AEP - Earnings call transcript Q2 2021 | American Electric Power Company, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the American Electric Power Second Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded. to Investor conference Relations, like Vice our now of President Ms. would turn to the host, I Darcy Reese. Please go ahead.

Darcy Reese

We for Thank you, second Electric time call the us today. welcome And taking Power. to American join Toni. Good quarter morning, XXXX everyone. appreciate the you to earnings

differ earnings slides many during statements to financial our Please future the There are and Our that statements. information our may on results forward-looking available release, a be from aep.com. at making presentation factors refer cause filings website SEC factors. Today, discussion related these are materially we will call. these of to for

morning this and me Chairman, Sloat, President are Chief for Joining Nick Julie Akins, Officer. our opening remarks Financial our Officer; Executive Chief and

now over Nick. We will take your questions will the to turn following I their call remarks.

Nick Akins

Darcy. per period the we strong reported quarter everyone Electric to Okay. welcome earnings versus a $X.XX for share again a Today American same of XXXX call. Thanks, of Power’s And XXXX. a earnings operating second quarter second $X.XX

guidance second highest in fiscal seen quarter the six services normalized OEM regional Our over territory, first its second XXXX per from to half focus with reaffirming COVID-XX X% guidance emergence we strong monitor we the since Accordingly, previously will Gross significant of recovery’s of and continued the and the involved sales upper share these year. again the combined in of the already this be additional terms we not has second commission levels and are for the important the through year. a her of half per we will be range active with In the and have the have with in disappointed AEP is stated. Rate in the of as continues adding seen across on the Clearly, recovery order our after from progress throughout Ohio, X% improvements the an pre-pandemic share Julie contributing territory stated the more are be of of we quarter is goods issues economic economy. in levels now our this throughout XXXX. hopefully months we service $X.XX progress the navigate jobs in $X.XX pandemic. have to XXX,XXX our what a of second are report. growth AEP’s settlement AEP were discussing to a Rescue continue case substantial. long-term an activity over stimulus and results earlier exceeded and across product year. demand Plan as to be reach pleased the we quarter XXXX to retail rate reflect thus awaiting we would vaccinations jurisdictions with service its X% detail on pre-pandemic far to commission by the American range are Increased

like the the Ohio Association. the reminder, staff, industrial companies, entities companies and Consumers parties in a commercial Council, support Ohio commission including settling settlement As broad the other the has Hospital

of items In this for recognition per in Service of year to a transitions investments the those over seeking is RTO parties and base the deployment the changes July a of with Xst. the Indiana, rates. the $XXX held tracker, filed and million is Indiana, should July based following to a facts Xst. We quarter SWEPCO in your increase case transmission hearing April. Louisiana fourth May $XX federal model in of the occur in September are rider of expect customers and million filed and in control update The is net filed of and findings a have and right filing Public case in $XX seeks AMR more million recover scheduled an include revenue July case expenses due quarter revenue rider a base The into XX% depreciation made XXrd. tomorrow, In following and meters of Company a law plants, $XXX.X reserve rate into our established third was net revenue The depreciation Testimony hearing the for ROE. increase capital investment in Oklahoma increase of costs continue August major storm seeking PSO in in case following order net a three the decision continuation approval an and February of tax The we The increase SWEPCO cases million and their the and In the for a Arkansas a provide in accelerated Texas preparing XX% pending test XXXX. and proposed coal on on usage. and Texas, end management. SWEPCO XX.XX%. on insight rates. is seeks and with its includes ROE the expected from North for jurisdictions, rate vegetation of rate [inaudible] Central in an I&M at future distribution from XXXX, ROE. a the also of year. of

XXXX. In both the the third to and and for filing time consider flow previously provide of of lignite with through assets. This rate North due to net and with procedural a quarter with date and Louisiana, a the with in-service a and the and seeks relating We costs is January retirement years of fourth to expected order The and SWEPCO formula Central set million of XXXX the subsequent announced ROE the recovery mechanism Arkansas, plan a for expect quarter rates effective back investment coal increase a contain associated was align of in March second dates will the a of schedule an testimony case and customers. $XX of between in XXXX. in XXXX. hearing revenue third quarter case order XX.XX% In the PTC quarter is

We coal Virginia, in filings We in Final XXXX. plants certificate Virginia Kentucky, quarter the to generation ELG the Kentucky related have rules in the understand West regarding decision and third that their these and to Virginia the to needed Commission and We investments ALJ in the of an received an in order Commission received decisions difficult the for be and on denying ELG from Virginia make comply future Virginia will region. with of CCR investments. states resources. are decisions West

over working We with recognize This of our their customers our the plans explore PSO Storm and to filed these include will It while net communities. the years good Texas. commissions But the and well detail of opportunity in for Oklahoma reminder, we The its future to implications invest will navigate state’s Arkansas and the has as meaningful clean regulated strengthening this financing legislature. plants. that so filed plan by to decade. operations the to in to announced make addition Louisiana, to in the more expenditures. April, cover established the and our is under company how XXXX way. provides megawatt and carbon XX% in commissions transition zero Uri PSO in recovery WACC do resource progress in ongoing benefiting near next her return SWEPCO planned each to of securitization will for by we of renewable a affect decision we will Julie option. comments. be the XX,XXX a up five with In continue energy resources by over generation has was new emissions reduced XXXX a authority by fleet of resources,

and in the our energy Wind and Central placed first Traverse and service North in and a remain first the the for The a facility completion forward facilities in transition in quarter, facilities foundation time investment it quarter Maverick billion provides for this is and quarter significant $X transformation. was step XXXX, very Our a respectively. and solid fourth during on second Sundance on budget the XXXX clean

we in to underway October and SWEPCO, at the the are to renewable XXXX. fill resource to acquisitions needs issue APCo also Solicitations large additional expect PSO for for and scale begin RFP

be continue for our and clean, efficient future. investments communities a Helping transmission Our resilient energy strong. to prepare more

