Commission
|
Registrants; States of Incorporation;
|
I.R.S. Employer
|
||
File Number
|
Address and Telephone Number
|
Identification Nos.
|
||
1-3525
|
AMERICAN ELECTRIC POWER COMPANY, INC. (A New York Corporation)
|
13-4922640
|
||
1-3457
|
APPALACHIAN POWER COMPANY (A Virginia Corporation)
|
54-0124790
|
||
1-3570
|
INDIANA MICHIGAN POWER COMPANY (An Indiana Corporation)
|
35-0410455
|
||
1-6543
|
OHIO POWER COMPANY (An Ohio Corporation)
|
31-4271000
|
||
0-343
|
PUBLIC SERVICE COMPANY OF OKLAHOMA (An Oklahoma Corporation)
|
73-0410895
|
||
1-3146
|
SOUTHWESTERN ELECTRIC POWER COMPANY (A Delaware Corporation)
|
72-0323455
|
||
1 Riverside Plaza, Columbus, Ohio 43215-2373
|
||||
Telephone (614) 716-1000
|
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
|
|||||
Yes
|
X
|
No
|
Indicate by check mark whether the registrants have submitted electronically and posted on their corporate websites, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit and post such files).
|
|||||
Yes
|
X
|
No
|
Indicate by check mark whether American Electric Power Company, Inc. is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
|||||
Large accelerated filer
|
X
|
Accelerated filer
|
|||
Non-accelerated filer
|
Smaller reporting company
|
Indicate by check mark whether Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company are large accelerated filers, accelerated filers, non-accelerated filers or smaller reporting companies. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
|||||
Large accelerated filer
|
Accelerated filer
|
||||
Non-accelerated filer
|
X
|
Smaller reporting company
|
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).
|
|||||
Yes
|
No
|
X
|
Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company meet the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and are therefore filing this Form 10-Q with the reduced disclosure format specified in General Instruction H(2) to Form 10-Q.
|
Number of shares of common stock outstanding of the registrants at
April 26, 2012
|
|||
American Electric Power Company, Inc.
|
484,321,794
|
||
($6.50 par value)
|
|||
Appalachian Power Company
|
13,499,500
|
||
(no par value)
|
|||
Indiana Michigan Power Company
|
1,400,000
|
||
(no par value)
|
|||
Ohio Power Company
|
27,952,473
|
||
(no par value)
|
|||
Public Service Company of Oklahoma
|
9,013,000
|
||
($15 par value)
|
|||
Southwestern Electric Power Company
|
7,536,640
|
||
($18 par value)
|
Page
Number
|
|||||
Glossary of Terms
|
i | ||||
Forward-Looking Information
|
iv | ||||
Part I. FINANCIAL INFORMATION
|
|||||
Items 1, 2 and 3 - Financial Statements, Management’s Financial Discussion and Analysis and Quantitative and Qualitative Disclosures About Market Risk: | |||||
American Electric Power Company, Inc. and Subsidiary Companies:
|
|||||
Management’s Financial Discussion and Analysis
|
1
|
||||
Condensed Consolidated Financial Statements
|
24
|
||||
Index of Condensed Notes to Condensed Consolidated Financial Statements
|
30
|
||||
Appalachian Power Company and Subsidiaries:
|
|||||
Management’s Narrative Financial Discussion and Analysis
|
70 | ||||
Condensed Consolidated Financial Statements
|
74
|
||||
Index of Condensed Notes to Condensed Financial Statements of Registrant Subsidiaries
|
80
|
||||
Indiana Michigan Power Company and Subsidiaries:
|
|||||
Management’s Narrative Financial Discussion and Analysis
|
82
|
||||
Condensed Consolidated Financial Statements
|
87
|
||||
Index of Condensed Notes to Condensed Financial Statements of Registrant Subsidiaries
|
93
|
||||
Ohio Power Company Consolidated:
|
|||||
Management’s Narrative Financial Discussion and Analysis
|
95
|
||||
Condensed Consolidated Financial Statements
|
100
|
||||
Index of Condensed Notes to Condensed Financial Statements of Registrant Subsidiaries
|
106 | ||||
Public Service Company of Oklahoma:
|
|||||
Management’s Narrative Financial Discussion and Analysis
|
108
|
||||
Condensed Financial Statements
|
110
|
||||
Index of Condensed Notes to Condensed Financial Statements of Registrant Subsidiaries
|
116 | ||||
Southwestern Electric Power Company Consolidated:
|
|||||
Management’s Narrative Financial Discussion and Analysis
|
118
|
||||
Condensed Consolidated Financial Statements
|
121
|
||||
Index of Condensed Notes to Condensed Financial Statements of Registrant Subsidiaries
|
127 | ||||
Index of Condensed Notes to Condensed Financial Statements of Registrant Subsidiaries
|
128
|
|||||||||
Combined Management’s Narrative Discussion and Analysis of Registrant Subsidiaries
|
175 | |||||||||
Item 4. Controls and Procedures
|
180 |
Part II. OTHER INFORMATION
|
||||||||||
Item 1.
