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v3.25.2

REVENUE FROM CONTRACTS WITH CUSTOMERS | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS The disclosures in this note apply to all Registrants, unless indicated otherwise. Disaggregated Revenues from Contracts with Customers The tables below represent AEP’s reportable segment and Registrant Subsidiary revenues from contracts with customers, net of respective provisions for refund, by type of revenue:
|  | Three Months Ended June 30, 2025
|  | VIU |  | T&D |  | AEPTHCo |  | G&M |  | Corporate and Other |  | Reconciling Adjustments |  | AEP Consolidated
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 1,029.7 |  |  | $ | 611.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,641.5 |
Commercial Revenues |  | 749.5 |  |  | 420.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,170.1 |
Industrial Revenues (a) |  | 704.6 |  |  | 145.1 |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | 849.4 |
Other Retail Revenues |  | 60.5 |  |  | 14.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 74.6 |
Total Retail Revenues |  | 2,544.3 |  |  | 1,191.6 |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | 3,735.6 |
Wholesale and Competitive Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues |  | 237.3 |  |  | — |  |  | — |  |  | 38.3 |  |  | — |  |  | — |  |  | 275.6 |
Transmission Revenues (b) |  | 157.2 |  |  | 197.4 |  |  | 698.3 |  |  | — |  |  | — |  |  | (622.1) |  |  | 430.8 |
Retail, Trading and Marketing Revenues (c) |  | — |  |  | — |  |  | — |  |  | 538.6 |  |  | — |  |  | (15.3) |  |  | 523.3 |
Total Wholesale and Competitive Retail Revenues |  | 394.5 |  |  | 197.4 |  |  | 698.3 |  |  | 576.9 |  |  | — |  |  | (637.4) |  |  | 1,229.7 |
Other Revenues from Contracts with Customers (d) |  | 49.4 |  |  | 46.2 |  |  | 8.9 |  |  | 2.4 |  |  | 27.4 |  |  | (44.2) |  |  | 90.1 |
Total Revenues from Contracts with Customers |  | 2,988.2 |  |  | 1,435.2 |  |  | 707.2 |  |  | 579.3 |  |  | 27.4 |  |  | (681.9) |  |  | 5,055.4 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Programs (a) (e) |  | 14.5 |  |  | 12.4 |  |  | 49.5 |  |  | — |  |  | — |  |  | (47.0) |  |  | 29.4 |
Other Revenues (a) (f) |  | 12.5 |  |  | 2.6 |  |  | (0.1) |  |  | (13.1) |  |  | 2.2 |  |  | (2.0) |  |  | 2.1 |
Total Other Revenues |  | 27.0 |  |  | 15.0 |  |  | 49.4 |  |  | (13.1) |  |  | 2.2 |  |  | (49.0) |  |  | 31.5 |
Total Revenues |  | $ | 3,015.2 |  |  | $ | 1,450.2 |  |  | $ | 756.6 |  |  | $ | 566.2 |  |  | $ | 29.6 |  |  | $ | (730.9) |  |  | $ | 5,086.9 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $558 million. The affiliated revenues for Vertically Integrated Utilities were $65 million. The remaining affiliated amounts were immaterial. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $16 million. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $26 million. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. (f)Generation & Marketing includes economic hedge activity.