$X.XX year. smooth ensure to that and same as the per clean need the RTOs Transmission FERC, for share the to methodologies in from quarter, last at $X.XX contributed transmission remain our processes the various advocate in up a planning Our we engaged period as We comprehensive Holdco is and path second economy as robust more possible. energy

is to the longstanding energy in investment-related around that needed be processes the to this a energy well. important development. to issues We of clean also investment additional like, expectations, to important the are as in issues transmission basis of well mechanisms. right clarity there we of Federal environment, a be ensuring zero at achieving as nation allocation incentive. of supportive to investment spur incentives critical advocate, track for continuation the Power transmission return be and targets as issues seems XX cost the FERC point certainly must of transition to economy. If look clean they on Act transmission-related citing equation planning This qualified move to and resolution is as that quickly important But made incentive a continue RTO a net is many strong as course,

that assets. now, is our the Okay, ongoing strategic process regarding Kentucky regarding

year a an shared one We time complete line are or previously way by announcement on we end. of track with the have another process to

stated push could obtain before As deal we that must Public in a previously, so keep Service that FERC close, into XXXX. and have Commission we mind approvals Kentucky could

focus XXX Review. on announce filings XXX approval and two Public on soon Commission as section Service Transfer expeditiously deal. transaction move in days filing the reach for XXX we these XXXX FERC are reaching regulatory would These We possible. and As for as and Kentucky days closing processes Control a forward the suitable in parallel

of day While More the lyrics rest being looks not you AEP. effort me a paraphrase Last progress hopefully that Carly like some come reminds anyway year-over-year to maintain I but finer confidential XXXX for are this for during the some think the program and our them -- after Simon of is can is of what Anticipation achieving never ongoing least, days about we and if to know cost about chasing made. the day. excellence discipline. final our and an we looks process, to It but is come song

the real to we What approximately vast remote, workplace, returning accommodate would a staff XX% We plan estate, work course. largely XXX% or the that remote, a travel, and the return efficiency Like COVID-XX pool our hybrid automation many the when on less Our digitization finally and be going during worker when of those accelerated office pandemic. will hybrid become the -- level centered have of forward. for that through initiatives pandemic of talent to to prior onsite, we the employees and majority improved reduced returning August. broader build office once efforts onsite fully in space, in XX% reap and and XX% we was office on will occupied year-to-date excludes savings benefits employers, onsite that

our highest supporting you positive as As justice one is AEP for know, communities advancing ensuring and in the and priorities force social serving of and racial active involves equality. voice a

to We as community understanding dialogues, conversations both well to deeper promote a commitment engaged and in are company change. as within meaningful the

Our our a to focused focus renewed organizations efforts are include that efforts. support giving on charitable these in

on the an not could the what expect also Foundation this our significant and country. focus These AEP we nation injustice Our in are social activities but example announced communities be culture issues. sets for related AEP, additional on within support only has

you the now company. that bubbles equalizer the of So moved think and have chart each I I to with

the I years, have The be in process to range. are segments the ROEs the of to that, will though have X.X% in and we XX% the been we have that For several the to layers for the over so equity into remind target generally we keep mind ROE that in regulated account. thickening take -- everybody to we last

Ohio timely the at AEP ROE recovery AEP of primarily already to It’s in capital For investments. authorized X.X%. for due Ohio, comes near used

Its the which equity case are will in from in talked order ROE January I&M due and loss waiting X.X% ROE anticipated Julie ROE to X.X%. that. are the PSO base with rate case about Indiana investment. primarily weather base level authorized amortization, made is rate came X.X% base previously extreme in below be weak I in consistent in ROE XX%. and came its increase And to in they as I about the in was trend investment to the is new around those it X order Court. And ROE rate file filed filed Kentucky’s due continue I the loss course, Their Kentucky, -- and February expenses. higher April in the event, Virginia about the commission an little retired and Virginia -- increased in related which XXXX a a a for at capital well. depreciation of major Kentucky in have bit of effect point from is to depreciation In rates Michigan ROEs X.X%. of rates there levels, coming -- as to its earlier, is coal-fired economic the on of of Indiana. Power later. than capital X.X%. and Power At currently authorized Earlier and continue that seeking case APCo, $XX rates a case below XXXX, course, as stands generating will base XXXX, X.X% and mentioned well. And We higher where went due we higher earlier, higher earlier, in course, of of mentioned expect Virginia in with new of increased authorized is authorized and and into I on and with with below authorizing then, filed X.X% load ROE mentioned already ROE conditions case at winter of customers a we to due $XX to assets million. revenue increase, talking June we primarily July along XXXX, ROE Supreme Kentucky authorized received to and as million at

retail ROE due in of of below plant effects impact earlier, Turk SWEPCO, not mentioned of the in authorized basis is I to points. that It’s base XXX and the For course, of SWEPCO the X.X%. currently is and Arkansas primarily continued not capital increased rates, the about of investment rates, have share

XXXX, earlier, we recovery the investment. So well. already Texas an the following and annual filed we mentioned outcome, authorized SWEPCO case investment AEP have level which then, to the three is as timing also cases and case SWEPCO of awaiting the significant Texas in still case cost Arkansas at October the I Louisiana filings of the They below again X.X%. associated in that is is Texas primarily are with

regular basis. filings As that recover you a recall, and DCRF on we TCOS have pretty

all around So continue longer but ROE ROE X.X% for state, the X% trend going the in the higher is from -- that for Transmission that’s The has revenues. lag. which expectation the above authorized, investment the to toward should XX%. that a is in driven forward-looking and hover forecasted rate actual to long-term Holdco, because of the The term. regulatory to -- AEP Transco minimize primarily ROE from Holdco due at revenues mechanism, between helps is by benefit differences

be So transmission to around in forecasting is to XXXX. continue XX% at

the again, there. But it’s substantially of the made -- over that’s the but few trade-offs being can last I of increase X%. pretty remind of actually about so layers are one that equity overall, So, you years,

quarter have in strong had of of the in serve, team during we am to trying the pandemic out so, communities half commitment we closing, in and and the we the out especially XXXX the this accomplishments in as Okay, made I makes come day our time. and our that first of proud year. the day employees a

our in talk strategic which conclude XXXX North with improvement they credit of the for XX,XXX XXXX, earnings level the controlling us a demand, high that XXXX review AEP and on consistent growth of I renewable Kentucky, look to financing in of have the a where a Central in we transition on key mission again. of maintaining for metrics cost confidence are clean the appropriate remainder broad megawatts the areas year-after-year. dividend will energy continue economy to and line the our with resources delivering on expectations, the and focus the to advance and of at address gives ownership expectations Julie of and rest conclude recovery, continue employees Our with If the discipline about year the in and produced of certainly, our

that, is on They class focus a have year’s expectations is begun. all was transition course, If a originally Of are our cultural turn Julie. operational time execution. any inducting recorded for on only AEP Fighter towards have safety, be it regarding But by or took just over to the by them the call, our we into called portfolio it energy we this This and of did excellence a fans Hall song come. year, The Zombies. and With clean of optimization. Rock is with This Be fundamentally and we says Foo now which grounded I to our there Will long execution this would Year, will This inductees. true Our

Julie Sloat

good a this All us going Nick. some and through our am territory and to on right. review financial load of Thanks, with finish Thanks, the be everyone our Darcy. share and with It’s morning. year-to-date metrics credit I service second results, thoughts to quarter liquidity. walk

pages XXXX. in $X.XX compared XX So let’s GAAP per were of to XX operating GAAP $X.XX per earnings There’s June share quarter compared the earnings in for and reconciliation go share, second the to GAAP a and quarter number XXXX. of six year-to-date were operating per share, for the $X.XX earnings of slide presentation to through per GAAP earnings comparison share which on $X.XX the to today. shows to periods.