|
Legal Proceedings
|
181
|
||||||||
Item 1A.
|
Risk Factors
|
181
|
||||||||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
183 | ||||||||
Item 4.
|
Mine Safety Disclosures
|
183
|
||||||||
Item 5.
|
Other Information
|
183 | ||||||||
Item 6.
|
Exhibits:
|
183 | ||||||||
Exhibit 10
|
||||||||||
Exhibit 12
|
||||||||||
Exhibit 31(a)
|
||||||||||
Exhibit 31(b)
|
||||||||||
Exhibit 32(a)
|
||||||||||
Exhibit 32(b)
|
||||||||||
Exhibit 95
|
||||||||||
Exhibit 101.INS
|
||||||||||
Exhibit 101.SCH
|
||||||||||
Exhibit 101.CAL
|
||||||||||
Exhibit 101.DEF
|
||||||||||
Exhibit 101.LAB
|
||||||||||
Exhibit 101.PRE
|
||||||||||
SIGNATURE
|
184
|
This combined Form 10-Q is separately filed by American Electric Power Company, Inc., Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants.
|
Term
|
Meaning
|
|
AEGCo
|
AEP Generating Company, an AEP electric utility subsidiary.
|
|
AEP or Parent
|
American Electric Power Company, Inc., a utility holding company.
|
|
AEP Consolidated
|
AEP and its majority owned consolidated subsidiaries and consolidated affiliates.
|
|
AEP Credit
|
AEP Credit, Inc., a subsidiary of AEP which securitizes accounts receivable and accrued utility revenues for affiliated electric utility companies.
|
|
AEP East companies
|
APCo, I&M, KPCo and OPCo.
|
|
AEP System
|
American Electric Power System, an integrated electric utility system, owned and operated by AEP’s electric utility subsidiaries.
|
|
AEPEP
|
AEP Energy Partners, Inc., a subsidiary of AEP dedicated to wholesale marketing and trading, asset management and commercial and industrial sales in the deregulated Texas market.
|
|
AEPSC
|
American Electric Power Service Corporation, an AEP service subsidiary providing management and professional services to AEP and its subsidiaries.
|
|
AFUDC
|
Allowance for Funds Used During Construction.
|
|
AOCI
|
Accumulated Other Comprehensive Income.
|
|
APCo
|
Appalachian Power Company, an AEP electric utility subsidiary.
|
|
APSC
|
Arkansas Public Service Commission.
|
|
BlueStar
|
BlueStar Energy Holdings, Inc., a wholly-owned retail electric supplier for customers in Ohio, Illinois and other deregulated electricity markets throughout the United States.
|
|
BOA
|
Bank of America Corporation.
|
|
CAA
|
Clean Air Act.
|
|
CLECO
|
Central Louisiana Electric Company, a nonaffiliated utility company.
|
|
CO2
|
Carbon dioxide and other greenhouse gases.
|
|
Cook Plant
|
Donald C. Cook Nuclear Plant, a two-unit, 2,191 MW nuclear plant owned by I&M.
|
|
CSPCo
|
Columbus Southern Power Company, a former AEP electric utility subsidiary that was merged into OPCo effective December 31, 2011.
