recovery quarter Thanks, an quick Bette a to first We for us earnings XXXX. XXXX Jo. is a and AEP’s Good company morning for call. speedy everyone wish and start joining thank you return. today for excellent off all The Nick
was share XXXX. fully rate positive $X.XX transmission compares cases quarter of per to basis increased solid for on and this to per we’d to a company. our are on pleased $X.XX lower and for invested multitude excel regulated strategy of on coverage from our per The performance. to to GAAP like realized a continues a margins this deliver O&M, to the The operating, employees of our capital, share $X.XX case. and cover execution being report a first financial the premium company great operating topics are to share XXXX continue were We mostly moving before from of and from the Overall, which drivers of quarter XXXX, outcomes few the share timing in $X.XX a of GAAP There earnings utility.
regarding the case. an was case rate this outcome, First Oklahoma important
the of improved get and transmission riders objectives: the While for we important opportunity, the hoped were regulatory achieve, in the later. ROE distribution We at an continued the we Oklahoma parties everything to Commission, I and well regulated The case. we some for successful gaining outcome bodes environment. certain much gas our constructive discuss all, improved a renewables point focus and most of our focus some didn’t wind investments, RFP most in state. and Corporation on natural the staff on this of initiative hopefully appreciate will case
Our plan. our acquisition now are according portfolio finalized to with we renewables moving forward is the renewables and of Sempra build-out
of the members We Sempra family. welcome to AEP the have them previous many the employment have which and accepted offers by team been extended of we
We and value. Safe the are of the excited about existing equipment that the can operational provide the additional developmental Harbor projects, acquisition projects, additional
megawatts an opportunities In we that businesses. RFP of for issued and addition PSO generation. significant effort, Swepco up to wind for in regulated have renewables X,XXX our to
received and the bid process many responses. completed quality have We
the proceed. requesting of projects end process approvals the commissions negotiating to in the and We operations terms This the July are time by preferred to of for the for approvals bidders commercial allow XXXX XXXX. should with file in in plan and state with of
projects our our plans. capital currently are they included not resource these reminder, integrated and consistent with and funding a As in are plans
House Ohio legislation, the legislation Fund Air to for that Ohio for policy the efforts on order focus certain issues In leadership’s that must there issues to Clear Ohio the all state plagued key to years. have company be addressed. supportive the and benefit Now energy addressing the customers, is are
elimination with portfolio develop replaced the standard of utilities be in to state. voluntarily renewable for the an opportunity resources the should economic First, renewable
In addition, under contracts be must Ohio existing into to as renewable portfolio entered standard with who law. not are grandfathered punish utilities the so compliant
that rapid of previously for is Second all concerned achieve energy in be many approved bill our of to over phased look with next have the customers balanced benefits years. to the of years. elimination out EE should regard forward In a efficiency, customers. to elimination benefited EE to AEP programs, about that Ohio programs several We plans during process provides energy working lieu a immediate lawmakers
Slide as AEP’s X, The XX.X% us to our is on X.X% placing versus last fourth of regulated rate of upper the taxes. jurisdictions XXXX due equalizer end chart quarter the of versus case and well operations the currently of O&M lower effects range. timing first at as improvement several quarter of ROE our overall Turning the XXXX in outcomes in is targeted quarter, to
seat-adjusted seat-adjusted year. individual versus Ohio a the fourth items will since in we let’s was XXXX. companies. at throughout XX.X% only Now look the at rolling ROE first the legacy This XX.X% AEP take year, quarter the end for are be off showing The ROE the of quarter the the of