O&M, unfavorable Operating XXXX. per segment million, laid million for quarter $X.XX Integrated actions So $X.XX $X.XX Utilities due a number taxes. quarterly we the pandemic. to weather tax, contributing load Transmission O&M the by as Favorable normalized adjust improvement per of load, through on Vertically to retail items had unfavorable last segment and which that’s share, $X.XX, second load, year per The boost $XXX of for transmission as share out These depreciation consistent rate were slide and higher the increase $X.XX and changes, this operating Utilities well year rate per off to segment because the provided walk Other were these higher normalized jurisdictions, sales. totaled included and you. other share, segment $XXX XXXX or earnings and higher in partially performance pressures took in compared impact to per share, got in multiple changes wholesale the Distribution O&M earnings retail an $X.XX system higher year-over-year earned down our lower to of expenses, the lower year. included continued grow revenue $X.XX earnings from lower the up revenue transmission and assumptions favorable to Holdco Transmission by AEP included or let’s The with offsetting driven share we prior and Operating were seven. last earnings partially depreciation by $X.XX guidance AFUDC. offset items annual which true-up across a drivers

by and in and expenses an Oklaunion to Our $X.X share, per Marketing relating and margins since by the continued as year on Conesville. produced items Generation of the lower mostly $X.XX $X.XX increased were fundamental net XX% billion down growth business year. influenced energy higher prior by plant offset in June of investment last adjustment last the return or year, Oklaunion. from land the sale We of from sales retirement generation one-time ARO

which and per up Finally, net taxes, $X.XX lower by expense. partially by higher tax lower and was offset was Corporate O&M gains, share, and -- driven interest Other investment

gain with we me that as moment, view. bit to year-to-date the So I talk little more through about a walk investment bear going am a

results. we year-to-date earnings in share through or billion, share to if per So, Operating billion XXXX. compared flip per $X.XX you totaled eight, to or look $X $X.X June at slide $X.XX can

weather revenue, year earnings interest to by other were $X.XX due changes for items of retail down fuel as the adjustment load, -- on the segment, segment were this wholesale sales across same favorable $X.XX The one-time favorable the lower winter energy year. offsetting other an share, unfavorable $X.XX in well offset the and and impact partially lower expenses. in from in and prior multiple lower reasons to Transmission higher renewables business generation last margins and Vertically from expenses. higher $X up business segment higher items included quarterly business down per up Holdco February. decrease The market contributed the per of expenses year, included AFUDC. in and in segment impact the Utilities in in Conesville, and and prior and these the earned O&M last in expenses, O&M was sale and $X.XX period due transmission this taxes XXXX. normalized ARO the retail at Other higher the $X.XX identified favorable Earnings was items warmer $X.XX the share, drivers prices changes, higher as margins from depreciation for smaller to relating ERCOT produced The per segment adjustment. energy higher share, tax, and higher Integrated jurisdictions, to to Transmission year, Uri of The driven last a AEP Oklaunion in wholesale by the of comparison. temps increases favorable lower Looking Storm rate Utilities during than operating Generation normal Marketing depreciation, load, per due due up normalized weather $X.XX transmission off-system Distribution were rate share, revenue. Other

offset and Other by per and higher was share, $X.XX Corporate up O&M. investment taxes partially Finally, by lower and gains driven

So, a our let of point. about a indirect comment direct to which moment is and me in predominantly investment take gain investment quick the function charge

on will $X.XX produced waterfall, the year-to-date a compared to you benefit XXXX period. in this corresponding see as the XXXX As

this year no and pronounced more quarter in to and period at same the point the had variance we year-over-year fourth we XXXX. produced XXXX, investment as that during a full You contribution in may expect recall would XXXX $X.XX this benefit in the be

on will the our So, normalized turning to load nine, you for page quarter. update I performance

a couple macro of a level class with start Before I’d level. observations like to trends, I at talk about

to since of manage that charts are first health the a recession is the year-over-year of their greatest. recall to businesses at public of quarter of XXXX these important showing it trough on second restrictions all, the crisis growth, at was the were So, all when

So to And is recovery out the bottoming is in second comparison the being basis. quarter is influenced a percentages that positive for the has the path second the recovery of since the year. there serviced economic growth magnitude seeing The by territory. momentum a are throughout been of steady last sign observation we

So, upper X.X% if left you corner, will down to start compared the that see you to in X.X%. normalized last residential year-to-date down sales decline were bringing year

As key mentioned the earlier, is comparison the basis here.

that up were at notice when restrictions will X.X% You COVID sales residential greatest. the their were

increase In are only fact, which down X.X% as in easily for they power at residential some jobs the can remote more a that home. performed be having some workforce businesses suggests staying embraced one later, is have of year

pandemic second sales began. In before record on in the normalized exceeding fact, the second the quarter XXXX every second second were quarter quarter highest

up X.X%. sales the moving by commercial weather right, to year-to-date normalized growth to XX% So increased the bringing

purchasing which were at was the was the last only onset all trying stores, when pandemic and that panic more quarter sector If busy is this last the the for of sales with when is to grocery residential across growth over slightly with operating you second its XX%. sales the The sectors. just compare you sales to The growth companies at will in commercial spread the keep shelves highest. were year year down down quarter most very stocked notice was commercial in symmetrical compared class,

that is a the moving second to the paper also sector. -- and XX.X%. for the only quarter sector at sales to to of to year-to-date down second compared also growth that partially quarter to a was were get is commercial our in that up sales the Similar forget see left Also sales will XXXX nearly due -- quarter. class, none compared quarter in didn’t by second every manufacturing XX to bringing of the this sector, operating one were will panic So bounced the were every lower you XXXX This to year, who which the industrial reported higher a the top company year X.X%. the of of back on sales when paper. class less recovery up you especially last The industrial is see us jump phenomenon likely purchasing commercial you X toilet if a symmetrical folks up increased Industrial sales it. corner, of ironically XX.X% industrial

