American Electric Power Company, Inc. · NASDAQ:AEP
American Electric Power — 52nd EEI Financial Conference 2017
69 slides from American Electric Power's conference presentation, November 2017
Slide 1: 52nd EEI Financial Conference
52nd EEI Financial Conference November 5-8, 2017 Lake Buena Vista, Florida 52nd EEI Financial Conference | aep.com 0
Slide 2: Safe Harbor Statement
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995 This presentation 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
Slide 3: America's Energy Partner
THE PREMIER REGULATED AMERICA’S ENERGYENERGY COMPANY AMERICA’S PARTNER ENERGY PARTNER 40,000 Miles of Transmission 5.4M Customers in 11 States 26GW Owned Generation $37B Current Market Capitalization $64B Total Assets Note: Statistics as of September 30, 2017 except for market capitalization which i
Slide 4: Our Strategic Transformation
OUR STRATEGIC TRANSFORMATION Last 5 Years Vision 2022 Managed earnings through loss of Ohio revenues O&M Discipline Relentless O&M Optimization Merchant Plant Sale New Regulatory Paradigm Energy Ohio River Ops Generation Sale Continued Transmission Investment Company Separation Own Regulated Renewab
Slide 5: AEP Going Forward
AEP GOING FORWARD Well positioned Earnings growth Growing dividend Renewable as a regulated rate 5-7% consistent with energy future business earnings No Longer a Focus: Resolution Central Energy and Ohio of Station Capacity Restructuring Competitive Construction Pricing Generation Projects 52nd EEI
Slide 6: Organic Investment Opportunity Equals Increased Growth
ORGANIC INVESTMENT OPPORTUNITY EQUALS INCREASED GROWTH $4.50 $4.25 $4.00 $3.75 $3.65 $3.50 $3.25 2017 2018 2019 Future Operating $3.55 - $3.75 Earnings narrowed to $3.75 - $3.95 $4.00 - $4.20 Guidance $3.55 - $3.68 52nd EEI Financial Conference | aep.com 5
Slide 7: Strong, Consistent Dividend Growth
STRONG, CONSISTENT DIVIDEND GROWTH $3.00 $2.50 $2.48 $2.39 $2.27 $2.00 $2.15 $2.03 $1.50 $1.00 $0.50 $0.00 2014 2015 2016 2017 2018* EPS Growth + Dividend Yield = 10% to 12% Annual Return Opportunity * Subject to Board approval 52nd EEI Financial Conference | aep.com 6
Slide 8: The Premier Regulated Energy Company
HIGHER HIGHER growth dividends The Premier Regulated Energy Company MORE MORE certainty regulated 52nd EEI Financial Conference | aep.com 7
Slide 9: Positioning for the Future: Capital Investment Opportunities
POSITIONING FOR THE FUTURE CAPITAL INVESTMENT OPPORTUNITIES 52nd EEI Financial Conference | aep.com 8
Slide 10: Focusing on Wires
FOCUSING ON WIRES A Tale of Two Companies 2007 2017 CAPITAL 2018-2020 CAPITAL FORECAST* Generation Distribution Distribution 23% 17% 28% 12% Transmission 65% Generation 55% Transmission Focus on environmental retrofits Focus on wires Transmission expansion just $9 billion on transmission ove
Slide 11: Turning the Ship
TURNING THE SHIP A Tale of Two Companies 2007 2017 NET PLANT PROFILE NET PLANT PROFILE 28% 34% $12.5B 34% Generation Distribution Distribution $9.0B 47% $12.2B $15.0B Generation $12.5B 19% 38% Transmission Transmission $5.0B $16.6B Total $26.5B Total $43.8B 52nd EEI Financial Conference | aep.com 10
Slide 12: Capital Forecast
CAPITAL FORECAST $18.2B $18.2BCap-ex from Cap-ex: 2018 2018 - 2020 - 2020 Contracted Renewables $1.3B | 7% Regulated Renewables $0.5B | 3% Regulated Environmental Generation $1.0B | 5% AEP Transmission Holdco Regulated Fossil/Hydro $4.6B | 25% Generation $0.6B | 3% Nuclear Generation $0.5B | 3% Corp
Slide 13: Solid Balance Sheet
