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Rate Matters (Tables) | 6 Months Ended
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Jun. 30, 2024
Regulated Generating Units to be Retired |
Plant |  |  |  |  |  | Net Book Value |  | Accelerated Depreciation Regulatory Asset |  |  |  | Cost of Removal Regulatory Liability |  |  | Projected Retirement Date |  |  | Current Authorized Recovery Period |  | Annual Depreciation (a)
|  |  |  |  |  | (dollars in millions)
Northeastern Plant, Unit 3 |  |  |  |  |  | $ | 122.8 |  |  | $ | 173.6 |  |  |  |  | $ | 20.9 |  | (b) |  | 2026 |  |  | (c) |  | $ | 15.1 |
Welsh Plant, Units 1 and 3 |  |  |  |  |  | 344.9 |  |  | 145.4 |  |  |  |  | 57.7 |  | (d) |  | 2028 | (e) |  | (f) |  | 39.9 |
(a)Represents the amount of annual depreciation that has been collected from customers over the prior 12-month period. (b)Includes Northeastern Plant, Unit 4, which was retired in 2016. Removal of Northeastern Plant, Unit 4, will be performed with the removal of Northeastern Plant, Unit 3, after retirement. (c)Northeastern Plant, Unit 3 is currently being recovered through 2040. (d)Includes Welsh Plant, Unit 2, which was retired in 2016. Removal of Welsh Plant, Unit 2, will be performed with the removal of Welsh Plant, Units 1 and 3, after retirement. (e)Represents projected retirement date of coal assets, units are being evaluated for conversion to natural gas after 2028. (f)Unit 1 is being recovered through 2027 in the Louisiana jurisdiction and through 2037 in the Arkansas and Texas jurisdictions. Unit 3 is being recovered through 2032 in the Louisiana jurisdiction and through 2042 in the Arkansas and Texas jurisdictions.
Regulatory Assets Pending Final Regulatory Approval |
|  | AEP
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Noncurrent Regulatory Assets |  | (in millions)
Regulatory Assets Currently Earning a Return |  |  |  |
Welsh Plant, Units 1 and 3 Accelerated Depreciation |  | $ | 145.4 |  |  | $ | 125.6 |
Pirkey Plant Accelerated Depreciation |  | 117.9 |  |  | 114.4 |
Unrecovered Winter Storm Fuel Costs (a) |  | 83.8 |  |  | 97.2 |
Other Regulatory Assets Pending Final Regulatory Approval |  | 15.1 |  |  | 49.8 |
Regulatory Assets Currently Not Earning a Return |  |  |  |
Storm-Related Costs |  | 395.0 |  |  | 408.9 |
Plant Retirement Costs – Asset Retirement Obligation Costs (b) |  | 334.7 |  |  | 25.9 |
NOLC Costs |  | 75.3 |  |  | — |
Other Regulatory Assets Pending Final Regulatory Approval |  | 76.2 |  |  | 52.6 |
Total Regulatory Assets Pending Final Regulatory Approval | $ | 1,243.4 |  |  | $ | 874.4 |
(a)Includes $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of June 30, 2024 and December 31, 2023, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information. (b)See “Federal EPA’s Revised CCR Rule” section of Note 5 for additional information.
|  | AEP Texas
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Noncurrent Regulatory Assets |  | (in millions)
Regulatory Assets Currently Not Earning a Return |  |  |  |
Storm-Related Costs |  | $ | 40.0 |  |  | $ | 37.7 |
Line Inspection Costs |  | 9.6 |  |  | 5.7 |
Vegetation Management Program |  | 5.2 |  |  | 5.2 |
Texas Retail Electric Provider Bad Debt Expense |  | 4.1 |  |  | 4.0 |
Other Regulatory Assets Pending Final Regulatory Approval |  | 13.9 |  |  | 11.7 |
Total Regulatory Assets Pending Final Regulatory Approval |  | $ | 72.8 |  |  | $ | 64.3 |
|  | APCo
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Noncurrent Regulatory Assets |  | (in millions)
Regulatory Assets Currently Earning a Return |  |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | $ | 0.8 |  |  | $ | 0.6 |
Regulatory Assets Currently Not Earning a Return |  |  |  |
Plant Retirement Costs – Asset Retirement Obligation Costs (a) |  | 262.4 |  |  | 25.9 |
Storm-Related Costs - West Virginia |  | 118.1 |  |  | 91.5 |
Other Regulatory Assets Pending Final Regulatory Approval |  | 17.5 |  |  | 7.5 |
Total Regulatory Assets Pending Final Regulatory Approval |  | $ | 398.8 |  |  | $ | 125.5 |
(a)See “Federal EPA’s Revised CCR Rule” section of Note 5 for additional information.