of occurred the of is the the the positive Power’s O&M sales mid-XXXX expenses. implementation Kentucky and well weather, was which its Catcher XXXX. by end compared quarter managing end of ROE improved We versus year. I&M’s April first end XXXX. at X.XX% approving Virginia at the increase Appalachian was the West on end X% The better the lower range. The comparable ROE end to X.X%, of first with X.X% at weather of XXXX. quarter. expenses. as million X% approving decline for ROE, unfavorable XX% a XX.X% this case base the ROE. reflects to discipline This of was slight order March The of and performance due primarily the as at at continued that to a Power Rates I&M’s the million $XX of quarter and end XXXX remains X February to an in end received primarily a March PSO strong tax base driven of $XX Wind at APCo for X.X% settlement X.X% absence the into expect driven XXXX by adjustment. settlement, year. from their PSO in and rate includes increase base this received XX.X% order to effective reviews rate versus XXXX in of performance case, rate usage ROE at an favorable the effect went an last a the
the to at improvement lower filed This on in O&M This of rate versus the increase incremental X.X% its in timing Swepco’s partial of be February basis end order was is base and end The full absence Importantly, XXX seeking a the Arkansas the of for ROE rates. Catcher with the is X.X% case and X PSO ROE. first also rate contained points. expenses. at impacts to year. approach versus that reflecting associated XX.X% to transmission relief AEP million for Arkansas is on with the this a X.X% of of May XXXX. the The $XX We a the to Texas end rate due file we plant expenses, filings expected ROE quarter X.X% for rate the by year. expected XXXX. decline Turk authorized an tracker. annul ROE this The due Swepco not end of our base ROE lag of review PUCT and to at in provision tracker stands plan the ROE ROE of continues by a by share distribution at the requested Wind is based that affected
under-recovery year. of comprehensive impact will of timing be AEP Continued by of quarter approximately for this to the in AEP occurred end projected planned will that at the holdco trued review to ROE end. the our XX% high is level to this ROE XXXX and holdco X.X%, year achieve of first in transmission rate investments was quarter. comparable of The The ROE an up expenses June. transmission last continue
financial let’s the the and quarter, review in on and economy, of We so insight great the load are provide our through XXXX, a some with start off to finish a for results liquidity. balance go and sheet
operating the quarter Looking for or at first $X.XX that shows to earnings in share $X.XX per XXXX. share which $XXX or $XXX per X, Slide were million, compared million
higher plant Generation the $X.X Net per marketing these offset by earned generation favorable per higher also or Looking offsetting weather. regulatory improvement investment, billion Increases the the for and since base. retail earnings at to share, up in vertically utilities due will and per the drivers transmission depreciation but operating to changes. year, a of contributing transmission changes continued weather $X.XX per to load, expense. outages. by higher drivers as included up lower of for reversal reflected O&M, an of the due items taxes provision by sales were on quarter not incremental increased of year. year depreciation, favorable the produced year lower in by This $X.XX Partially Ohio. to up share, for timing. compared revenue $X.XX to due from normalized O&M. margins last Partially last incremental Other were a transmission these rate distribution last and The XX% Favorable rate plant over wholesale $X.XX grow, last and well $X.XX. as be Income of revenue, increased and transmission lower utilities unfavorable were AFUDC AEP included earnings drivers and primarily year. growth last from segment favorable driven $X.XX recovery penny were integrated and retirements year. items $X.XX The offsetting segment were share, unfavorable holdco and driver share, segment, rate return earnings March
reverse unfavorable per was down tax tax O&M. and operating income in are primarily we items interest last variance guidance. end, other by and Finally, related corporate year to confident solid and a higher consolidating will share year other expense quarter adjustments experienced driven earnings our that reaffirming from annual $X.XX Overall, lower by and other
to turn Slide let’s Now X.