|  | Three Months Ended June 30, 2024
|  | VIU |  | T&D |  | AEPTHCo |  | G&M |  | Corporate and Other |  | Reconciling Adjustments |  | AEP Consolidated
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 949.0 |  |  | $ | 650.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,599.2 |
Commercial Revenues |  | 649.8 |  |  | 391.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,040.9 |
Industrial Revenues (a) |  | 652.8 |  |  | 123.0 |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | 775.7 |
Other Retail Revenues |  | 55.8 |  |  | 13.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 69.5 |
Total Retail Revenues |  | 2,307.4 |  |  | 1,178.0 |  |  | — |  |  | — |  |  | — |  |  | (0.1) |  |  | 3,485.3 |
Wholesale and Competitive Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues |  | 149.0 |  |  | — |  |  | — |  |  | 23.7 |  |  | — |  |  | (0.1) |  |  | 172.6 |
Transmission Revenues (b) |  | 123.0 |  |  | 208.3 |  |  | 496.6 |  |  | — |  |  | — |  |  | (397.0) |  |  | 430.9 |
Renewable Generation Revenues (a) |  | — |  |  | — |  |  | — |  |  | 8.2 |  |  | — |  |  | (1.4) |  |  | 6.8 |
Retail, Trading and Marketing Revenues (c) |  | — |  |  | — |  |  | — |  |  | 485.5 |  |  | 0.3 |  |  | (23.7) |  |  | 462.1 |
Total Wholesale and Competitive Retail Revenues |  | 272.0 |  |  | 208.3 |  |  | 496.6 |  |  | 517.4 |  |  | 0.3 |  |  | (422.2) |  |  | 1,072.4 |
Other Revenues from Contracts with Customers (d) |  | 47.4 |  |  | 38.9 |  |  | 6.2 |  |  | 1.0 |  |  | 55.2 |  |  | (48.8) |  |  | 99.9 |
Total Revenues from Contracts with Customers |  | 2,626.8 |  |  | 1,425.2 |  |  | 502.8 |  |  | 518.4 |  |  | 55.5 |  |  | (471.1) |  |  | 4,657.6 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Programs (a) (e) |  | (12.1) |  |  | 6.7 |  |  | (12.9) |  |  | — |  |  | — |  |  | (17.3) |  |  | (35.6) |
Other Revenues (a) (f) |  | 4.3 |  |  | 4.0 |  |  | — |  |  | (50.9) |  |  | 2.2 |  |  | (2.4) |  |  | (42.8) |
Total Other Revenues |  | (7.8) |  |  | 10.7 |  |  | (12.9) |  |  | (50.9) |  |  | 2.2 |  |  | (19.7) |  |  | (78.4) |
Total Revenues |  | $ | 2,619.0 |  |  | $ | 1,435.9 |  |  | $ | 489.9 |  |  | $ | 467.5 |  |  | $ | 57.7 |  |  | $ | (490.8) |  |  | $ | 4,579.2 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $393 million. The affiliated revenues for Vertically Integrated Utilities were $41 million. The remaining affiliated amounts were immaterial. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $24 million. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $30 million. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. (f)Generation & Marketing includes economic hedge activity.
|  | Three Months Ended June 30, 2025
|  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 180.2 |  |  | $ | — |  |  | $ | 365.2 |  |  | $ | 190.1 |  |  | $ | 431.5 |  |  | $ | 190.4 |  |  | $ | 191.3 |
Commercial Revenues |  | 114.6 |  |  | — |  |  | 194.0 |  |  | 192.2 |  |  | 306.2 |  |  | 135.2 |  |  | 155.4 |
Industrial Revenues (a) |  | 41.7 |  |  | — |  |  | 210.5 |  |  | 156.7 |  |  | 103.5 |  |  | 91.3 |  |  | 103.2 |
Other Retail Revenues |  | 10.1 |  |  | — |  |  | 28.2 |  |  | 1.3 |  |  | 4.1 |  |  | 26.4 |  |  | 2.7 |