SOLID BALANCE SHEET AEP Consolidated Cash Flows and Financial Metrics $ in millions 2017E 2018E 2019E 2020E Cash from Operations 4,400 5,100 5,200 4,900 Capital & JV Equity Contributions (6,000) (6,000) (6,200) (6,000) Other Investing Activities * 1,700 (200) (100) (200) Common Dividends ** (1,200)
Slide 14: Robust Organic Capital Opportunities
ROBUST ORGANIC CAPITAL OPPORTUNITIES Grid modernization, aging infrastructure, physical/cyber Transmission security, reliability, market efficiency and economic development projects Grid modernization, reliability improvement projects and Distribution distribution station refurbishment Wind Catcher,
Slide 15: Investing in Transmission
INVESTING IN TRANSMISSION 52nd EEI Financial Conference | aep.com 14
Slide 16: AEP Transmission Holdco Legal Entity Structure
AEP TRANSMISSION HOLDCO LEGAL ENTITY STRUCTURE AEP Transmission Company, LLC (“AEP Transco”) is wholly-owned by AEP Transmission Holding Company, LLC (“AEP Trans Holdco”) AEP Trans Holdco is a wholly-owned subsidiary of American Electric Power Company, Inc. (“AEP”), one of the largest utility holdin
Slide 17: Transmission Priorities
TRANSMISSION PRIORITIES Strategy Execution Results Safety / Culture / Compliance Infrastructure Prioritized capital investments Enhance Reliability/Resilience Earnings Growth Investment Local & regional reliability, Efficient Cost Recovery security, asset health projects Customer Local reliability p
Slide 18: AEPTHC Target Earnings
AEPTHC TARGET EARNINGS AEPTHC EPS contribution grows from Over $13B projected by 2020 Significant (AEP Transcos and our ownership $0.16 in 2013 to $0.96-$0.99 in 2020 Investment percentage of JV Capital expenditures) Affiliate authorized ROEs Healthy ROEs ranging from 9.6% to 12.8% & Capital EPS Con
Slide 19: AEPTHC – Impact of FERC 205
AEPTHC – IMPACT OF FERC 205 2015 2016 2017 2018 2019 2020 EPS 0.39 0.54 0.71 0.70-0.73 0.82-0.85 0.96-0.99 Increased Investment East PY True-Up (June each year) $ 0.06 $ 0.09 $ 0.09 FERC 205 Forward-Looking Rates (Jan 2017) $ 0.10 West FERC PY True-Up (June each year) $ 0.00 $ 0.01 $ 0.01 $ 0.02 FER
Slide 20: $3 Billion of Transmission Investment Annually
$3 BILLION OF TRANSMISSION INVESTMENT ANNUALLY As the foundation of the power system, transmission integrates generation and loads across large regional footprints. Key Grid Considerations Increasing energy supply diversity and complexity Tighter operating tolerances Deteriorating performance
Slide 21: Robust Transmission Capital Expenditure Opportunities
ROBUST TRANSMISSION CAPITAL EXPENDITURE OPPORTUNITIES Circuit Life Expectancy – 70 yrs. Transmission Line Miles Transformers Avg Age – 52 yrs. Breakers Life Expectancy (years) 70 60 50 Current Quantity over 6,403 244 1,015 Life Expectancy Quantity that will exceed Life Expectancy 6,214 126 836 in ne
Slide 22: Customer Load Growth Project
CUSTOMER LOAD GROWTH PROJECT • New 138 kV substation to serve $750 million data center in New Albany, Ohio • $25 million project cost • Provide service to large customer’s 180 MW data center within 12 months of customer’s request • AEP also provided service to a similar 140 MW data center during 201
Slide 23: Aging Infrastructure Projects
AGING INFRASTRUCTURE PROJECTS Hazard-Wooton 161 kV • Retirement of 1910s vintage 88 kV system serving McDowell County, West Virginia and Tazewell County, Virginia • Rebuilt as 138 kV with 35 miles of new lines and station upgrades • $143 million project cost • Corrects thermal overloads and low volt