|
|
DCC Fuel
|
DCC Fuel LLC, DCC Fuel II LLC, DCC Fuel III LLC and DCC Fuel IV LLC, variable interest entities formed for the purpose of acquiring, owning and leasing nuclear fuel to I&M.
|
|
DHLC
|
Dolet Hills Lignite Company, LLC, a wholly-owned lignite mining subsidiary of SWEPCo.
|
|
E&R
|
Environmental compliance and transmission and distribution system reliability.
|
|
EIS
|
Energy Insurance Services, Inc., a nonaffiliated captive insurance company.
|
|
ERCOT
|
Electric Reliability Council of Texas regional transmission organization.
|
|
ESP
|
Electric Security Plans, filed with the PUCO, pursuant to the Ohio Amendments.
|
|
ETT
|
Electric Transmission Texas, LLC, an equity interest joint venture between AEP and MidAmerican Energy Holdings Company Texas Transco, LLC formed to own and operate electric transmission facilities in ERCOT.
|
|
FAC
|
Fuel Adjustment Clause.
|
|
FASB
|
Financial Accounting Standards Board.
|
|
Federal EPA
|
United States Environmental Protection Agency.
|
|
FERC
|
Federal Energy Regulatory Commission.
|
|
FGD
|
Flue Gas Desulfurization or scrubbers.
|
|
FTR
|
Financial Transmission Right, a financial instrument that entitles the holder to receive compensation for certain congestion-related transmission charges that arise when the power grid is congested resulting in differences in locational prices.
|
|
GAAP
|
Accounting Principles Generally Accepted in the United States of America.
|
Term
|
Meaning
|
|
I&M
|
Indiana Michigan Power Company, an AEP electric utility subsidiary.
|
|
IGCC
|
Integrated Gasification Combined Cycle, technology that turns coal into a cleaner-burning gas.
|
|
Interconnection Agreement
|
An agreement by and among APCo, I&M, KPCo and OPCo, defining the sharing of costs and benefits associated with their respective generating plants.
|
|
IRS
|
Internal Revenue Service.
|
|
IURC
|
Indiana Utility Regulatory Commission.
|
|
KPCo
|
Kentucky Power Company, an AEP electric utility subsidiary.
|
|
KPSC
|
Kentucky Public Service Commission.
|
|
KWH
|
Kilowatthour.
|
|
LPSC
|
Louisiana Public Service Commission.
|
|
MISO
|
Midwest Independent Transmission System Operator.
|
|
MMBtu
|
Million British Thermal Units.
|
|
MPSC
|
Michigan Public Service Commission.
|
|
MTM
|
Mark-to-Market.
|
|
MW
|
Megawatt.
|
|
NEIL
|
Nuclear Electric Insurance Limited insures domestic and international nuclear utilities for the costs associated with interruptions, damages, decontaminations and related nuclear risks.
|
|
NOx
|
Nitrogen oxide.
|
|
Nonutility Money Pool
|
Centralized funding mechanism AEP uses to meet the short term cash requirements of certain nonutility subsidiaries.
|
|
NSR
|
New Source Review.
|
|
OCC
|
Corporation Commission of the State of Oklahoma.
|
|
OPCo
|
Ohio Power Company, an AEP electric utility subsidiary.
|
|
OPEB
|
Other Postretirement Benefit Plans.
|
|
OTC
|
Over the counter.
|
|
PJM
|
Pennsylvania – New Jersey – Maryland regional transmission organization.
|
|
PM
|
Particulate Matter.
|
|
POLR
|
Provider of Last Resort revenues.
|
|
PSO
|
Public Service Company of Oklahoma, an AEP electric utility subsidiary.
|
|
PUCO
|
Public Utilities Commission of Ohio.
|
|
PUCT
|
Public Utility Commission of Texas.
|
|
Registrant Subsidiaries
|
AEP subsidiaries which are SEC registrants; APCo, I&M, OPCo, PSO and SWEPCo.
|
|
Risk Management Contracts
|
Trading and nontrading derivatives, including those derivatives designated as cash flow and fair value hedges.
