Welcome be third quarter with Darcy. XXXX to morning. American this good It's Thanks, Electric everyone to earnings Power's call.
who has performance, in has results third discuss grateful role. Before you will of would been I with enjoy us Zebula, ground quarter the I today. role, understanding company deep through confident and that CFO him with running the years our working of to Many new for XX introduce leadership. you the with we're Chuck like He in our business. are walk a and his I'm the his our Chuck and Chuck, hit familiar CFO, for
delivery strategy share generation fleet robust to transformation and I'm execution pleased as an in well our need on infrastructure $XX energy with we needs. emphasis flexible is that on billion is of X-year deliver to AEP our and our track. a the positioned on capital customer our plan investments
has adapt take stakeholders transform We're stay who the our rates every to supply success. by extreme keeping to center interest more customer and to industry to our we and continues while characterized and at to AEP constraints, listening the weather, make, While also critical this amid decision are actions course. our environment balancing dynamic our of thoughtful chain rising continued
moment. to ongoing directing on the and proceeds of efforts front. into also we to renewable portfolio working the efforts management, developments a in the regulatory derisk those addition which more been quarter, and legislative sheet provide on insight I'll to all in and and portfolio regulatory profile initiatives. balance the business our positive to through hard detail many made store management, simplify regulated We've progress business on our This our success speak of in I'll
summary of A today's quarter of updates strong on presentation. third $XXX X business our quarter or AEP reported third of earnings be can XXXX operating per Slide share million. $X.XX found
first account flexible that on to in weather have the longer business the year interest financial and higher the mild plan us allows half deliver taking while our environment. We of into a commitments rate for
for our As growth last today, Moreover, we're full we our and earnings X%. in rate increase guidance range to targeted X% midpoint actively earnings $X.XX and we of to which $X.XX the rate announced our business our XX% within to long-term of is $X.XX our operating XX%. week, dividend, while consistent XXXX narrowing a the to reaffirming with manage ratio year an of growth earnings payout
earnings XXXX the Chuck talk as management for outlook positive narrow and includes we economic load minutes, few drive a about within range, guidance have In our will territory. service development which our support O&M we
will path XX% year-end the we debt also to rate to sheet and this quarter, will short FFO balance our this materially early improve within this in expect XXXX. to XX% that XX.X% target. of on metric While was touch targeted by the fall Chuck
summary $X.X sale sale after-tax completion of Slide proceeds efforts in we the of announced on derisk make of We In can portfolio to portfolio. this megawatt resulted continue to our seen unregulated X. progress renewables A billion. which X,XXX our acquisition in the simplify totaling Holdings, to and August, be IRG our
this XXX of sales portfolio, also made that of May, solar New A some value can on of the be development X. of we renewable The partner, this on AP's announced known Slide headway our currently we venture to fourth early asset NMRD. our sale other Resources, PNM late first year our the Mexico investment as previously as on of on also target of of referenced September as We've summary joint $XXX close million. XX with or book this we transaction In discussed. was track in next. quarter quarter We're
We our sales underway businesses million, respectively, launched the with end enter third value the business book distributed processes resources as have as continue we of XXXX. The the were in retail and $XXX expect of noncore August we to of quarter. $XXX and of million sales
these sale of the quarter to noncore first an expect $XXX In sales the million. the associated and investments with half year transmission Pioneer Wind announced our base with closing we XXXX. as first of third a We of Prairie reach was next agreement anticipated Transmission, end July, rate in ventures, of of AEP's transmission of in portion the joint the quarter,
sales process and in launch the to soon expect We close XXXX.