Slide 24: Regional Reliability Project
REGIONAL RELIABILITY PROJECT • Pig Creek 138 kV Station ERCOT-endorsed project • Provide a new 138 kV interconnection point/station between AEP Texas and Texas New Mexico Power 138 kV system to support the oil and gas load growth • $8 million project cost • In Service October 2017 52nd EEI Financial
Slide 25: Local Reliability Project
LOCAL RELIABILITY PROJECT Marietta Area Improvements • Construct a new 345/138 kV station and 23 miles of 138 kV line to improve area reliability and capacity for future shale gas expansion in Southern Noble and Northern Washington counties in Ohio • $111 million investment for the Marietta area ele
Slide 26: FERC 205 & 206 Filings
FERC 205 & 206 Filings East • 206 complaint against AEP East companies filed in October 2016 • AEP filed a 205 application in November 2016 for a modified formula rate that seeks to mitigate regulatory lag • FERC accepted the proposed modifications effective January 1, 2017, subject to refund West •
Slide 27: Investing in Distribution
INVESTING IN DISTRIBUTION 52nd EEI Financial Conference | aep.com 26
Slide 28: Robust Distribution Capital Expenditure Opportunities
ROBUST DISTRIBUTION CAPITAL EXPENDITURE OPPORTUNITIES Station Circuit Distribution Transformers Breakers Life Expectancy (years) 60 50 Current Quantity over 945 888 Life Expectancy Quantity that will exceed Life Expectancy 469 1,172 in next ten years Total Renewal Opportunity over ten 1,414 2,060 ye
Slide 29: Investing in Renewables
INVESTING IN RENEWABLES 52nd EEI Financial Conference | aep.com 28
Slide 30: Wind Catcher Energy Connection
WIND CATCHER ENERGY CONNECTION Project is expected to reduce rates for PSO & SWEPCO customers over the life of the project – with savings starting first year of operation – while providing meaningful capital investment and earnings growth opportunity for shareholders • Project Scope: 2,000 MW (namep
Slide 31: Pipeline of Renewable Opportunities
PIPELINE OF RENEWABLE OPPORTUNITIES Regulated Owned Investment Pipeline East Companies – 460 MW East Companies – 2,200 MW West Companies – 910 MW Wind Catcher – 2,000 MW 5,570 MW through 2025 Note: Excludes PPAs 52nd EEI Financial Conference | aep.com 30
Slide 32: Contracted Renewables: $1.3B Capital Allocated 2018-2020
CONTRACTED RENEWABLES $1.3B CAPITAL ALLOCATED 2018-2020 Renewable Generation Asset Owner “Behind-the-Meter” Energy Assets Universal Scale Energy Assets Utilities, Municipalities, Schools, Cities, Hospitals and Key Customers Corporations and Cooperative Commercial / Industrial Accounts Accounts Distr
Slide 33: Contracted Renewable Projects
CONTRACTED RENEWABLE PROJECTS Madison County, NY | 2 MW Boulder Solar II, Nevada | 62 MW • $194 million of capital committed to AEP Onsite Partners • Multiple projects in 9 different states • $190 million of capital invested in AEP Renewables • 31 MW of solar projects in operation • Three projects i
Slide 34: Contracted Renewables Outlook
CONTRACTED RENEWABLES OUTLOOK AEP IS A WELCOMED STRATEGIC PARTNER AND HAS A STRONG PIPELINE OF ADDITIONAL OPPORTUNITIES DEVELOPMENT PROJECTS DISCIPLINED INVESTMENT • Fully contracted assets • Specific return requirements • Strong credit counterparties • Detailed technical reviews • Long-term predict
Slide 35: Positioning for the Future: Financial Information
POSITIONING FOR THE FUTURE FINANCIAL INFORMATION 52nd EEI Financial Conference | aep.com 34
Slide 36: 8.2% CAGR in Rate Base
