American Electric Power Company, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2026 operating earnings were $1.64 per share ($891 million), up from $1.54 per share in Q1 2025, primarily driven by strong regulatory outcomes and continued load growth.
  • AEP reaffirmed full-year 2026 operating earnings guidance of $6.15 to $6.45 per share.
  • Regulated earned ROE improved to 9.3% in Q1 2026, up from 2025 levels, with expectations for ~9.5% by 2030.

Load Growth & Customer Demand

  • AEP contracted an additional 7 GW of load in Q1, bringing the total contracted load to 63 GW expected by 2030 (up from 56 GW last quarter).
  • Approximately 90% of contracted load stems from data centers, including large hyperscalers; remaining load from industrial customers.
  • Texas and Ohio represent 53 GW of the 63 GW contracted, requiring significant long-lead transmission build-outs.
  • AEP’s ERCOT-contracted load rose dramatically from 36 GW to 41 GW quarter-over-quarter.
  • Underlying system load interest is supported by ~60 GW of active ERCOT interconnection queue activity and ~190 GW of interconnection requests across AEP’s broader service territory.

Capital Plan & Growth Outlook

  • AEP increased its 5-year capital plan to $78 billion (previously $72 billion) to accommodate new transmission and generation investments.

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Operator: Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the American Electric Power First Quarter 2026 Earnings Conference Call. backgrounds. [Operator Instructions] I would now like to turn the conference over to Darcy Reese, Vice President of Investor Relations. Please go ahead. Darcy Reese: Good morning, and welcome to American Electric Power's First Quarter 2026 Earnings Call. A live webcast of this teleconference and slide presentation are available on our website under the Events and Presentations section. Joining me today are Bill Fehrman, Chairman, President and Chief Executive Officer; and Trevor Mihalik, Executive Vice President and Chief Financial Officer. In addition, we have other members of our management team in the room to answer questions if needed, including Kate Dickson, Senior Vice President, Controller and Chief Accounting Officer. We will be making forward-looking statements during the call. Actual results may differ materially from those projected in any forward-looking statements we make today. Factors that could cause our actual results to differ materially are discussed in the company's most recent SEC filings. Please refer to the presentation slides that accompany this call for a reconciliation to GAAP measures. We will take your questions following opening remarks. I will now hand the call over to Bill. William Fehrman: Thank you, Darcy, and g

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