|
|
Rockport Plant
|
A generating plant, consisting of two 1,300 MW coal-fired generating units near Rockport, Indiana, owned by AEGCo and I&M.
|
|
RTO
|
Regional Transmission Organization, responsible for moving electricity over large interstate areas.
|
|
Sabine
|
Sabine Mining Company, a lignite mining company that is a consolidated variable interest entity for AEP and SWEPCo.
|
|
SEC
|
U.S. Securities and Exchange Commission.
|
|
SEET
|
Significantly Excessive Earnings Test.
|
|
SIA
|
System Integration Agreement, effective June 15, 2000, provides contractual basis for coordinated planning, operation and maintenance of the power supply sources of the combined AEP.
|
|
SNF
|
Spent Nuclear Fuel.
|
|
SO2
|
Sulfur dioxide.
|
|
SPP
|
Southwest Power Pool regional transmission organization.
|
|
SWEPCo
|
Southwestern Electric Power Company, an AEP electric utility subsidiary.
|
Term
|
Meaning
|
|
TCC
|
AEP Texas Central Company, an AEP electric utility subsidiary.
|
|
TNC
|
AEP Texas North Company, an AEP electric utility subsidiary.
|
|
Transition Funding
|
AEP Texas Central Transition Funding I LLC, AEP Texas Central Transition Funding II LLC and AEP Texas Central Transition Funding III LLC, wholly-owned subsidiaries of TCC and consolidated variable interest entities formed for the purpose of issuing and servicing securitization bonds related to Texas restructuring law.
|
|
Turk Plant
|
John W. Turk, Jr. Plant, a 600 MW coal-fired plant under construction in Arkansas that is 73% owned by SWEPCo.
|
|
Utility Money Pool
|
Centralized funding mechanism AEP uses to meet the short term cash requirements of certain utility subsidiaries.
|
|
VIE
|
Variable Interest Entity.
|
|
Virginia SCC
|
Virginia State Corporation Commission.
|
|
WPCo
|
Wheeling Power Company, an AEP electric utility subsidiary.
|
|
WVPSC
|
Public Service Commission of West Virginia.
|
|
·
|
The economic climate and growth in, or contraction within, our service territory and changes in market demand and demographic patterns.
|
·
|
Inflationary or deflationary interest rate trends.
|
·
|
Volatility in the financial markets, particularly developments affecting the availability of capital on reasonable terms and developments impairing our ability to finance new capital projects and refinance existing debt at attractive rates.
|
·
|
The availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material.
|
·
|
Electric load, customer growth and the impact of retail competition, particularly in Ohio.
|
·
|
Weather conditions, including storms, and our ability to recover significant storm restoration costs through applicable rate mechanisms.
|
·
|
Available sources and costs of, and transportation for, fuels and the creditworthiness and performance of fuel suppliers and transporters.
|
·
|
Availability of necessary generating capacity and the performance of our generating plants.
|
·
|
Our ability to resolve I&M’s Donald C. Cook Nuclear Plant Unit 1 restoration and outage-related issues through warranty, insurance and the regulatory process.
|
·
|
Our ability to recover regulatory assets in connection with deregulation.
|
·
|
Our ability to recover increases in fuel and other energy costs through regulated or competitive electric rates.
|
·
|
Our ability to build or acquire generating capacity, and transmission lines and facilities (including our ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs (including the costs of projects that are cancelled) through applicable rate cases or competitive rates.
|
·
|
New legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances or additional regulation of fly ash and similar combustion products that could impact the continued operation and cost recovery of our plants and related assets.
|
·
|
A reduction in the federal statutory tax rate.
|
·
|
Timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance.
|
·
|
Resolution of litigation.
|
·
|
Our ability to constrain operation and maintenance costs.
|
·
|
Our ability to develop and execute a strategy based on a view regarding prices of electricity, natural gas and other energy-related commodities.
|
·
|
Changes in the creditworthiness of the counterparties with whom we have contractual arrangements, including participants in the energy trading market.
|
·
|
Actions of rating agencies, including changes in the ratings of our debt.
|
·
|
Volatility and changes in markets for electricity, natural gas and other energy-related commodities.