to [ no while for Transource strategic this anticipate end by the now. the new related Finally year. updates there review of ], completing are We
for So venture $XXX joint portion as was particular please tuned. stay million AEP of quarter of this rate base end. investment
The with Let made solid update investment and gears teams you me on remain focused our shift regulated progress. provide an plan. renewables and
of the additional we in these a our commissions savings renewable our valuable through know, of plan. for We providing now on be on customers. for our have Slides total approved of XX. million plan additions have can viewed $XXX $X.X each projects in of the appendix fuel resource billion with $X approval renewables detail XX and More before currently you X-year investment regulated billion As capital an
for billion, large mentioned. disclosed, portfolio I year. approved component over amount this portfolio alone XXX-megawatt billion PSO's approved XXX.X-megawatt were $X.X $X comprise the portfolios we've earlier billion renewable renewable $X.X previously billion a of a $X.X just two and At collective As both SWEPCO's these
owned existing megawatts megawatts for wind than Additionally, were APCo approved and building APCo's approximately that XXX a to last year, million. report projects $XXX $XXX we're territory, more Virginia solar of in wind service September, of In which totaled XX million, development. approved pleased also positive upon
next -- approval recovery megawatts, owned total of of Indiana we Trout billion in last we represents for two Moving In We're for the totaling approval Lake front Commission month territory Apple commission approved in first on decide projects. Lake which and $X XXX in to projects our received filed making May quarter the XXX-megawatt across investment in of Michigan back solar investment. service we'll solar both this and progress May XXX-megawatt as to investment Apple the of seek year. Trout two on I&M, August,
wind PSO for order now at approximately time commission a any rock million. for $XXX await also We expected balls the XXX-megawatt farm
regulated supported plans. our are and with Importantly, plants integrated renewables aligned our resource by
operating We in have listen owned to the we APCo and learn future as resources issued respond IM near a request for proposals more from and to preferences. for other with come and additional state companies at
updates and gap. engaged like legislative been initiatives. on our to efforts to the our We've I'd close turn ongoing service across earned in to versus ROE territory regulatory Now authorized
part third points. in X.X%, half the I ROE the in basis driven Our this in which by first unfavorable by came XX of quarter measure depressed weather at that mentioned earlier, XXXX
will customer be XXXX top preferences of a meeting quarter, can along improvement done be While a more gap we remain into we the of take to with our and primary mind, Closing that aware the last needs more the on done communities. over focus state this this and needs as front. modest are is federal
APO reducing ESPX, orders and XXXX. both remain cases year-end, which to quarter year. were this that and in going we're of in confirm Virginia's expected XXXX We the meeting fourth of end, be we filed in into Ohio's Virginia's on issued decisions focused and this will earnings commission year I'm our APCo awaiting quarter to states the triennial first have XXXX guidance. earlier still Ohio these gap for the settlement while happy To in likely that place
Both next and using addition, In years. effective base requested an grid taste both in filings reliability we Indiana cases forecast the filed in modernization in we XX.X% -- the be XXXX on rates investment new and will a and anticipate Michigan in new and year. drivers included We technology, enhanced quarter. requested we distribution ROE test third
be by legislation the utility, Consequently, to even allowing team help sit This or of DCRF once also has AEP's underway. approximately of will and on year, in has recovery legislation seating front factor for mechanism with case if cost lag active DCRF the XXXX. used rate in pass it points been XX distribution legislation The Texas regulatory to earned year. a the the and starting improve allows tune legislative per twice pending mechanism utilities in -- per June the Texas ROE basis file to Texas
September. XXXX fact, approved In into rates effect and was filing in went our April DCRF
of support while securitization a safe review, application a implementation provide to Kentucky costs. for Power XXXX. securitization. ensuring testimony filed managing the and Constructive Power, the October, June allow is based assets, million rate service For positioned intervener base request Kentucky best incorporated our X.X% including rates By ROE of regulatory was of to for January XXXX interim comprehensive permissible in is statute, reliable and $XXX in
ROE time for that in implemented staff, other case, and approval you'll June PSO, a X.X% parties interim for more any general to with in await which reached we is the We a we order, in while provided recall commission attorney May, Moving cost mechanisms. settlement expected commission a recovery which included efficient the base Oklahoma's and rates PSO now.
balance recovery management our year. a is end priority the the integrated across sequentially AP's totaling utilities cost As fuel vertically of and as of you $X.X know, top of quarter shrinking deferred third fuel the of billion this with
intentionally cost recovery across cost have to to being worked with with jurisdictions We mechanisms impact. recovery adapt objective with the fuel balance stakeholders customer our our
assets. recovery store filed securitization XXXX for XXXX the X for operate deferred securitizing plant of our embedded So resolution. cost balance have set assume is those Virginia West balance along net amortizes West XXXX option, The we we cost to In rate fuel with two second offset balances securitizing approaching balances the to Commission fuel April legislation impacts generation use assets over consideration, the in the the and option respectively assets to in forth fuel One and Virginia consideration. options $XXX customers. the fuel years. our recovery currently of Recall through are proceeding nearly and fuel manage generation million fully application,
More constructive be detail with a case on Slides toward we in work all XX. appendix by for XX the appreciate West the as engagement activities parties We stakeholder through a found conclusion on the can year-end regulated in Virginia. and path this
this underway progress keeping and to business, actively customers the I'm work quarter pleased while the the our and with commitments value everything do. all our and our affordability manage for reliability for deliver on by center of at investors, we great the we've made create
at Phoenix in our the to of continue cash a investment forward XXXX we'll power share our confident our on EEI priorities through couple our financial plan in Conference XXXX execute related team many on person including flows. and color customers. our We you deliver to other plan look will advance in that to provide our a strategy, XXXX I capital guidance have of and strong seeing details, additional and conference strategic reliable, At in the capital weeks. to I'm X-year place, business some and affordable
Now with Chuck? targets. through and that, performance we'll drivers financial I'll hand details off to Chuck, walk it supporting our