changes detail Before some highlight to we the dig let slide. into the the quarter, me minor for
in the the our classes. have This unchanged. revenue have You is the estimates what of commercial to the between two last XXXX while residential earnings and we total no from reclassification that growth industrial presented for classes. or industrial presentations remain commercial geography a sales and There release, were just sales due forecast tariff and between and customer, changed noticed may impacts,
ease For the new to we quarters the prior classifications. of adjusted reflect use, have
sales retail Starting for three-tenths of XXXX. the while down compared by all quarter. retail decreased vertically at each is in in modest look worth mentioning percent T&D quarterly Now that lower to let’s a sales quarter of experienced utilities the were detail. normalized integrated growth chart, right the at the utilities the the of It
sales industrial have challenged impact manufacturers percent class of quarters slowing dollar industrial clockwise, more Sales AEP’s decreased trade as quarter. strong a the a policy the for in in Moving by restrictive a the have footprint. and recent four-tenths been export within of
last call, across widespread first of reported every in we XX During one quarter operating growth year’s sectors. the earnings top all companies industrial
in sales only normalized industrial and operating on oil later, only sales sectors. the provide The chart, next Incomes industrial first in our than inflation this our a sales slide. companies while nine-tenths growth disposable compared for growth of economy presentation. In rest grew XX percent, our on later from color percent by year more with the the grew increased more which customer in by the was provided a top of partially came upper growth due count I’ll provide the which usage. gas XXXX. and the sectors. sales more the quarter, from to Ohio, majority a residential detail and half six western faster left in of normalized the income. residential The industrial on I’ll with in quarter came the of customers Now increased
interest Commercial upper rates labor have quarter. across sales commercial sector’s operating X.X%. limited decreased tightening were this and companies. the in recent sales The rising growth down market Finally all chart, by right in
oil to gas I oil load, prices little sectors with the X, industrial The the sales. time a as in want gas pattern oil our to in mirrors other disparity shown and blue, shows provide color sectors. Slide between and over all the respect in industrial The sector expected. and to chart Turning more sales
by increased sales, the oil our sales rest the X.X% red, industrial shown sectors For declined quarter, the of in gas in X.X%. by and while industrial
We gas expect in the XXXX and to recover. through growth as oil continue prices
come and oil has of expected new In throughout addition, online that identified to our are economic a development gas the number projects team year.
first changes of Now traced Since focusing until the industries the and as policy bars, XXXX deceleration to non-oil of for manufacturing, the then, were in see you can the experienced the red slowdown end which announced noticeable this trade X% at growth industrials quarter. on has such Most the export gas is a robust occurred. back chemical be down quarter.
As territory. exposure given discussed higher a to on service previous trade calls, manufacturers concentration AEP of the has higher the located within export policy
turn let’s review the X status our economies. Now regional to of Slide and
was Outside As quarter. of shown percent the left within in in a in of territory tenth was quarter. AEP’s gas for the west, quarter, GDP growth X.X% Kentucky, company territory is above chart the the did percent upper growth X.X% growth gap change for with Job The growth from that operating AEP the growth of GDP where of first U.S. not service which the employment upper a and for the AEP’s right located. service the the two-tenths chart, shows still most U.S. territory oil a higher the in coming every is U.S. in in activity between was of
construction, education growth quarter experienced robust sector growth fact, services, and resources hospitality. bottom leisure include posted quarter while the strongest the footprint growth for income Other In and that shows services, within the U.S. and in growth at first in that final The and chart business job the X.X%. the and at job growth sectors the moderated. improved natural AEP’s mining health in income quarter professional
territory which half X.X%, was quarter, increased below the personal AEP’s by within U.S. a percent service the incomes For
driver described key earlier, residential and for As growth is commercial a income sales.
XX move capitalization Now and Slide and company’s to on let’s the review liquidity.
total the ratio to XX.X%. percent debt of to quarter during capital Our increased eight-tenths a
debt quarter the to at ratio FFO Our XX.X%. finished
number We flow ratio expect BaaX as year customers, decline the in range. expect to back this ADIT the remain to over to we but the
credit $X.X supported about by Our net at our liquidity billion, stood revolving facility.
funding above sooner. drop liability increases. DRIP Our units. equity. equity purchase funding issuance and our moderately March, a the but increased instrument plan enhances helped issuance qualified with strength, maintains convertible of metrics, and liabilities This and XXX%. by providing XX% our decreased customers equity contract delays allows to us This debt issued later growth pension the mandatory both plans to the junior renewables required recently the increased sheet for $XXX until balance transaction. for forward issuance our three-year now A program needed, our It yields returns de-risks equity invest capital not The and offset and to subordinated equity needs credit a OPEB strong in In capital million combines to financing AEP when our for for XXXX. closed of our benefit three-year
questions. this on wrap can up and to Slide try so your XX Let’s we get
the will renewable We forward spend. opportunities our move in to space continue with and optimize O&M
to business earnings of model per questions. will $X $X.XX the your that, the turn for our operator in the range our regulated re-affirm the confidence to performance operating Our the first quarter With of to over I gives call guidance stability and us share.