Total Retail Revenues |  | 346.6 |  |  | — |  |  | 797.9 |  |  | 540.3 |  |  | 845.3 |  |  | 443.3 |  |  | 452.6 |
Wholesale Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues (b) |  | — |  |  | — |  |  | 77.9 |  |  | 138.2 |  |  | — |  |  | 1.5 |  |  | 48.6 |
Transmission Revenues (c) |  | 175.4 |  |  | 682.3 |  |  | 45.9 |  |  | 18.6 |  |  | 22.0 |  |  | 16.0 |  |  | 55.4 |
Total Wholesale Revenues |  | 175.4 |  |  | 682.3 |  |  | 123.8 |  |  | 156.8 |  |  | 22.0 |  |  | 17.5 |  |  | 104.0 |
Other Revenues from Contracts with Customers (d) |  | 9.1 |  |  | 8.9 |  |  | 18.5 |  |  | 26.9 |  |  | 37.3 |  |  | 6.8 |  |  | 5.7 |
Total Revenues from Contracts with Customers |  | 531.1 |  |  | 691.2 |  |  | 940.2 |  |  | 724.0 |  |  | 904.6 |  |  | 467.6 |  |  | 562.3 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Programs (a) (e) |  | 0.4 |  |  | 50.5 |  |  | 7.2 |  |  | 1.2 |  |  | 12.1 |  |  | 1.8 |  |  | 8.0 |
Other Revenues (a) |  | (0.3) |  |  | 0.1 |  |  | 0.2 |  |  | 12.0 |  |  | 2.3 |  |  | 0.1 |  |  | 0.1 |
Total Other Revenues |  | 0.1 |  |  | 50.6 |  |  | 7.4 |  |  | 13.2 |  |  | 14.4 |  |  | 1.9 |  |  | 8.1 |
Total Revenues |  | $ | 531.2 |  |  | $ | 741.8 |  |  | $ | 947.6 |  |  | $ | 737.2 |  |  | $ | 919.0 |  |  | $ | 469.5 |  |  | $ | 570.4 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $36 million primarily related to the PPA with KGPCo. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $555 million, $22 million and $21 million, respectively. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $18 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
|  | Three Months Ended June 30, 2024
|  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 184.9 |  |  | $ | — |  |  | $ | 364.8 |  |  | $ | 190.5 |  |  | $ | 465.3 |  |  | $ | 187.8 |  |  | $ | 120.7 |
Commercial Revenues |  | 115.0 |  |  | — |  |  | 187.1 |  |  | 150.8 |  |  | 276.1 |  |  | 130.1 |  |  | 100.7 |
Industrial Revenues (a) |  | 34.0 |  |  | — |  |  | 205.9 |  |  | 153.1 |  |  | 89.0 |  |  | 91.1 |  |  | 72.3 |
Other Retail Revenues |  | 9.3 |  |  | — |  |  | 28.1 |  |  | 1.3 |  |  | 4.5 |  |  | 25.9 |  |  | 1.7 |
Total Retail Revenues |  | 343.2 |  |  | — |  |  | 785.9 |  |  | 495.7 |  |  | 834.9 |  |  | 434.9 |  |  | 295.4 |
Wholesale Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues (b) |  | — |  |  | — |  |  | 72.1 |  |  | 54.8 |  |  | — |  |  | 2.7 |  |  | 50.1 |
Transmission Revenues (c) |  | 184.8 |  |  | 483.2 |  |  | 45.6 |  |  | 10.0 |  |  | 23.6 |  |  | 10.2 |  |  | 46.7 |
Total Wholesale Revenues |  | 184.8 |  |  | 483.2 |  |  | 117.7 |  |  | 64.8 |  |  | 23.6 |  |  | 12.9 |  |  | 96.8 |
Other Revenues from Contracts with Customers (d) |  | 10.4 |  |  | 6.2 |  |  | 13.1 |  |  | 29.4 |  |  | 28.5 |  |  | 12.4 |  |  | 7.6 |
Total Revenues from Contracts with Customers |  | 538.4 |  |  | 489.4 |  |  | 916.7 |  |  | 589.9 |  |  | 887.0 |  |  | 460.2 |  |  | 399.8 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Programs (a) (e) |  | 1.2 |  |  | (14.2) |  |  | (6.5) |  |  | — |  |  | 5.3 |  |  | (1.4) |  |  | (4.0) |
Other Revenues (a) |  | — |  |  | — |  |  | — |  |  | 4.4 |  |  | 4.0 |  |  | — |  |  | — |