8.2% CAGR IN RATE BASE CUMULATIVE CHANGE FROM 2016 BASE 2016 Rate Base Proxy Vertically Integrated Utilities $22.7B T&D Utilities $8.6B Transcos/Transource $4.2B Total $35.5B $13.1B $9.5B $5.1 $3.8 $6.2B $3.8 $2.5 $2.8 $3.1B $1.3 $1.9 $4.2 $1.0 $2.9 $1.8 $0.8 2017E 2018E 2019E 2020E 2021E 2022 Verti
Slide 37: Regulated ROE Results
REGULATED ROE RESULTS Twelve Months Ended 9/30/2017 Earned ROEs (non-GAAP Operating Earnings) AEP OH Trans 12.6% 12.7% * AEP OH * AEP TX AEP 10.3% Regulated 11.1% 9.2% APCo I&M* 8.4% 8.4% PSO* SWEPCO* 6.1% 5.9% KPCo* 4.5% Forecasted Average ROE 2018-2020 ~ 10% * AEP Ohio adjusted for SEET items. Bas
Slide 38: 2018 Operating Earnings Guidance
2018 OPERATING EARNINGS GUIDANCE Range of $3.75 - $3.95/share $0.18 $0.01 $0.21 $3.85/sh $3.62/sh 2016 True-Up ($0.09) Invs t Growth $0.10 ($0.11) ($0.06) Ra te Cha nges $0.07 Norma l Loa d $0.03 Gen Res ources ($0.08) Wea ther $0.16 Invs t Gains ($0.03) ERCOT Tra ns Rev $0.06 Renewabl es $0.01 Ra t
Slide 39: 2018 Key Guidance
2018 KEY GUIDANCE Sensitivities & Assumptions Sensitivities Assumptions Sensitivity EPS Rate Changes: $312M; $107M secured 2018 Regulated Connected Load (Billed and Accrued): Retail Sales at Average Mix 0.5% +/- 0.04 Residential 57,932 GWh Wholesale Market Prices $1/MWh +/- 0.01 Commercial 50,478 GW
Slide 40: Normalized Load Trends
NORMALIZED LOAD TRENDS AEP Residential Normalized GWh Sales AEP Commercial Normalized GWh Sales % Change vs. Prior Year % Change vs. Prior Year 5% 5% 1.4% 1.8% 0.5% 0.9% 0.4% 0% 0% -0.4% -0.9% -0.4% -0.6% -1.6% -5% -5% 2014A 2015A 2016A 2017E 2018E 2014A 2015A 2016A 2017E 2018E AEP Industrial GWh Sa
Slide 41: Continuous Improvement Enables O&M Discipline
CONTINUOUS IMPROVEMENT ENABLES O&M DISCIPLINE $ Billions 3.5 $3.1B $3.1B $3.0B $3.0B $2.9B $2.9B 3.0 $2.8B $2.8B 2.5 2.0 1.5 1.0 0.5 0.0 2011A 2012A 2013A 2014A 2015A 2016A 2017E 2018E Demonstrated track record of ability to offset inflationary increases Note: Excluding items recovered in riders/tra
Slide 42: Bending the O&M Curve
BENDING THE O&M CURVE Initiatives Examples • Distribution – Drive enhanced reliability which will lead to reduced O&M cost associated with storm restoration in the long term • Supply Chain – Optimizing the material requisition process to improve material lead times, reducing Lean Management System s
Slide 43: Pension & OPEB Estimates
PENSION & OPEB ESTIMATES Assumptions 2017E 2018E • YTD pension returns up 9.9% due to strong investment performance, Pension Discount Rate 4.05% 4.44% including 20% returns in the global OPEB Discount Rate 4.10% 4.49% equity portfolio. OPEB returns are Assumed Long Term Rate of up 14.5%, also due to
Slide 44: 2018 Debt Issuance and Maturities Overview
2018 DEBT ISSUANCE AND MATURITIES OVERVIEW $ Millions $800 $700 $600 $500 Q4 2017 Maturities $400 2018 Maturities 2018 Expected Issuances $300 $200 $100 $0 AEG AEP Inc AEP Texas APCo I&M KPCo OPCo SWEPCo Transco WPCo 52nd EEI Financial Conference | aep.com 43
Slide 45: AEP Credit Ratings
AEP CREDIT RATINGS Moody’s S&P Senior Senior Company Unsecured Outlook Unsecured Outlook American Electric Power Company, Inc. Baa1 P BBB+ S AEP, Inc. Short Term Rating P2 S A2 S AEP Texas, Inc. Baa1 S A- S AEP Transmission Company, LLC A2 S A- S Appalachian Power Company Baa1 S A- S Indiana Michiga
Slide 46: Positioning for the Future: Regulatory Activity
POSITIONING FOR THE FUTURE REGULATORY ACTIVITY 52nd EEI Financial Conference | aep.com 45
Slide 47: Pending Rate Case: I&M - Indiana