right can footing. total Finally, see through the retail in sales up recession that from half the increased X.X% the lower the on firm and for are the indications, in were By corner, recovery you a normalized X.X% and of pandemic quarter all year. by first

highest the five recovered XXXX the So, let’s go in second load to last The from only There sales shows slide quarters quarter chart AEP more performance of on years perspective. an normalized in performance again, quarter the but the current XX. Retail this that help of of quarter of the weather are the trend quarter second and is for normalized put confirms seasonally System. two recession, quarter adjusted page of not the the also has XXXX. charts is The level provides highest by the recovery, of this line bar here illustration our into retail sales the XXXX. shows second the bottom chart the second that of sales sales second the since retail since which

an you let consider of load load factor the to before important leave remind So, matters. impact we me The mix of evaluating growth. the story, when

the was the realizations the we our are priced seeing To those in realizations pandemic So, in most -- in this much AEP is the are is Ohio year metropolitan Since only recovery at biggest an strong commercial lower we since seeing system unbundled the where this coming further and pronounced rate, average. in that’s while area, in Columbus are are we illustrate lower Ohio. that now Columbus much than impact Utility T&D sales, industrial in growth seeing sales. at segment decline of residential we point, strong collect the

impact exposure that Finally, a you of when you limit that design limit to out mechanisms the rate the there are place entering downturn can when remind in recession. coming let me are also

industrial So up that last versus by mean sales year percentage. not the while does will it significantly revenues this the increase year, are same

when remainder means anticipated our what of guidance So the think fortified confidence mean Well, as chart that all It what does suggests it we illustrates. nine XXXX? trends seeing. are coming to that on low about fruition range we by this are we the is our page the in earnings

Our pleased it’s we and while of growth any to care Obviously, And true-up watchful our segment second impact scanning strong of for territory, up, anticipated. the needs we low beyond half impact at COVID activity on while O&M enabling given in variant. in investment this the customer fueling the business the we performance Transco is continued seeing. but take are year is service with keeping that eye associated rise are us economic a direction in favorable and had are with we navigate, have our the to

let’s XX.X% a the company’s prior debt in year-end ratio quarter when Uri XX.X%. X.X% On the with check GAAP for on year basis, remains the to position adjusted event, from to So, consistent XX. capitalization on at increase page liquidity Storm the and ratio our capital XXXX

FFO metric. our Let’s talk to about debt

perspective. XXXX right will a temporary the in the quarter SWEPCO calculated we FFO directly where calculated On It basis. payments. also remove be the Moody’s impacting to give This basis, a metric you Moody’s to we metric. is adjusted unplanned of upper have an to debt on associated you a On debt billion used basis. the by a from increased of to to our a the traditional this approximately the our is As metric PSO of cash fund adjusts look Moody’s and effect it as to Taking figure effect to FFO very impact debt during XX.X%. costs X.X% in calculation the fuel the removes impact on first unadjusted traditional To purchase driven metric ratio on this basis, eliminate Moody’s an XX.X% clear, debt and a the X.X% this region on FFO Storm outflows covering associated in be basis, unplanned GAAP the quarter with continues and adjusted as or GAAP would of well adjusted at SPP Uri the business as sense that particular. did based page, and $X.X Uri of quadrant the should power the see noticeable and on in usual to

keep rotation credit contact rating. page out rating in to business. our equity take relates of flow frequent aspects our the cash our them all rating in The any as asset regulatory proceeds. agencies and agencies we multiyear it XX with laid know, of you our not to to change does no financing the forecast apprised As plan into are on there continue to consideration recovery importantly, be is And assume continues anticipated

to Given that in to the target to our regulatory recovery low activity debt currently expect we the do year. next metric cash return flow FFO to flight, range mid-teens

and worked get all is a regulatory while recovery recovery on quick XXXX. anticipate out process SWEPCO. final for underway, both of third in process Texas for details securitization quarter we this and here’s today be Arkansas are where bonds and of refresh activity we will the filing in in In So first issuing the regulatory the stands half In Oklahoma, working XXXX. PSO in and the through regulatory Louisiana,

take XX. visit on our let’s liquidity summary moment slide So a quick to

position that $X our of $X revolving bank liquidity supported remains XXst entered will billion, revolver strong facility we and here this that by You March at five-year into year. on our billion billion $X.X two-year see credit

OpEd If page, are you our at the XXX.X%. side pension of to and look the is there well be lower at you will continues left qualified funded see funded

let’s your to wrap get up will a go quick we do we questions. can So slide and XX,

Our including of organically our ability continue ability performance reaffirm per share. per to us to our gives invest earnings and our own rate our $X.XX at range energy system our stated of to our our the Because share year to confidence first generation $X.XX X%. guidance half in both the grow delivery operating system of X% fleet, long-term company to of to in growth in confident the the we are of transformation

do your time surely today. and appreciate we attention So

questions. So, with that, the for to turn your going call Operator the over am I to

Operator

[Operator Dumoulin-Smith of with the ahead. Instructions] come And Please from you. America. line will Bank Thank that go Julien of

Julien Dumoulin-Smith

Hey. Good…

Nick Akins

Julien. Hi,

Julien Dumoulin-Smith

just that in I say Thank would the guys the I’d at mistaken this? guys something New you all for you like remarks. or talking you have York sitting pace were

Nick Akins

No. Yeah.

Julien Dumoulin-Smith

I catch to to that try on you. just on maybe logos, going I summary hear So, up the was in am everything But said.

are the quarter I are resolve early-ish think numbers, just you mean, guidance was against think, critical third intact comments made in I full but here I year? range obviously the know mixed. you your that Where the year obviously the we Any here? kept against you comment as trending still matters critically, load to total growth

Nick Akins

Yeah.

answered well, of question. think, just you the I sort

commensurate stand. are we year Julie meaningful quarter early have at the goes we Look still and the because quarter customer mentioned, we sizable customer and the look are OEM is as We to again, up up actually third typically where well expansion. see and the with commercial pretty all industrial expansion They in considerably. after third particularly numbers. But as

variant What’s negative other is But estimate residential very starts to of what year still that pent-up I is it’s into happens an seeing to are to frustration terms promising what going it’s XXXX, is -- going are out load this future be actually it just whether outstripping in are though what of positive would are So have and load, or I moderate. of overall sort impact we period then a of we seeing still obviously a although remains think COVID without there in overall. figure the cyclical it think to the be. we to our holds of growth Because trying seen.