|
·
|
Changes in utility regulation, including the implementation of ESPs and the transition to market and expected legal separation for generation in Ohio and the allocation of costs within regional transmission organizations, including PJM and SPP.
|
·
|
Accounting pronouncements periodically issued by accounting standard-setting bodies.
|
·
|
The impact of volatility in the capital markets on the value of the investments held by our pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact on future funding requirements.
|
·
|
Prices and demand for power that we generate and sell at wholesale.
|
·
|
Changes in technology, particularly with respect to new, developing or alternative sources of generation.
|
·
|
Our ability to recover through rates or market prices any remaining unrecovered investment in generating units that may be retired before the end of their previously projected useful lives.
|
·
|
Our ability to successfully manage negotiations with stakeholders and obtain regulatory approval to terminate or amend the Interconnection Agreement.
|
·
|
Evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including nuclear fuel.
|
·
|
Other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, cyber security threats and other catastrophic events.
|
The forward looking statements of AEP and its Registrant Subsidiaries speak only as of the date of this report or as of the date they are made. AEP and its Registrant Subsidiaries expressly disclaim any obligation to update any forward-looking information. For a more detailed discussion of these factors, see “Risk Factors” in the 2011 Annual Report and in Part II of this report.
|
Proposed June 2012 – May 2015 Ohio ESP
|
|
|
Generating
|
||
Company
|
Plant Name and Unit
|
Capacity
|
||
|
|
(in MWs)
|
||
APCo
|
Clinch River Plant, Unit 3
|
235 | ||
APCo
|
Glen Lyn Plant
|
335 | ||
APCo
|
Kanawha River Plant
|
400 | ||
APCo/OPCo
|
Philip Sporn Plant, Units 1-4
|
600 | ||
I&M
|
Tanners Creek Plant, Units 1-3
|
495 | ||
KPCo
|
Big Sandy Plant, Unit 1
|
278 | ||
OPCo
|
Conesville Plant, Unit 3
|
165 | ||
OPCo
|
Kammer Plant
|
630 | ||
OPCo
|
Muskingum River Plant, Units 1-4
|
840 | ||
OPCo
|
Picway Plant
|
100 | ||
SWEPCo
|
Welsh Plant, Unit 2
|
528 | ||
Total
|
|
4,606 |
·
|
Generation of electricity for sale to U.S. retail and wholesale customers.
|
|
·
|
Transmission and distribution of electricity through assets owned and operated by our ten utility operating companies.
|
·
|
Development, construction and operation of transmission facilities through investments in our wholly-owned transmission subsidiaries that were established in 2009 and our transmission joint ventures. These investments have PUCT-approved or FERC-approved returns on equity.
|
|
·
|
In April 2012, AEP and Great Plains Energy (Great Plains) formed Transource Energy LLC (Transource). AEP and Great Plains own 86.5% and 13.5% of Transource, respectively. Transource will initially pursue transmission projects in PJM, SPP and MISO.
|
·
|
Commercial barging operations that transport coal and dry bulk commodities primarily on the Ohio, Illinois and lower Mississippi Rivers.
|
·
|
Nonregulated generation in ERCOT.
|
|
·
|
Marketing, risk management and retail activities in ERCOT, PJM and MISO.
|
|
Three Months Ended March 31,
|
|||||||
|
2012
|
2011
|
||||||
|
(in millions)
|
|||||||
Utility Operations
|
$ | 384 | $ | 374 | ||||
Transmission Operations
|
9 | 4 | ||||||
AEP River Operations
|
9 | 7 | ||||||
Generation and Marketing
|
(1 | ) | 1 | |||||
All Other (a)
|
(11 | ) | (31 | ) | ||||
Net Income
|
$ | 390 | $ | 355 |
(a)
|
While not considered a reportable segment, All Other includes:
|
|
·
|
Parent’s guarantee revenue received from affiliates, investment income, interest income and interest expense and other nonallocated costs.
|
|
·
|
Forward natural gas contracts that were not sold with our natural gas pipeline and storage operations in 2004 and 2005. These contracts were financial derivatives which settled and expired in the fourth quarter of 2011.