PENDING RATE CASE I&M - Indiana Base rate case filed July 26, 2017 • Cause #: 44967 • Requested rate base: $4.185B (IN jurisdiction) • Requested ROE: 10.6% • Cap Structure: 53.5%D / 46.5%E • Base Rate Increase: $263M ($89M increased D&A) • Test Year: 2018 Forecasted • Procedural Schedule: OUCC/Inter
Slide 48: Pending Rate Case: I&M - Michigan
PENDING RATE CASE I&M - Michigan Base rate case filed May 15, 2017 • Docket #: U-18370 • Requested rate base: $1.015B (MI jurisdiction) • Requested ROE: 10.6% • Cap Structure: 53.6%D / 46.4%E • Base Rate Increase: $52M ($28M increased D&A) • Test Year: 2018 Forecasted (13 mo. average rate base) aver
Slide 49: Pending Rate Case: KYP - Kentucky
PENDING RATE CASE KYP - Kentucky Base rate case filed June 28, 2017 • Docket #: 2017-00179 • Requested rate base: $1.195B (KY retail jurisdiction) • Requested ROE: 10.31% • Cap Structure: 54.45%D / 3.87%AR / 41.68%E • Base Rate Increase: $60M (excluding HEAP, KEDS & ES, $5M increased D) • Test Year:
Slide 50: Pending Rate Case: PSO - Oklahoma
PENDING RATE CASE PSO - Oklahoma Base rate case filed June 30, 2017 • Docket #: PUD 201700151 • Requested rate base: $2.527B (total company) • Requested ROE: 10.0% • Cap Structure: 51.5%D / 48.5%E • Base Rate Increase: $157M ($42M increased D) • Test Year: December 31, 2016 • Procedural Schedule: He
Slide 51: Pending Rate Case: SWEPCO - Texas
PENDING RATE CASE SWEPCO - Texas Base rate case filed December 16, 2016 • Docket #: 46449 SWEPCO • Requested rate base: $1.238B (TX jurisdiction reflecting SPP Texas pass through) • Requested ROE: 10.0% • Cap Structure: 51.5%D/48.5%E • Base Rate Increase: $69M net ($106M less $37M TCRF/DCRF decrease
Slide 52: Wind Catcher Energy Connection Procedural Schedules
WIND CATCHER ENERGY CONNECTION Procedural Schedules SWEPCO – Texas SWEPCO – Arkansas Intervenor Testimony 12/04/2017 Staff /Intervenor Direct Testimony 12/05/2017 Staff Testimony 12/11/2017 SWEPCO Rebuttal 01/09/2018 Rebuttal/Cross Rebuttal 01/04/2018 Staff and Intervenor Surrebuttal 01/30/2018 Hear
Slide 53: Sustainable Future
SUSTAINABLE FUTURE 52nd EEI Financial Conference | aep.com 52
Slide 54: Transforming Our Generation Fleet
TRANSFORMING OUR GENERATION FLEET 80% 70% 70% 66% 60% 50% 47% Capacity 40% 33% 30% 30% 27% 24% 22% 20% 19% 13% 10% 7% 6% 7% 6% 6% 7% 4% 4% 1% 1% 0% 1999 2005 2017 Future 1999 2005 2017 Future 1999 2005 2017 Future 1999 2005 2017 Future 1999 2005 2017 Future Coal Natural Gas Nuclear Hydro, Wind, Sola
Slide 55: Investing Billions to Reduce Emissions
INVESTING BILLIONS TO REDUCE EMISSIONS 52nd EEI Financial Conference | aep.com 54
Slide 56: Dramatic Reductions in Emissions
DRAMATIC REDUCTIONS IN EMISSIONS 1990-2016 ACTUAL SO2 94% 90% NOx 2001-2016 ACTUAL Hg 93% 52nd EEI Financial Conference | aep.com 55
Slide 57: Dramatic Reductions in Emissions
DRAMATIC REDUCTIONS IN EMISSIONS 2000-2016 actual CO2 44% 52nd EEI Financial Conference | aep.com 56
Slide 58: Investing in a Greener Future
INVESTING IN A GREENER FUTURE Wind and solar represents nameplate MW capacity. Source: Current Internal Integrated Resource Plans. Excludes impact of Wind Catcher. Reflects PSO’s Integrated Resource Plan filed 11/1/17. Actual additions depend on market conditions, regulatory approval, customer deman
Slide 59: Delivering Clean Energy Resources
DELIVERING CLEAN ENERGY RESOURCES AEP's 2017 Renewable Portfolio, in MW Hydro, Wind, Solar & Pumped Storage Owned MW PPA MW Total MW AEP Ohio 209 209 Appalachian Power Company 788 455 1,243 Indiana Michigan Power Company 38 450 488 Public Service of Oklahoma 1,137 1,137 Southwestern Electric Power C