and we that. more that and well, But commercial of very load forward. improved together thesis it be really could to with original going feel positive. as if our load we industrial tie understand our certainly residential way So And can through have that

quarter really So feeling before the that. we of pass Julie? a third have good we

Julie Sloat

Yeah.

finer too. point Just a little maybe add

If you moderate to the comps. are rates in year half thinking sequentially our on for prior expected the the of second based year growth load the remainder of are year,

the by a last so essentially of about begun the year, by So third severe reopening. quarter territory it, phased the think last quarter year, in when and second restrictions were most service you the third had of quarter

And result, only it quarter. will AEP’s highest And the actually load not But be growth it growth probably the so in growth stat the history. also highest growth is as X.X% the the quarter, for in second the recovery. during a the highest

doesn’t would little about the I continues it think to watchful anybody Journal trend Wall to like year, estimates eye eye expect changing year-over-year in based bit this keeping the where morning are on is know half along. I the on of look trends. and economy to is their you moderate so a if think second the on I how a click commenting CFOs The that. So we they COVID just going we go, an saw But Street on are keeping

Julien Dumoulin-Smith

all the it. pretty then, you if Excellent. footprint Thank have text, And obviously, there. you. meaningful Got pivot a can I

best kind the underway. We put legislative hearing about thus your various seen have potential efforts some far, Any can meaningful am tell you early. here? I curious, shifts? We you I the peers side, of transmission on context know can especially as of it’s from are project potentially

Nick Akins

what really as to T&D. remains as we and T&D the associated far think it is with obviously, seen part transmission be investment of certainly, and Well, business of

for of to backup We to on terms terms those we of that related of some of investments have of there’s other in grid probably development that. really storage transmission inroads in kinds generation, ensure adjust the of opportunity think I transmission. made things in continued terms capability, able are

of grid lot in into terms line are doing we us, sight itself. a For the transmission of

continuing more areas, that abilities, are even are part in additional scale our looking to big generation for various if our a continuing is ability to to you expand because in well. be as transmission placed have focus solution of to transmission We well, place, on

the country that but is not the So a time effort the when matter with perspective, a in real a is from that system natural renewable that, I based the the and distribution system it in operations only perspective, microcosm think, upon well. the also transmission whole of Texas from of of associated planning and gas as needs reevaluating sort the you brings start for communication --

course, the so effort, it’s they and we of think a and I a sort there’s to be going steps the I are Texas. steps and of So a part more right big in made think to transmission of of are top making multiyear be

resilient transmission that will focused rest broader to and be recognized to the and have to So means view really to like improve we to for going having to a very T&D for start grid. thinking a the technologies, distribution of business of technologies about its ability do and going how are be T&D But we certainly efforts. to is be resources Texas matter, can system more the in resiliency the have that provide of on the resources expanded are

these world generation and have You strict because can’t the that’s transmission we and are between distribution lines in drawn not anymore.

legislative effort. Every continue regulatory will that So, we will every that focus. centered session session, be on

Julien Dumoulin-Smith

Excellent.

Just the last, level but you can if kind of know any say what’s can’t parameters? much, Kentucky, I you of give interest

Nick Akins

Yeah.

too there. I detail to obviously, much yeah, get want don’t So, into

that I sort is can and I beginning. we But process. it confidential at think, it a is the answered right credible process. you competitive say of again, It do interest a have a

Julien Dumoulin-Smith

all. you Thank Excellent. Take care.

Nick Akins

Okay.

Operator

you. Thank

Steve Research. go Fleishman with question ahead. next Wolfe from Please comes Our

Nick Akins

Good morning, Steve.

Steve Fleishman

me, Can you hear Nick? Hey. Good morning.

Nick Akins

hear Oh! you morning. Yeah. Good fine. can I

Steve Fleishman

this million Okay. but are where Great. much plan this, Thanks. of have equity How year? I this just you might issued have far? $XXX so you missed for on

Julie Sloat

the Yeah. question, Steve. Thanks for

We have issue ATM just to actually the under $XXX used million.

was that rest I on with Sundance Central continuing think will wind financing that with associated the there’s and the North the we of around $XXX million facility be program. of

$XXX As is you the $XXX associated of about know, million that also drip. million with

So the that continues that to Does help? background. play in

Steve Fleishman

Okay.

Julie Sloat

Yeah.

Steve Fleishman

you about the Obviously, $X.X billion to could of -- Kentucky, thinking bit in hard of just for were to that. might in terms And plan. some then this but maybe the some just sell year that if answer, next a be of little offset that’s

for the So think outcome relative thoughts just -- year? how billion on give next Kentucky to about could just us you that $X.X to latest

Julie Sloat

I you Steve. -- from purely add on Yeah. perspective. strategic the a from Nick And a But financing can money, are will a perspective, right then, point finer

is with associated with with drip, financing the if of is in wind embedded for look a associated following So we got on along of million about another our take page billion that central we And funding the general CapEx. plan. at flow of XXXX. home, are $XXX at $X.X cash have growth north million you again to you then About $XXX $XXX and want XX who associated million we just those of

that. to to and your were be we the able a so transact situation otherwise dollars door, the that, point, and some would ourselves in we absolutely extent equity to find work off sidestep bring And Steve, would of that issuance to where we in able

is don’t it inside absolutely give But any house. I don’t -- have And and comment, have So the thinking a the I if don’t are would Nick, scenarios number. great. be you know, that modeling transaction. I can’t a you We we different how

Nick Akins

think, I well. it you Well, covered

Kentucky it’s great sale happen. available But As -- a plan at financing looks like. further what options great to assuming plan to optimize far a it’s doesn’t have that as Kentucky to have also financing

that process. sums -- is up largest So Traverse with and timing one the first again, last I this with and pretty being the particularly say quarter XXXX, it’s it one, will the in well

process there the finance So of timing will we continuing it will one and at on or plan. resolved get of be end the the and way is but the day, this another,

Julie Sloat

could… I if just And

Steve Fleishman

Okay.

Julie Sloat

…to up… follow

Steve Fleishman

Yeah.

Julie Sloat

a as stands today, have want transaction. as no to reinforce plan again, the you if X% X% I just The assumes even asset rotation. reiterate. to that, to know, well don’t Again is And it …Steve. we intact

Steve Fleishman

Okay. that’s have the just a bias or the kind range you all And you are that at range? -- within do of

Nick Akins

point, we That’s probably this answer can’t Steve. at --

Steve Fleishman

Okay.

you being unbiased? are So very

Nick Akins

are. We

Steve Fleishman

Smart move.

much. so Thanks Okay.