Total Other Revenues |  | 1.2 |  |  | (14.2) |  |  | (6.5) |  |  | 4.4 |  |  | 9.3 |  |  | (1.4) |  |  | (4.0) |
Total Revenues |  | $ | 539.6 |  |  | $ | 475.2 |  |  | $ | 910.2 |  |  | $ | 594.3 |  |  | $ | 896.3 |  |  | $ | 458.8 |  |  | $ | 395.8 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $36 million primarily related to the PPA with KGPCo. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $389 million, $22 million and $15 million, respectively. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $23 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
|  | Six Months Ended June 30, 2025
|  | VIU |  | T&D |  | AEPTHCo |  | G&M |  | Corporate and Other |  | Reconciling Adjustments |  | AEP Consolidated
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 2,382.0 |  |  | $ | 1,350.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,732.8 |
Commercial Revenues |  | 1,414.7 |  |  | 802.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,217.0 |
Industrial Revenues (a) |  | 1,322.4 |  |  | 268.2 |  |  | — |  |  | — |  |  | — |  |  | (0.5) |  |  | 1,590.1 |
Other Retail Revenues |  | 114.9 |  |  | 29.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 144.4 |
Total Retail Revenues |  | 5,234.0 |  |  | 2,450.8 |  |  | — |  |  | — |  |  | — |  |  | (0.5) |  |  | 7,684.3 |
Wholesale and Competitive Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues |  | 542.3 |  |  | — |  |  | — |  |  | 89.3 |  |  | — |  |  | — |  |  | 631.6 |
Transmission Revenues (b) |  | 278.1 |  |  | 394.4 |  |  | 1,219.7 |  |  | — |  |  | — |  |  | (1,072.3) |  |  | 819.9 |
Retail, Trading and Marketing Revenues (c) |  | — |  |  | — |  |  | — |  |  | 1,160.2 |  |  | (0.2) |  |  | (31.5) |  |  | 1,128.5 |
Total Wholesale and Competitive Retail Revenues |  | 820.4 |  |  | 394.4 |  |  | 1,219.7 |  |  | 1,249.5 |  |  | (0.2) |  |  | (1,103.8) |  |  | 2,580.0 |
Other Revenues from Contracts with Customers (d) |  | 101.0 |  |  | 108.1 |  |  | 17.7 |  |  | 3.4 |  |  | 70.6 |  |  | (94.6) |  |  | 206.2 |
Total Revenues from Contracts with Customers |  | 6,155.4 |  |  | 2,953.3 |  |  | 1,237.4 |  |  | 1,252.9 |  |  | 70.4 |  |  | (1,198.9) |  |  | 10,470.5 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Programs (a) (e) |  | 17.8 |  |  | 15.9 |  |  | 61.3 |  |  | — |  |  | — |  |  | (62.3) |  |  | 32.7 |
Other Revenues (a) (f) |  | (20.2) |  |  | 7.5 |  |  | — |  |  | 60.2 |  |  | 3.8 |  |  | (4.2) |  |  | 47.1 |
Total Other Revenues |  | (2.4) |  |  | 23.4 |  |  | 61.3 |  |  | 60.2 |  |  | 3.8 |  |  | (66.5) |  |  | 79.8 |
Total Revenues |  | $ | 6,153.0 |  |  | $ | 2,976.7 |  |  | $ | 1,298.7 |  |  | $ | 1,313.1 |  |  | $ | 74.2 |  |  | $ | (1,265.4) |  |  | $ | 10,550.3 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $969 million. The affiliated revenues for Vertically Integrated Utilities were $104 million. The remaining affiliated amounts were immaterial. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $32 million. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $55 million. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. (f)Generation & Marketing includes economic hedge activity.
