<ARTICLE> UT <CIK> 0000092487 <NAME> SOUTHWESTERN ELECTRIC POWER COMPANY <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS 3-MOS <FISCAL-YEAR-END> DEC-31-1995 DEC-31-1994 <PERIOD-END> MAR-31-1995 MAR-31-1994 <BOOK-VALUE> PER-BOOK PER-BOOK <TOTAL-NET-UTILITY-PLANT> 1,857,590 0 <OTHER-PROPERTY-AND-INVEST> 3,458 0 <TOTAL-CURRENT-ASSETS> 172,568 0 <TOTAL-DEFERRED-CHARGES> 29,423 0 <OTHER-ASSETS> 21,868 0 <TOTAL-ASSETS> 2,084,907 0 <COMMON> 135,660 0 <CAPITAL-SURPLUS-PAID-IN> 245,000 0 <RETAINED-EARNINGS> 312,209 0 <TOTAL-COMMON-STOCKHOLDERS-EQ> 692,869 0 <PREFERRED-MANDATORY> 34,828 0 <PREFERRED> 16,032 0 <LONG-TERM-DEBT-NET> 532,629 0 <SHORT-TERM-NOTES> 0 0 <LONG-TERM-NOTES-PAYABLE> 50,000 0 <COMMERCIAL-PAPER-OBLIGATIONS> 0 0 <LONG-TERM-DEBT-CURRENT-PORT> 145 0 <PREFERRED-STOCK-CURRENT> 1,200 0 <CAPITAL-LEASE-OBLIGATIONS> 11,860 0 <LEASES-CURRENT> 5,100 0 <OTHER-ITEMS-CAPITAL-AND-LIAB> 740,244 0 <TOT-CAPITALIZATION-AND-LIAB> 2,084,907 0 <GROSS-OPERATING-REVENUE> 169,240 190,066 <INCOME-TAX-EXPENSE> 5,211 4,588 <OTHER-OPERATING-EXPENSES> 137,442 160,658 <TOTAL-OPERATING-EXPENSES> 142,653 165,246 <OPERATING-INCOME-LOSS> 26,587 24,820 <OTHER-INCOME-NET> 1,859 1,717 <INCOME-BEFORE-INTEREST-EXPEN> 28,446 26,537 <TOTAL-INTEREST-EXPENSE> 12,921 12,000 <NET-INCOME> 15,525 14,537 <PREFERRED-STOCK-DIVIDENDS> 778 840 <EARNINGS-AVAILABLE-FOR-COMM> 14,747 13,697 <COMMON-STOCK-DIVIDENDS> 0 6,000 <TOTAL-INTEREST-ON-BONDS> 11,321 10,813 <CASH-FLOW-OPERATIONS> 15,791 44,825 <EPS-PRIMARY> .08 .07 <EPS-DILUTED> .08 .07