Nick Akins

Thanks. Sure. Yeah.

Operator

you. Thank

ahead. Our next from Pourreza question comes the Please with of Shahriar go Partners. line Guggenheim

Nick Akins

Good morning, Shahriar.

Shahriar Pourreza

Hey. of AG obviously, is and strong economic Nick it’s PSC further to guys. is coal a like an start sense and sort the and the this maybe the saw, renewable. with of I the least rational well commit are your to Kentucky, to the bend Mitchell in they to approach increase more general of prior morning, order to surprise Good the bit sort thinking signal on little around approach state you starting starting decision. and event to towards not cost a a that on get just a comments a wanted rate rejecting recent

the state we coming a some we grid? you the sort about call the for So of state about when West do on of into and how direct bought a could of viability the think rate order? request then, do and Kentucky solar acceleration And plant how off see think prior in we as X.X-gig that plan the Virginia’s of

Nick Akins

and sort resolved right. interesting. have wheeling it’s this That’s It’s mean, to Yeah. Power. on Virginia. to get Kentucky, of And I yet only Kentucky in Virginia. and it’s know, issue, -- West we is Virginia but multi-jurisdictional, Virginia and speak I the Mitchell you as think West ALJ has in

really It’s have obviously, Kentucky, But got cards will shoe are we to have that our these important because made it on think good from regard. now, we But process. get Virginia And is state to also unit. it’s clear multi-jurisdiction clarity. drop to this we I the first to in think on that. So really for a for I hear us more hold through on

involved. So sure some we the make of have that jurisdictions to are that there’s compatibility

will through go the We process.

the commissions of a analyze then have the if different on further and are resolutions to there’s commissions and get with initial could and will resolve will tracks, lot views the of occur. they that we that We

where to have anything. are commissions before we are shorter, But understand are all Some really three some longer. doing

effectively generation approve clarity CCR, good approve that dates I ELG investments, think though CCR if think ELG the whether XXXX from retirement brings XXXX. -- that it’s they important get to I investments, or but to it’s and then the back it’s the pretty don’t improve

I say we know frame. to But Kentucky, that’s more hesitant it’s But along looking awareness there I’d to they the of pretty those will more something an have is be a what plan. with this be So about we has at that think commissions. it. of to August ELG be in of there consider would becoming part And time the that interesting --

resolved fully we plan that commissions. have is, what with Now a got all those

more on that. come So, to

Shahriar Pourreza

Kentucky the will discussed of your Kentucky that call. backfill some that prior I like Nick, XX.X of the obviously mentioned know, thanks optimization shaping you further instance Central the is for North possibility. And of just point it. us the equity Got around you is always Obviously, renewables needs. in gigawatts that a that likely sugar of visibility for Remind sort process. more than

you outcomes at and further the which the about equity how be stipulate measures? much we own optimization, would plan PPA, approval, IRPs, your So size as the guess the PSC thinking you resulting optimization potentially I are should watching needs incremental of further to versus

Nick Akins

Yeah. Yeah.

obviously those the ability control dialogue, ongoing. now a made, right, for it us important system we So in couple is that -- just operationally, significant resource the more to point finally integrated and know standpoint, and the developmental to be now it’s But we activities, from of are perspective of that financed own market is we to out we doing I’d and a certainly, -- will gigawatts is, process for I certainly, financed. of gone that. ultimately process how what’s from made terms of filings forward, the start information and like it’s case will will related of a we like, XX.X own we have and in getting all are to a to from there of where a North and think get get that the for Central being certainly, contracting -- assets. but to part going respond us are were pretty there a about it. And discussions to own years planning and that, The as to through if how go probably we ought a that -- you RFPs credible

any like But will quickly dialogue jurisdictions. or first filings resource and planning filings. fortify each filings we transformation the will the planning So, around that after how real have one to occur resource anything your will of that certainly the make CCN be this in

feeling economy some And that point it’s and of are clear these a you because move to is will clean it have about decide so, to to big it, to element where the the that we how of toward a renewables as to movement have me that as getting capacity, that. support baseload be is energy long part XXxX we pretty capacity from standpoint, we utilities good to it’s pretty

becoming, and becoming of are a of course I drive that they And think, options planning the much timing from conditions and that’s those of both to will process. and our the realization it’s lot federally think, that’s their I what state a options. resource more So, are just jurisdictions, a perspective, just what transparent better of

Shahriar Pourreza

it. putting is out broke Got Energy on and I agreement deferred morning. The kind spot, apologize this the this refer was I for you me First any of Nick. am that to if And investigation to just there prosecution news But AEP? at the lastly announced the SEC morning

Nick Akins

in. before, are No. Like I the outside said on we looking

any of knowledge that no have of activity. We

And I true, some of is see hung before, report closure naturally, putting a so glad there AEP hopeful I from element in said some if am the of because been I rearview these and brought mirror, And to that up am all is the there’s wake in that. that. certainly that has about

that really there’s have and nothing else -- me AEP and naturally yeah, certainly, our to perspective. just say but, on we it it, nothing have So, -- a nothing have surprise was and from other knew our I than we report we put there’s about what website can to that

Shahriar Pourreza

results. Terrific. on Thank Julie. and today’s you, Congrats Nick

Nick Akins

Yeah.

Okay.

Operator

you. Thank

ahead. Our go Stephen Morgan comes the next Stanley. Please of question with Byrd from line

Nick Akins

Good morning, Stephen.

Stephen Byrd

Hey. Good morning.

Nick Akins

are you? How

Stephen Byrd

in, Congrats and [inaudible] you on on a first. a constructive update of and both, maybe weeping mentioned a Simon Carly

Nick Akins

Yeah. Right.