|
|
·
|
Revenue sharing related to the Plaquemine Cogeneration Facility which ended in the fourth quarter of 2011.
|
·
|
A decrease in other operation and maintenance expenses as a result of reduced spending.
|
·
|
The first quarter 2012 reversal of an obligation to contribute to Partnership with Ohio and Ohio Growth Fund as a result of the PUCO’s February 2012 rejection of OPCo’s modified stipulation.
|
·
|
Successful rate proceedings in our various jurisdictions.
|
·
|
A first quarter 2011 settlement of litigation with BOA and Enron.
|
·
|
An overall increase in net income from our Transmission Operations segment due to increased investments by ETT and our wholly-owned transmission subsidiaries.
|
·
|
A decrease in weather-related usage.
|
·
|
The loss of retail customers in Ohio to various competitive retail electric service providers.
|
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2012
|
2011
|
||||||
|
(in millions)
|
|||||||
Revenues
|
$ | 3,385 | $ | 3,524 | ||||
Fuel and Purchased Power
|
1,269 | 1,297 | ||||||
Gross Margin
|
2,116 | 2,227 | ||||||
Other Operation and Maintenance
|
755 | 850 | ||||||
Depreciation and Amortization
|
412 | 393 | ||||||
Taxes Other Than Income Taxes
|
211 | 209 | ||||||
Operating Income
|
738 | 775 | ||||||
Interest and Investment Income
|
1 | 2 | ||||||
Carrying Costs Income
|
20 | 15 | ||||||
Allowance for Equity Funds Used During Construction
|
20 | 20 | ||||||
Interest Expense
|
(217 | ) | (232 | ) | ||||
Income Before Income Tax Expense and Equity Earnings
|
562 | 580 | ||||||
Equity Earnings of Unconsolidated Subsidiaries
|
1 | 1 | ||||||
Income Tax Expense
|
179 | 207 | ||||||
Net Income
|
$ | 384 | $ | 374 |
Summary of KWH Energy Sales for Utility Operations
|
||||||||
|
||||||||
|
Three Months Ended March 31,
|
|||||||
|
2012
|
2011
|
||||||
|
(in millions of KWHs)
|
|||||||
Retail:
|
|
|
||||||
Residential
|
14,799 | 16,949 | ||||||
Commercial
|
11,265 | 11,646 | ||||||
Industrial
|
14,647 | 14,329 | ||||||
Miscellaneous
|
721 | 723 | ||||||
Total Retail (a)
|
41,432 | 43,647 | ||||||
|
||||||||
Wholesale
|
8,913 | 9,151 | ||||||
|
||||||||
Total KWHs
|
50,345 | 52,798 | ||||||
|
||||||||
(a) Includes energy delivered to customers served by TCC and TNC.
|
Summary of Heating and Cooling Degree Days for Utility Operations
|
||||||
|
||||||
|
|
Three Months Ended March 31,
|
||||
|
|
2012
|
|
2011
|
||
|
|
(in degree days)
|
||||
|
|
|
|
|
|
|
Eastern Region
|
|
|
|
|
|
|
Actual - Heating (a)
|
|
1,261
|
|
|
1,854
|
|
Normal - Heating (b)
|
|
1,751
|
|
|
1,739
|
|
|
|
|
|
|
|
|
Actual - Cooling (c)
|
|
28
|
|
|
3
|
|
Normal - Cooling (b)
|
|
3
|
|
|
3
|
|
|
|
|
|
|
|
|
Western Region
|
|
|
|
|
|
|
Actual - Heating (a)
|
|
347
|
|
|
692
|
|
Normal - Heating (b)
|
|
581
|
|
|
579
|
|
|
|
|
|
|
|
|
Actual - Cooling (d)
|
|
133
|
|
|
109
|
|
Normal - Cooling (b)
|
|
60
|
|
|
58
|
|
|
|
|
|
|
|
|
(a)
|
Eastern Region and Western Region heating degree days are calculated on a 55 degree temperature base.
|
|||||
(b)
|
Normal Heating/Cooling represents the thirty-year average of degree days.
|
|||||
(c)
|
Eastern Region cooling degree days are calculated on a 65 degree temperature base.
