.
Schedule of Long-term Debt
The following table details long-term debt outstanding, net of issuance costs and premiums or discounts:
Type of DebtSeptember 30, 2026December 31, 2025
(in millions)
Senior Unsecured Notes$41,626 $37,190 
Pollution Control Bonds1,637 1,637 
Notes Payable574 683 
Securitization Bonds2,262 984 
Spent Nuclear Fuel Obligation (a)339 330 
Junior Subordinated Notes4,683 4,681 
Other Long-term Debt1,420 1,817 
Total Long-term Debt Outstanding52,541 47,322 
Long-term Debt Due Within One Year2,677 3,194 
Long-term Debt$49,864 $44,128 

(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 $393 million and $381 million as of September 30, 2026 and December 31, 2025, respectively, and are included in Spent Nuclear Fuel and Decommissioning Trusts on the balance sheets.
Schedule of Retirements and Principal Payments
Long-term debt and other securities issued, retired and principal payments made during the first nine months of 2026 are shown in the following tables:
PrincipalInterest
CompanyType of DebtAmount (a)RateDue Date
Issuances:(in millions)(%)
AEPPollution Control Bonds$50 3.502030
AEP TexasSenior Unsecured Notes750 5.202036
AEPTCoOther Long-term Debt214 Variable2028
AEPTCoSenior Unsecured Notes650 5.252036
APCoSecuritization Bonds450 4.962035
APCoSecuritization Bonds326 5.372040
APCoSecuritization Bonds600 5.842046
I&MSenior Unsecured Notes650 5.602056
PSOSenior Unsecured Notes450 5.402034
PSOSenior Unsecured Notes550 6.302056
SWEPCoSenior Unsecured Notes300 5.302033
SWEPCoSenior Unsecured Notes600 5.202036
SWEPCoSenior Unsecured Notes750 6.002037
SWEPCoSenior Unsecured Notes500 5.902056
Non-Registrant:
KPCoOther Long-term Debt150 Variable2028
KPCoPollution Control Bonds65 3.752030
Transource EnergyOther Long-term Debt37 Variable2028
Total Issuances$7,092 

(a)Amounts indicated on the statements of cash flows are net of issuance costs and premium or discount and will not agree with the issuance amounts.
PrincipalInterest
CompanyType of DebtAmount Paid (a)RateDue Date
Retirements and Principal Payments:
(in millions)(%)
AEPPollution Control Bonds$50 3.202026
AEP TexasSecuritization Bonds25 2.292029
AEP TexasSenior Unsecured Notes50 3.812026
AEPTCoOther Long-term Debt623 Variable2028
APCoOther Long-term Debt175 Variable2026
APCoOther Long-term Debt1 13.722026
APCoSecuritization Bonds30 3.772028
I&MNotes Payable3 3.442026
I&MNotes Payable3 5.932027
I&MNotes Payable16 6.012028
I&MNotes Payable13 6.412028
I&MNotes Payable29 4.892029
I&MNotes Payable30 Variable2030
PSOSenior Unsecured Notes50 3.052026
SWEPCoSecuritization Bonds17 4.882039
SWEPCoSenior Unsecured Notes500 1.652026
Non-Registrant:
KPCoPollution Control Bonds65 4.702026
KPCoSecuritization Bonds16 5.302045
KPCoSenior Unsecured Notes120 4.182026
Transource EnergySenior Unsecured Notes3 2.752050
WPCoNotes Payable15 6.892034
Total Retirements and Principal Payments
$1,834 

(a)In March 2026, SWEPCo retired $1 billion of 4.24% Affiliated Notes Payable due in 2028.
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 nine months ended September 30, 2026 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 PoolSeptember 30, 2026Limit
(in millions)
AEP Texas$624 $540 $313 $295 $382 $750 
AEPTCo474 342 137 56 (196)1,070 (a)
APCo594 648 154 21 45 950 
I&M283 855 180 147 (284)750 
OPCo328 71 113 23 (240)750 
PSO508 818 354 332 70 950 
SWEPCo375 1,308 258 192 494 950 

(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 nine months ended September 30, 2026 is described in the following table:
Maximum LoansAverage LoansLoans to the Nonutility
to the Nonutilityto the NonutilityMoney Pool as of
CompanyMoney PoolMoney PoolSeptember 30, 2026
(in millions)
AEP Texas$7 $7 $7 
Schedule of Direct Borrowing Activity AEPTCo’s direct financing activities with AEP and corresponding authorized borrowing limit for the nine months ended September 30, 2026 are described in the following table:
BorrowingsAuthorized
MaximumMaximumAverageAveragefrom AEPLoans toShort-term
BorrowingsLoansBorrowingsLoansas of AEP as ofBorrowing
Companyfrom AEPto AEPfrom AEPto AEPSeptember 30,September 30,Limit (a)
(in millions)
AEPTCo Parent$133 $578 $131 $194 $— $112 $— 
Midwest Transmission Holdings— 10 — — — 10 — 
SWTCo2 — 2 — 2 — 50 

