American Electric Power Co Inc

AEP is a public utility holding company that directly owns all outstanding common stock of its public utility subsidiaries. These subsidiaries provide electric service, including generation, transmission, and distribution, to retail customers across portions of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia, and West Virginia. Their transmission networks are interconnected with extensive distribution facilities in these service territories. In Michigan, Ohio, and the ERCOT area of Texas, restructuring laws have led AEP public utility subsidiaries to unbundle previously integrated regulated rates for retail customers. AEP's member companies have various business relationships, including participation in AEP savings and retirement plans, tax returns, sales of electricity, and fuel transportation and handling. They also receive accounting, administrative, information systems, engineering, financial, legal, maintenance, and other services at cost from a common provider, AEPSC. As of December 31, 2025, AEP's subsidiaries had a total of 17,581 employees, while AEP itself, as a holding company, has no employees. Key operating subsidiaries as of December 31, 2025, include: AEP Texas (T&D segment, ERCOT affiliation, 1,133,000 retail customers, 1,730 employees), AEPTCo (PJM, 971,000 retail customers, 1,682 employees), APCo (VIU segment, PJM, 621,000 retail customers, 2,152 employees), I&M (VIU segment, PJM, 50,000 retail customers, 304 employees), KGPCo (VIU segment, PJM, 161,000 retail customers, 1,556 employees), KPCo (VIU segment, PJM, 1,547,000 retail customers, 1,150 employees), OPCo (T&D segment, SPP, 588,000 retail customers, 1,392 employees), PSO (VIU segment, SPP, 558,000 retail customers), SWEPCo (VIU segment, PJM, 41,000 retail customers), and WPCo (VIU segment, PJM). KGPCo does not own generating facilities and purchases power from APCo for distribution.