|  | I&M
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Noncurrent Regulatory Assets |  | (in millions)
Regulatory Assets Currently Earning a Return |  |  |  |
Other Regulatory Assets Pending Final Regulatory Approval |  | $ | 1.3 |  |  | $ | 0.2 |
Regulatory Assets Currently Not Earning a Return |  |  |  |
Plant Retirement Costs – Asset Retirement Obligation Costs (a) |  | 72.3 |  |  | — |
NOLC Costs - Indiana |  | 22.5 |  |  | — |
Storm-Related Costs - Indiana |  | 8.0 |  |  | 29.7 |
Other Regulatory Assets Pending Final Regulatory Approval |  | 1.9 |  |  | 3.3 |
Total Regulatory Assets Pending Final Regulatory Approval |  | $ | 106.0 |  |  | $ | 33.2 |
(a)See “Federal EPA’s Revised CCR Rule” section of Note 5 for additional information.
|  | OPCo
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Noncurrent Regulatory Assets |  | (in millions)
Regulatory Assets Currently Not Earning a Return |  |  |  |
Storm-Related Costs |  | $ | 23.6 |  |  | $ | 23.6 |
Total Regulatory Assets Pending Final Regulatory Approval |  | $ | 23.6 |  |  | $ | 23.6 |
|  | PSO
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Noncurrent Regulatory Assets |  | (in millions)
Regulatory Assets Currently Not Earning a Return |  |  |  |
Storm-Related Costs |  | $ | 93.1 |  |  | $ | 88.5 |
NOLC Costs |  | 13.1 |  |  | — |
Other Regulatory Assets Pending Final Regulatory Approval |  | 3.0 |  |  | 0.2 |
Total Regulatory Assets Pending Final Regulatory Approval |  | $ | 109.2 |  |  | $ | 88.7 |
|  | SWEPCo
|  | June 30, |  | December 31,
|  | 2024 |  | 2023
Noncurrent Regulatory Assets |  | (in millions)
Regulatory Assets Currently Earning a Return |  |  |  |
Welsh Plant, Units 1 and 3 Accelerated Depreciation |  | $ | 145.4 |  |  | $ | 125.6 |
Pirkey Plant Accelerated Depreciation |  | 117.9 |  |  | 114.4 |
Unrecovered Winter Storm Fuel Costs (a) |  | 83.8 |  |  | 97.2 |
Dolet Hills Power Station Accelerated Depreciation (b) |  | 11.8 |  |  | 12.0 |
Other Regulatory Assets Pending Final Regulatory Approval |  | 1.2 |  |  | 26.0 |
Regulatory Assets Currently Not Earning a Return |  |  |  |
NOLC Costs |  | 39.7 |  |  | — |
Storm-Related Costs - Louisiana, Texas |  | 30.5 |  |  | 56.0 |
Other Regulatory Assets Pending Final Regulatory Approval |  | 18.2 |  |  | 13.7 |
Total Regulatory Assets Pending Final Regulatory Approval |  | $ | 448.5 |  |  | $ | 444.9 |
(a)Includes $37 million of unrecovered winter storm fuel costs recorded as a current regulatory asset as of June 30, 2024 and December 31, 2023, respectively. See the “February 2021 Severe Winter Weather Impacts in SPP” section below for additional information. (b)Amounts include the FERC jurisdiction.
Southwestern Electric Power Co [Member] | February 2021 Severe Storm Fuel Costs |
Natural Gas Expenses and Purchases of Electricity to be Recovered from Customers [Table Text Block] |
Jurisdiction |  | June 30, 2024 |  | December 31, 2023 |  | Approved Recovery Period |  | Approved Carrying Charge
|  | (in millions) |  |  |  |
Arkansas |  | $ | 45.0 |  |  | $ | 54.2 |  |  | 6 years |  | (a)
Louisiana |  | 83.8 |  |  | 97.2 |  |  | (b) |  | (b)
Texas |  | 87.9 |  |  | 101.9 |  |  | 5 years |  | 1.65%
Total |  | $ | 216.7 |  |  | $ | 253.3 |  |  |  |  |
(a)SWEPCo is permitted to record carrying costs on the unrecovered balance of fuel costs at a weighted-cost of capital approved by the APSC. The APSC will conclude an audit of these costs in 2024. A hearing was held in June 2024. (b)In March 2021, the LPSC approved a special order granting a temporary modification to the FAC and shortly after SWEPCo began recovery of its Louisiana jurisdictional share of these fuel costs based on a five-year recovery period inclusive of an interim carrying charge equal to the prime rate. The special order states the fuel and purchased power costs incurred will be subject to a future LPSC audit.

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