(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:
Nine Months Ended September 30,
20262025
Maximum Interest Rate4.26 %4.83 %
Minimum Interest Rate2.57 %4.00 %
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 Nine Months Ended September 30,for Nine Months Ended September 30,
Company2026202520262025
AEP Texas3.94 %4.67 %3.98 %4.37 %
AEPTCo3.98 %4.65 %3.99 %4.62 %
APCo4.00 %4.67 %4.01 %4.58 %
I&M3.92 %4.69 %3.95 %4.50 %
OPCo4.01 %4.61 %3.99 %4.70 %
PSO4.02 %4.64 %3.76 %4.68 %
SWEPCo4.03 %4.69 %3.99 %4.55 %
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:
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
MaximumMinimumAverageMaximumMinimumAverage
Interest RateInterest RateInterest RateInterest RateInterest RateInterest Rate
for Fundsfor Fundsfor Fundsfor Fundsfor Fundsfor Funds
Loaned toLoaned toLoaned toLoaned toLoaned toLoaned to
the Nonutilitythe Nonutilitythe Nonutilitythe Nonutilitythe Nonutilitythe Nonutility
CompanyMoney PoolMoney PoolMoney PoolMoney PoolMoney PoolMoney Pool
AEP Texas4.22 %3.83 %4.01 %4.76 %4.27 %4.66 %
SWEPCo— %— %— %4.76 %4.62 %4.69 %
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
Nine Monthsfor Fundsfor Fundsfor Fundsfor Fundsfor Fundsfor Funds
EndedBorrowedBorrowedLoanedLoanedBorrowedLoaned
September 30,from AEPfrom AEPto AEPto AEPfrom AEPto AEP
20264.22 %3.83 %4.22 %3.83 %3.99 %4.02 %
20254.76 %4.27 %4.76 %4.27 %4.64 %4.64 %
Schedule of Short-term Debt
Outstanding short-term debt was as follows:
September 30, 2026December 31, 2025
OutstandingInterestOutstandingInterest
CompanyType of DebtAmountRate (a)AmountRate (a)
(dollars in millions)
AEPSecuritized Debt for Receivables (b)$900 4.03 %$900 4.00 %
AEPCommercial Paper975 4.21 %605 3.92 %
SWEPCoNotes Payable— — %3 6.30 %
Total Short-term Debt$1,875 $1,508 

(a)Weighted-average rate of all borrowings outstanding as of September 30, 2026 and December 31, 2025, 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 September 30,Nine Months Ended September 30,
2026202520262025
(dollars in millions)
Effective Interest Rates on Securitization of Accounts Receivable
3.97 %4.52 %3.94 %4.56 %
Net Uncollectible Accounts Receivable Written-Off$14 $11 $30 $25 
Schedule of Customer Accounts Receivable Managed Portfolio
September 30, 2026December 31, 2025
(in millions)
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts
$1,559 $1,230 
Short-term – Securitized Debt of Receivables900 900 
Delinquent Securitized Accounts Receivable 41 66 
Bad Debt Reserves Related to Securitization41 42 
Unbilled Receivables Related to Securitization338 368 
Schedule of Accounts Receivable and Accrued Unbilled Revenues
The amount of accounts receivable and accrued unbilled revenues under the sale of receivables agreements were:
CompanySeptember 30, 2026December 31, 2025
(in millions)
APCo$210 $203 
I&M191 175 
OPCo600 501 
PSO281 140 
SWEPCo232 169 
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 September 30,Nine Months Ended September 30,
Company2026202520262025
(in millions)
APCo$4 $4 $11 $11 
I&M4 4 12 11 
OPCo14 7 29 22 
PSO5 4 11 10 
SWEPCo4 4 11 12 
Schedule of Proceeds on Sale of Receivables to AEP Credit
The proceeds on the sale of receivables to AEP Credit were:
Three Months Ended September 30,Nine Months Ended September 30,
Company2026202520262025
(in millions)
APCo$452 $495 $1,411 $1,530 
I&M723 683 2,068 1,813 
OPCo1,070 927 2,799 2,523 
PSO809 659 1,722 1,466 
SWEPCo644 550 1,539 1,434