|
|||||
(d)
|
Western Region cooling degree days are calculated on a 65 degree temperature base for PSO/SWEPCo and a 70 degree temperature base for
|
|||||
|
TCC/TNC.
|
Reconciliation of First Quarter of 2011 to First Quarter of 2012
|
|||||||
Net Income from Utility Operations
|
|||||||
(in millions)
|
|||||||
|
|
|
|
|
|
|
|
First Quarter of 2011
|
|
|
|
|
$
|
374
|
|
|
|
|
|
|
|
|
|
Changes in Gross Margin:
|
|
|
|
|
|
|
|
Retail Margins
|
|
|
|
|
|
(98)
|
|
Off-system Sales
|
|
|
|
|
|
(2)
|
|
Transmission Revenues
|
|
|
|
|
|
13
|
|
Other Revenues
|
|
|
|
|
|
(24)
|
|
Total Change in Gross Margin
|
|
|
|
|
|
(111)
|
|
|
|
|
|
|
|
|
|
Changes in Expenses and Other:
|
|
|
|
|
|
|
|
Other Operation and Maintenance
|
|
|
|
|
|
95
|
|
Depreciation and Amortization
|
|
|
|
|
|
(19)
|
|
Taxes Other Than Income Taxes
|
|
|
|
|
|
(2)
|
|
Interest and Investment Income
|
|
|
|
|
|
(1)
|
|
Carrying Costs Income
|
|
|
|
|
|
5
|
|
Interest Expense
|
|
|
|
|
|
15
|
|
Total Change in Expenses and Other
|
|
|
|
|
|
93
|
|
|
|
|
|
|
|
|
|
Income Tax Expense
|
|
|
|
|
|
28
|
|
|
|
|
|
|
|
|
|
First Quarter of 2012
|
|
|
|
|
$
|
384
|
·
|
Retail Margins decreased $98 million primarily due to the following:
|
||
·
|
An $87 million decrease in weather-related usage primarily due to 32% and 50% decreases in heating degree days in our eastern and western service territories, respectively.
|
||
·
|
A $54 million decrease attributable to Ohio customers switching to alternative competitive retail electric service (CRES) providers.
|
||
·
|
A $39 million decrease due to the elimination of POLR charges, effective June 2011, in Ohio as a result of the October 2011 PUCO remand order.
|
||
These decreases were partially offset by:
|
|||
·
|
Successful rate proceedings in our service territories which include:
|
||
·
|
A $37 million rate increase for OPCo.
|
||
·
|
A $22 million rate increase for APCo.
|
||
·
|
A $16 million rate increase for I&M.
|
||
·
|
For the rate increases described above, $20 million of these increases relate to riders/trackers which have corresponding increases in other expense items below.
|
||
·
|
Margins from Off-system Sales decreased $2 million primarily due to lower physical sales volumes and lower trading and marketing margins, partially offset by an increase in PJM capacity revenues.
|
||
·
|
Transmission Revenues increased $13 million primarily due to net rate increases in PJM and increased transmission revenues for Ohio customers who have switched to alternative CRES providers. The increase in transmission revenues related to CRES providers partially offsets lost revenues included in Retail Margins above.
|
||
·
|
Other Revenues decreased $24 million primarily due to an unfavorable regulatory order in Ohio and a decrease in gains on other miscellaneous sales.
|
·
|
Other Operation and Maintenance expenses decreased $95 million primarily due to the following:
|
|
·
|
A $41 million decrease due to the first quarter 2011 write-off of a portion of the West Virginia share of the Mountaineer Carbon Capture and Storage Product Validation Facility as denied for recovery by the WVPSC in March 2011.
|
|
·
|
A $35 million decrease due to the first quarter 2012 reversal of an obligation to contribute to Partnership with Ohio and Ohio Growth Fund as a result of the PUCO’s February 2012 rejection of OPCo’s modified stipulation.
|
|
·
|
A $34 million decrease in employee-related expenses.
|
|
·
|
A $27 million decrease in plant outage and other plant operating and maintenance expenses.