|  | Six Months Ended June 30, 2024
|  | VIU |  | T&D |  | AEPTHCo |  | G&M |  | Corporate and Other |  | Reconciling Adjustments |  | AEP Consolidated
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 2,161.3 |  |  | $ | 1,354.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,515.3 |
Commercial Revenues |  | 1,294.9 |  |  | 788.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,083.0 |
Industrial Revenues (a) |  | 1,299.9 |  |  | 259.1 |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | 1,558.7 |
Other Retail Revenues |  | 111.1 |  |  | 27.6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 138.7 |
Total Retail Revenues |  | 4,867.2 |  |  | 2,428.8 |  |  | — |  |  | — |  |  | — |  |  | (0.3) |  |  | 7,295.7 |
Wholesale and Competitive Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues |  | 384.9 |  |  | — |  |  | — |  |  | 51.1 |  |  | — |  |  | — |  |  | 436.0 |
Transmission Revenues (b) |  | 241.9 |  |  | 388.1 |  |  | 985.3 |  |  | — |  |  | — |  |  | (815.6) |  |  | 799.7 |
Renewable Generation Revenues (a) |  | — |  |  | — |  |  | — |  |  | 14.5 |  |  | — |  |  | (2.8) |  |  | 11.7 |
Retail, Trading and Marketing Revenues (c) |  | — |  |  | — |  |  | — |  |  | 1,056.9 |  |  | 0.8 |  |  | (69.9) |  |  | 987.8 |
Total Wholesale and Competitive Retail Revenues |  | 626.8 |  |  | 388.1 |  |  | 985.3 |  |  | 1,122.5 |  |  | 0.8 |  |  | (888.3) |  |  | 2,235.2 |
Other Revenues from Contracts with Customers (d) |  | 107.1 |  |  | 89.9 |  |  | 14.3 |  |  | 2.3 |  |  | 115.6 |  |  | (117.5) |  |  | 211.7 |
Total Revenues from Contracts with Customers |  | 5,601.1 |  |  | 2,906.8 |  |  | 999.6 |  |  | 1,124.8 |  |  | 116.4 |  |  | (1,006.1) |  |  | 9,742.6 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Programs (a) (e) |  | (12.8) |  |  | 7.4 |  |  | (12.4) |  |  | — |  |  | — |  |  | (16.3) |  |  | (34.1) |
Other Revenues (a) (f) |  | (21.4) |  |  | 11.9 |  |  | — |  |  | (93.8) |  |  | (5.9) |  |  | 5.6 |  |  | (103.6) |
Total Other Revenues |  | (34.2) |  |  | 19.3 |  |  | (12.4) |  |  | (93.8) |  |  | (5.9) |  |  | (10.7) |  |  | (137.7) |
Total Revenues |  | $ | 5,566.9 |  |  | $ | 2,926.1 |  |  | $ | 987.2 |  |  | $ | 1,031.0 |  |  | $ | 110.5 |  |  | $ | (1,016.8) |  |  | $ | 9,604.9 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEP Transmission Holdco were $780 million. The affiliated revenues for Vertically Integrated Utilities were $83 million. The remaining affiliated amounts were immaterial. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Generation & Marketing were $70 million. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for Corporate and Other were $79 million. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. (f)Generation & Marketing includes economic hedge activity.
|  | Six Months Ended June 30, 2025
|  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 352.1 |  |  | $ | — |  |  | $ | 971.6 |  |  | $ | 422.2 |  |  | $ | 998.7 |  |  | $ | 365.7 |  |  | $ | 383.9 |
Commercial Revenues |  | 233.9 |  |  | — |  |  | 388.5 |  |  | 344.7 |  |  | 568.5 |  |  | 237.1 |  |  | 296.1 |
Industrial Revenues (a) |  | 81.2 |  |  | — |  |  | 401.9 |  |  | 290.4 |  |  | 187.0 |  |  | 161.7 |  |  | 192.9 |
Other Retail Revenues |  | 21.0 |  |  | — |  |  | 56.4 |  |  | 2.5 |  |  | 8.6 |  |  | 46.6 |  |  | 5.4 |
Total Retail Revenues |  | 688.2 |  |  | — |  |  | 1,818.4 |  |  | 1,059.8 |  |  | 1,762.8 |  |  | 811.1 |  |  | 878.3 |
Wholesale Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues (b) |  | — |  |  | — |  |  | 167.5 |  |  | 333.3 |  |  | — |  |  | 5.6 |  |  | 104.3 |
Transmission Revenues (c) |  | 348.7 |  |  | 1,188.2 |  |  | 87.7 |  |  | 29.0 |  |  | 45.7 |  |  | 29.8 |  |  | 94.3 |