Stephen Byrd

Okay.

has So covered been [ph]. a lot

can that of wanted leakage, impact ability thinking Just of the how to are are proceeds of tax minimize and on taxes? to you back sort all there approaches help if about discuss sort Kentucky, bring

Julie Sloat

the for Stephen. Thanks Yeah. question,

now. little are know, right you As we a tax efficient

I tax are an frankly, we and And that considering, the So, stopper. us Kentucky in give might given one show a see the basis different that quite hurdles efficiency us wouldn’t of that bunch terms wouldn’t let trip opportunity things into in without could tax what improve you up of to or enhance forward. our that stop moving numbers. I getting a being

Stephen Byrd

APCo Yeah. the there? just SWEPCO And of through am of about in thinking That’s the just mentioned what more you if sorry go that timetable talk didn’t how we there, terms those and little maybe should RFPs, follow -- I thinking mean might around I RFPs, I missed a sort could spending upcoming did I and it. sort the quite then about And you detail helpful. through you of think timing of processes? just am that don’t for if all incremental color

Nick Akins

Yeah.

in there through PPA to to up storage of of megawatts and And and gone and that’s into the it all of PSO, completion up due are up issued by megawatts certainly by XXX we for guess, XXXX, optional storage And seeking for of X,XXX capacity consideration way XXXX is -- to wind really again have we XXX intend of we as APCo the -- wind solar by the with regulators XXX May solar for range, they at so in issued completion those an then RFP battery XXXX wind XXXX. was intends XXXX. range XXXX to needs for resources an into to we requirements seeking or megawatts basic can XXXX. an energy for SWEPCO a battery the capacity via that of of of megawatts the an only, meeting the are. with solar, to obtain, a megawatts that also for RFP up and bids own issue and these APCo, of there wind it to So, notified XXXX for certificates options what to achieve I issued we renewable is go to through in And RFPs But which Virginia X,XXX process, June, their are we another and XXXX and that then, mid-August. with XXXX resources XXX then of RFP -- XXX resources And X,XXX RFP requirements consistent areas. megawatts megawatts at date solar RFP and energy

issue plans to October of PSO RFP then the year. in and So this

some and requirements. those and that capacity So right related near-term the now, Board requirements are ones the are related have on are most really

type a as they Central pretty the of where it is in thing that do North rate. take being much way the turnkey of again, and time certainly ownership more So, will at are others of with it approved done same the we we

the will process of way. along approvals through go by So, and then, course, the commissions various the we of

a then, So, it’s and Board the of right the our with as And to related matter fact, focused continue on spending plan to these lot are really time by of an sort and but requirements are understand and seeing just that’s of these we important of for first not types will a long-term plan process. capacity the filings we to strategies now. of driven convenience. you a everyone -- is this to part energy the going And be just continual

So, that’s at and go think, what to have good right now are this I out really with they we point.

Stephen Byrd

you. all had. really helpful. That’s That’s Thank I

Operator

Thank you.

question ahead. line next comes JPMorgan. Our Please with go Tonet from the Jeremy of

Jeremy Tonet

Hi. morning. Good

Nick Akins

Good morning. doing? How are you

Jeremy Tonet

Good. Good.

Nick Akins

Okay.

Jeremy Tonet

you able wanted to the if bit I interest this more, increase want received asset thought possible kind has and strong process rotation strategic and just that’s more to pick on little know process well, comment Kentucky overall? to in Just in recent any a might as balance up if headroom to Kentucky given strategic then made Kentucky, about sheet degree strong achieved And you to here has be whether in of interest review players? more industry from transactions the prices beyond financial or

Nick Akins

Yeah.

out on to and the the So, to involved. are Foo concerned, a earlier have is we uses. and then look are process think expected saying with have fully we is -- sources regulated continual first renewables during dialogue, process if to of strategics as opportunities far have financials, us. if building second question, we I transition, got that for for that this practically resources said to this the your we we And then And of we everything we so question started strategics have get and and going Fighters both so financials, as at table the to XX.X gigawatts terms we in be the are as

makes going what stop, we through move toward. Kentucky this if a sense, to we that’s course, of framework sources. process, other assets are the So upon opportunities and that is of are, want kind evaluate company but to first And that go based to sort it we as will of continue the our then

Jeremy Tonet

you see it. said best just FERC what to of provide on if helpful. you then might process. regards That’s I planning out kind Thanks of kind of your Got And for recently be coming news wondering on able that. to there’s am and been with transmission the some -- is thoughts here? what’s thoughts practices

Nick Akins

Yeah.

regions them do would and same, try to does transmission across job system more planning states. have to because consider. we planning, a in a we across at large RTO transmission of large related transmission across and itself to obviously, process like But planning being So, see pretty can regions RTO a type the consistent terms much to good AEP better so this to you built make have

get resources going resolve particularly centers, going to as making that to type analyses of you these issues renewable multi-RTO get to load and going, have sure are we are consistent. are to you are around to If multi-jurisdictional, trying we that

or of consistency notion incentives, those making this not is is of got in things to to reevaluating and The other too we decisions to and structures terms for this transmission not of is model and good relative part rate RTO relative good types itself. making -- the have have

take change. competitive, fine. sort to with that’s where, able of happen. approach areas make to can’t needs you step to to have we all, investments really to of to, a addressing focusing certainty make able it’s we real have on addressing all back FERC think after have of to at move have to the look has other project, spent part been competitive, and those say, types positive we think, it to back project. And a of a to the RTO multi-millions these boundaries, some sense And stop and of I That and first process. to be be I But going coming got what’s clear it. is, project RTO planning have the a on later quickly are be that not a aspects So, And what’s things, planning

questioning the just an I what So, there make benefit -- value to, costs so if involved think, be any send only has it’s of or customers start start to being to for that to you And the change. bad orders to the multiyear than there’s the join related want investment. RTO, to something may of are in anybody are to that’s magnitude into from not has customers. companies value recovery transmission future to questioning anybody I also to for that model take you really good in stay for when relative the assumptions -- And now, a that incentives, much in value with RTO incentives an -- investments are the messing to message transmission. greater to anybody you put lot of account a show benefits just together an a But trying there’s of what of transmission related around RTO to

So, with unit, energy clean to investment an like a in in coal on trying activities make going Washington.

you this what So to have through about you think trying achieve. to really do really are process think and

I one went that Sorry, on though.

Jeremy Tonet

I that. No. Thank for That’s will stop you helpful. you. there. Thank

Nick Akins

Thank you.

Operator

you. Thank

ahead. the from line ISI. Our go Durgesh with Chopra next Please of question comes Evercore

Nick Akins

Hey, are you? How Durgesh.

Durgesh Chopra

morning, Nick. taking Good Thanks for Hey. my question.

Nick Akins

Good morning.