Slide 60: Well-Positioned Regulated Business
WELL-POSITIONED REGULATED BUSINESS 52nd EEI Financial Conference | aep.com 59
Slide 61: Capital Forecast 2018-2020 by Subsidiary
CAPITAL FORECAST 2018-2020 BY SUBSIDIARY $ in millions (excluding AFUDC) 2018E 2019E 2020E Total Appalachian Power Company $729 $1,093 $799 $2,621 Wheeling Power Company $46 $55 $62 $163 Kingsport Power Company $20 $17 $17 $54 Indiana Michigan Power Company $599 $594 $579 $1,772 Kentucky Power Compa
Slide 62: Appalachian Power & Wheeling Power Rate Base, Sales & Cap-Ex
APPALACHIAN POWER & WHEELING POWER RATE BASE, SALES & CAP-EX Appalachian Power Wheeling Power Projected Rate Base Proxy, in millions Projected Rate Base Proxy, in millions $1,000 $10,000 $8,891 $8,530 $730 $730 $732 $752 $7,749 $7,973 $800 $726 $8,000 $7,492 $600 $6,000 $400 $4,000 $2,000 $200 $0 $0
Slide 63: AEP Ohio Rate Base, Sales & Cap-Ex
AEP OHIO RATE BASE, SALES & CAP-EX AEP Ohio AEP Ohio Normalized GWh Sales Projected Rate Base Proxy, in millions % Change vs. Prior Year 5% $6,000 $5,398 $4,904 $5,138 $4,559 $4,784 0.0% 0.0% 0.8% $5,000 0% $4,000 -0.6% $3,000 -2.3% $2,000 -5% R: +1.3% C: +1.9% $1,000 I: -0.7% $0 -10% 2016A 2017E 20
Slide 64: Indiana Michigan Power Rate Base, Sales & Cap-Ex
INDIANA MICHIGAN POWER RATE BASE, SALES & CAP-EX Indiana Michigan Power Company I&M Normalized GWh Sales Projected Rate Base Proxy, in millions % Change vs. Prior Year $7,000 5% $5,980 $6,000 $5,606 $5,304 1.2% 1.3% $4,709 $4,989 0.5% $5,000 0% $4,000 -0.7% $3,000 -1.7% -5% R: -1.0% $2,000 C: -0.2%
Slide 65: Kentucky Power Rate Base, Sales & Cap-Ex
KENTUCKY POWER RATE BASE, SALES & CAP-EX Kentucky Power Company KPCo Normalized GWh Sales Projected Rate Base Proxy, in millions % Change vs. Prior Year $2,500 5% $1,946 $2,000 $1,750 $1,829 $1,663 $1,658 0% $1,500 -0.2% -1.2% -1.8% $1,000 -5% -3.4% R: -1.8% $500 C: +0.4% -6.6% I: -3.0% $0 -10% 2016
Slide 66: Public Service Company of Oklahoma Rate Base, Sales & Cap-Ex
PUBLIC SERVICE COMPANY OF OKLAHOMA RATE BASE, SALES & CAP-EX Public Service Co. of Oklahoma PSO Normalized GWh Sales Projected Rate Base Proxy, in millions % Change vs. Prior Year $4,000 5% $3,500 $3,139 $3,270 2.2% $2,839 $2,898 $3,005 0.9% 0.8% $3,000 0.5% $2,500 0% $2,000 -1.0% $1,500 -5% R: -0.9
Slide 67: Southwestern Electric Power Company Rate Base, Sales & Cap-Ex
SOUTHWESTERN ELECTRIC POWER COMPANY RATE BASE, SALES & CAP-EX Southwestern Electric Power Company SWEPCO Normalized GWh Sales Projected Rate Base Proxy, in millions % Change vs. Prior Year $7,000 5% $5,514 2.0% $6,000 $5,171 $5,276 $4,844 $5,001 0.1% $5,000 0% $4,000 -0.7% $3,000 -5% -3.0% R: -0.1%
Slide 68: AEP Texas Rate Base, Sales & Cap-Ex
AEP TEXAS RATE BASE, SALES & CAP-EX Texas Central Company Texas North Company Projected Rate Base Proxy, in millions Projected Rate Base Proxy, in millions $6,000 $4,866 $2,500 $5,000 $4,340 $2,150 $1,947 $3,871 $2,000 $4,000 $3,378 $1,692 $2,873 $1,411 $3,000 $1,500 $1,166 $2,000 $1,000 $1,000 $500
Slide 69: Other Utility Subsidiaries Rate Base & Cap-Ex
OTHER UTILITY SUBSIDIARIES RATE BASE & CAP-EX AEP Generating Company Kingsport Power Company Projected Rate Base Proxy, in millions Projected Rate Base Proxy, in millions $600 $180 $160 $149 $500 $457 $133 $140 $393 $400 $400 $140 $121 $400 $334 $120 $105 $100 $300 $80 $200 $60 $40 $100 $20 $0 $0 20
American Electric Power Company — 52nd EEI Financial Conference 2017 on 6ix