Total Wholesale Revenues |  | 348.7 |  |  | 1,188.2 |  |  | 255.2 |  |  | 362.3 |  |  | 45.7 |  |  | 35.4 |  |  | 198.6 |
Other Revenues from Contracts with Customers (d) |  | 18.6 |  |  | 17.8 |  |  | 32.9 |  |  | 56.9 |  |  | 89.6 |  |  | 15.1 |  |  | 15.8 |
Total Revenues from Contracts with Customers |  | 1,055.5 |  |  | 1,206.0 |  |  | 2,106.5 |  |  | 1,479.0 |  |  | 1,898.1 |  |  | 861.6 |  |  | 1,092.7 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Program (a) (e) |  | (1.1) |  |  | 62.9 |  |  | 13.7 |  |  | 1.0 |  |  | 17.1 |  |  | 1.9 |  |  | 8.8 |
Other Revenues (a) |  | (0.2) |  |  | — |  |  | 0.3 |  |  | (20.6) |  |  | 7.3 |  |  | — |  |  | — |
Total Other Revenues |  | (1.3) |  |  | 62.9 |  |  | 14.0 |  |  | (19.6) |  |  | 24.4 |  |  | 1.9 |  |  | 8.8 |
Total Revenues |  | $ | 1,054.2 |  |  | $ | 1,268.9 |  |  | $ | 2,120.5 |  |  | $ | 1,459.4 |  |  | $ | 1,922.5 |  |  | $ | 863.5 |  |  | $ | 1,101.5 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $81 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $962 million, $41 million and $31 million, respectively. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $36 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues.
|  | Six Months Ended June 30, 2024
|  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
Retail Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential Revenues |  | $ | 332.2 |  |  | $ | — |  |  | $ | 891.1 |  |  | $ | 415.3 |  |  | $ | 1,021.8 |  |  | $ | 346.0 |  |  | $ | 303.1 |
Commercial Revenues |  | 225.9 |  |  | — |  |  | 375.4 |  |  | 295.6 |  |  | 562.2 |  |  | 233.1 |  |  | 240.7 |
Industrial Revenues (a) |  | 69.6 |  |  | — |  |  | 402.3 |  |  | 301.0 |  |  | 189.5 |  |  | 171.4 |  |  | 167.3 |
Other Retail Revenues |  | 19.0 |  |  | — |  |  | 56.2 |  |  | 2.6 |  |  | 8.7 |  |  | 47.4 |  |  | 4.3 |
Total Retail Revenues |  | 646.7 |  |  | — |  |  | 1,725.0 |  |  | 1,014.5 |  |  | 1,782.2 |  |  | 797.9 |  |  | 715.4 |
Wholesale Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation Revenues (b) |  | — |  |  | — |  |  | 157.2 |  |  | 192.1 |  |  | — |  |  | 4.9 |  |  | 97.2 |
Transmission Revenues (c) |  | 340.7 |  |  | 958.6 |  |  | 92.7 |  |  | 20.1 |  |  | 47.4 |  |  | 21.0 |  |  | 86.3 |
Total Wholesale Revenues |  | 340.7 |  |  | 958.6 |  |  | 249.9 |  |  | 212.2 |  |  | 47.4 |  |  | 25.9 |  |  | 183.5 |
Other Revenues from Contracts with Customers (d) |  | 19.2 |  |  | 14.3 |  |  | 34.8 |  |  | 57.0 |  |  | 70.7 |  |  | 24.4 |  |  | 17.2 |
Total Revenues from Contracts with Customers |  | 1,006.6 |  |  | 972.9 |  |  | 2,009.7 |  |  | 1,283.7 |  |  | 1,900.3 |  |  | 848.2 |  |  | 916.1 |
Other Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative Revenue Programs (a) (e) |  | (0.6) |  |  | (14.9) |  |  | (6.6) |  |  | (0.5) |  |  | 7.9 |  |  | (1.6) |  |  | (4.1) |
Other Revenues (a) |  | — |  |  | — |  |  | 0.1 |  |  | (21.5) |  |  | 11.9 |  |  | — |  |  | — |
Total Other Revenues |  | (0.6) |  |  | (14.9) |  |  | (6.5) |  |  | (22.0) |  |  | 19.8 |  |  | (1.6) |  |  | (4.1) |
Total Revenues |  | $ | 1,006.0 |  |  | $ | 958.0 |  |  | $ | 2,003.2 |  |  | $ | 1,261.7 |  |  | $ | 1,920.1 |  |  | $ | 846.6 |  |  | $ | 912.0 |