Durgesh Chopra

Hey.

just You sort of assets the the Maybe that of opportunity just questions MISO of perhaps flagged transmission lot MISO addressed the the of of has end transmission of like there? sort the in a that year. towards an that unveiled Q&A. know But projects? compete some location. in for be a you of you small for set I sort a you could Could upside for those

Nick Akins

Yeah. Oh! Transource small could with But, could. We could. And we yeah. could any it compete stands. We us as in which But for impact we certainly participate we that, actually of our a entity, been. yeah, certainly, have

Durgesh Chopra

level on CapEx and pretty through the organization. a hearing side then the sizable are your mean EI investment the Understood. the has at transmission bill And transmission peers of sort the your infrastructure side. anything and I or you just on

Just on the federal are front? from hearing anything that you

Nick Akins

Yeah.

as trillions guess, be investment, we along as that and pay some trillion, to issue, and talking appears those more pursuing advancement kinds on kind $X.X infrastructure in in are we it of, obviously, that. certainly, interesting of clearly as but things, to But there’s -- the hard the, of side the of direct the have are opposed it’s in particular language now. terms of that’s transmission things that on I and bill So, the issues yeah, infrastructure billions actual like the has Washington important But way. done although, convergence far

to, have sense, [ph] and energy, think COVID particularly makes as, kind I clean also PTCs, thing. and RSI extensions delays those, that as of because of renewables far did ITCs that the We of

there’s would to vehicle opportunities that as be think for see far continue infrastructure electric and certainly we developed. vehicles, like I then as So electric to

-- private. The I So, the long all for into for level instead of the you what sort incentives area. and ours of as what as stuff. federal and already that transmission, mechanisms about exist of funding keep is, now that I -- like are have that and example, issue can you federal transmission you all government areas the funding the private the development encouragement for how or But and kind so of companies to think all leverage think of is of that we of The those think, think positive. government

they make, to get investments. if make issues enable focus on they Those planning. the transmission can certainly, if siding So, better, can much

no have investments. transmission problem We financing

the utilities, energy to related reduce balances, pick uh to They I development they whether other can on example. focus storage. generation far vehicles then, station benefits probably around underappreciated as and focus benefit. for that incentives then like and or that from what also, and So also able infrastructure the choose already any leveraged the plant tax be encourage for example. And those want tax not the for being technologies truly quickly government the renewable things transformation as to kind either transformation, to see incentives And would ought charging renewables we clean into think more the infrastructure of electric hard a coal-fired move like types of of on would standpoint, with between to to a certainly

able underappreciated a conditions, make resource national plan replacements we decisions clean a plant around the If reduce and what energy to you make want to future more would can to be. balances, the better about can moving we states have and quickly are then decisions economy,

view. to focus very are just investment would moving think to this. But we make need really continue on my economy. selected the try there’s that the sure government too We areas ways do I So to private in opposed sector. toward Board across a the that to enable much doesn’t several to all clean be That energy as

Durgesh Chopra

they the First Appreciate that color, good Nick. see at with have Really investigation -- DOJ least this quick just or agreement highlighted. all morning to Energy an

Just update SEC got? subpoena color you that on the share with you more any us? Any can

Nick Akins

new Nothing No. there.

the have to requests SEC they with to there. are continue constructive are a to work We nothing supportive but report have -- and And from with be been standpoint. in the them and and and we any are we to we responsive documentation process new going communicating

Durgesh Chopra

Understood. Thank my for taking you questions.

Nick Akins

Yeah.

Operator

ahead. Thank our Please question with line final the And Lapides from you. Michael go comes of Sachs. Goldman

Michael Lapides

Nice on one. that try

Nick Akins

Michael who?

Michael Lapides

Yeah. Hey. question Actually, Michael, real Conference or the in quick guys, had. they Southeastern changes two. about the guy who’s the Hey, excited

for up both the segment How about the think the half one year, you think at lot. we trajectory about O&M? trajectory year on segments, obviously, the a of half? looks versus O&M and and all, the this like kind what of is And T&D the VIU kind beyond VIU First first O&M second do how should of of for long-term O&M XXXX

Nick Akins

you follow have customer expansions on you a as associated are generally this, good load, certainly higher I have and will up say, going just Yeah. can to terms bending we the with expansion. we Julie in in do but what but that, our of O&M true evaluating The what typically needs is, the issue curve. Achieving our Program for us forecast be to is, that’s Excellence are against of impacts O&M

expansion continue but the that, account continue perspective, that we a overall good optimization the to itself. also only to So budget from optimize supports O&M O&M load customer but take continue the the of not also of

But quarter plan we does. are and fourth So, we improvements it progress growth and make dividend of low in with that yeah, quarter make like to obviously, the trajectory. are that may want you with to sure it, watching what earnings looks to and we that that’s see consistent absolutely why, third X% consistent continuing X%

we doing. So that’s are what

saying, more just Julie? oh, O&M. let’s not going yeah, load’s our are We spend measured approach up, is a really It perspective. from

Julie Sloat

Yeah. spot Michael. the No. question, on, thanks for That’s And Nick.

at for about am thinking earnings the we here sitting of were as is this am mix I looking the I things preparing the and point. call, As one

to And in. the be in it look is on where as answer it not that load mentioned continue expect question, would previous to although a to load coming pronounced, for compare you When year, a do half, we relative a You we improve. do expect as at second to last basis. it

where be thing. So that’s And they long a does the little to good with that comfortable costs that a because more allows O&M us customer are, help the run. in

and give waterfall to of model continue you changes, So the that me the to not for of it’s we to year, managing once and you to year, trying that the give we dynamic we start diligent we But changing the keep we that business. that know, a are how you, you so this, if see top our get rest of by you mind as right, year let obviously because start we plan, are end be very about costs. saying But guidance. the

year. saw a doing hope be on load surprised of be O&M as would be then, already along know, the too. in we Holdco would segment clipping But where well that the plan, And So be if would we if full are little our Transmission there richer. we I hanging I wouldn’t running for thought to relative you you kind that

benefit too. some be may there there So

mind and guidance go we you in back and that that you. gave that when keep walk contrast do So to compare to

I XXth you call February that during modeling and our happy with have help to think earnings on are it we offline. any you then was

Michael Lapides

appreciated. sounds Much That Thanks, No. guys. great.

Nick Akins

Thanks. Sure.

Darcy Reese

joining for you call. us on today’s Thank

you As team may additional will available to IR always, any the answer Toni, have. you would be questions please the give information. replay

Operator

XX, XX:XX gentlemen, a.m. and after today XXXX. replay a July will Eastern this Ladies conference be for through available

We access entering access and numbers Those your the you and again replay and access code You does participation at dial XXXXXXX. for may thank for AT&T International code may AT&T service. today. with system XXXXXXX. dialing any conference using X-XXX-XXX-XXXX conclude for by are That X-XXX-XXX-XXXX our conferencing time XXX-XXX-XXXX participants XXX-XXX-XXXX.

now may You disconnect.

American Electric Power (AEP) 22 Jul 212021 Q2 Earnings call transcript