(a)Amounts include affiliated and nonaffiliated revenues. (b)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for APCo were $77 million primarily related to the PPA with KGPCo. The remaining affiliated amounts were immaterial. (c)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for AEPTCo, APCo and SWEPCo were $773 million, $43 million and $28 million, respectively. The remaining affiliated amounts were immaterial. (d)Amounts include affiliated and nonaffiliated revenues. The affiliated revenues for I&M were $41 million primarily related to barging, urea transloading and other transportation services. The remaining affiliated amounts were immaterial. (e)Alternative revenue programs in certain jurisdictions include regulatory mechanisms that periodically adjust for over/under collection of related revenues. Fixed Performance Obligations (Applies to AEP, APCo and I&M) The following table represents the Registrants’ remaining fixed performance obligations satisfied over time as of June 30, 2025. Fixed performance obligations primarily include electricity sales for fixed amounts of energy and stand ready services into PJM’s RPM market. The Registrants elected to apply the exemption to not disclose the value of unsatisfied performance obligations for contracts with an original expected term of one year or less. Due to the annual establishment of revenue requirements, transmission revenues are excluded from the table below. The Registrant Subsidiaries amounts shown in the table below include affiliated and nonaffiliated revenues.
Company |  | 2025 |  | 2026-2027 |  | 2028-2029 |  | After 2029 |  | Total
|  | (in millions)
AEP |  | $ | 43.7 |  |  | $ | 143.6 |  |  | $ | 48.6 |  |  | $ | 16.1 |  |  | $ | 252.0 |
APCo |  | 8.0 |  |  | 31.9 |  |  | 25.2 |  |  | 11.4 |  |  | 76.5 |
I&M |  | 2.2 |  |  | 8.8 |  |  | 6.8 |  |  | 2.4 |  |  | 20.2 |
Contract Assets and Liabilities Contract assets are recognized when the Registrants have a right to consideration that is conditional upon the occurrence of an event other than the passage of time, such as future performance under a contract. The Registrants did not have material contract assets as of June 30, 2025 and December 31, 2024. When the Registrants receive consideration, or such consideration is unconditionally due from a customer prior to transferring goods or services to the customer under the terms of a sales contract, they recognize a contract liability on the balance sheets in the amount of that consideration. Revenue for such consideration is subsequently recognized in the period or periods in which the remaining performance obligations in the contract are satisfied. The Registrants’ contract liabilities typically arise from services provided under joint use agreements for utility poles. The Registrants did not have material contract liabilities as of June 30, 2025 and December 31, 2024. Accounts Receivable from Contracts with Customers Accounts receivable from contracts with customers are presented on the Registrant Subsidiaries’ balance sheets within the Accounts Receivable - Customers line item. The Registrant Subsidiaries’ balances for receivables from contracts that are not recognized in accordance with the accounting guidance for “Revenue from Contracts with Customers” included in Accounts Receivable - Customers were not material as of June 30, 2025 and December 31, 2024. See “Securitized Accounts Receivable - AEP Credit” section of Note 13 for additional information. The following table represents the amount of affiliated accounts receivable from contracts with customers included in Accounts Receivable - Affiliated Companies on the Registrant Subsidiaries’ balance sheets:
|  | AEP Texas |  | AEPTCo |  | APCo |  | I&M |  | OPCo |  | PSO |  | SWEPCo
|  | (in millions)
June 30, 2025 |  | $ | 1.4 |  |  | $ | 165.0 |  |  | $ | 80.9 |  |  | $ | 58.1 |  |  | $ | 61.7 |  |  | $ | 16.8 |  |  | $ | 25.8 |
December 31, 2024 |  | — |  |  | 131.6 |  |  | 83.7 |  |  | 55.0 |  |  | 63.6 |  |  | 13.0 |  |  | 21.4 |

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