|
|
These decreases were partially offset by:
|
||
·
|
A $33 million increase due to the first quarter 2011 deferral of 2009 costs related to storms and our 2010 cost reduction initiatives as allowed by the WVPSC in March 2011.
|
|
·
|
An $11 million gain from the sale of land in January 2011.
|
|
·
|
Depreciation and Amortization expenses increased $19 million primarily due to the following:
|
|
·
|
A $14 million increase due to shortened depreciable lives for certain OPCo generating plants effective December 2011.
|
|
·
|
A $6 million increase due to increased amortization of TCC’s Securitized Transition Assets. The increase in TCC’s securitization related amortizations are offset within Gross Margin.
|
|
·
|
A $6 million increase in depreciation as a result of APCo’s increase in depreciation rates in Virginia effective February 1, 2012.
|
|
·
|
A $5 million increase in amortization primarily due to APCo’s current year amortization as a result of the Virginia E&R surcharge and the Virginia Environmental Rate Adjustment Clause, both effective February 2012.
|
|
·
|
Overall higher depreciable property balances.
|
|
These increases were partially offset by:
|
||
·
|
A $9 million decrease due to the amortization of a portion of an Ohio distribution depreciation reserve as approved by the PUCO in the 2011 Ohio Distribution Base Rate Case.
|
|
·
|
Carrying Costs Income increased $5 million primarily due to the following:
|
|
·
|
An $8 million increase due to the recording of debt carrying costs prior to TCC’s issuance of securitization bonds in March 2012.
|
|
·
|
A $3 million increase from carrying charges on APCo’s Dresden Plant resulting from the Virginia Generation Rate Adjustment Clause and the West Virginia Expanded Net Energy Charge.
|
|
These increases were partially offset by:
|
||
·
|
An $8 million decrease primarily due to OPCo’s collections of carrying costs in the first quarter 2012 on phase-in FAC deferrals and certain distribution regulatory assets.
|
|
·
|
Interest Expense decreased $15 million primarily due to lower outstanding long-term debt balances and lower long-term interest rates.
|
|
·
|
Income Tax Expense decreased $28 million primarily due to a decrease in pre-tax book income and audit settlements for previous years.
|
|
March 31, 2012
|
December 31, 2011
|
||||||||||||||
|
(dollars in millions)
|
|||||||||||||||
Long-term Debt, including amounts due within one year
|
$ | 17,320 | 52.1 | % | $ | 16,516 | 50.3 |
%
|
||||||||
Short-term Debt
|
1,050 | 3.2 | 1,650 | 5.0 |
|
|||||||||||
Total Debt
|
18,370 | 55.3 | 18,166 | 55.3 |
|
|||||||||||
AEP Common Equity
|
14,856 | 44.7 | 14,664 | 44.7 |
|
|||||||||||
Noncontrolling Interests
|
1 | - | 1 | - |
|
|||||||||||
|
|
|||||||||||||||
Total Debt and Equity Capitalization
|
$ | 33,227 | 100.0 | % | $ | 32,831 | 100.0 |
%
|
|
|
|
Amount
|
|
Maturity
|
|
|
|
|
(in millions)
|
|
|
|
Commercial Paper Backup:
|
|
|
|
|
|
|
|
Revolving Credit Facility
|
|
$
|
1,500
|
|
June 2015
|
|
Revolving Credit Facility
|
|
|
1,750
|
|
July 2016
|
Total
|
|
|
3,250
|
|
|
|
Cash and Cash Equivalents
|
|
|
286
|
|
|
|
Total Liquidity Sources
|
|
|
3,536
|
|
|
|
Less:
|
AEP Commercial Paper Outstanding
|
|
|
385
|
|
|
|
Letters of Credit Issued
|
|
|
189
|
|
|
|
|
|
|
|
|
|
Net Available Liquidity
|
|
$
|
2,962
|
|
|
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2012
|
2011
|
||||||
|
(in millions)
|
|||||||
Cash and Cash Equivalents at Beginning of Period
|
$ | 221 | $ | 294 | ||||
Net Cash Flows from Operating Activities
|
876 | 830 | ||||||
Net Cash Flows Used for Investing Activities
|
(792 | ) | (613 | ) | ||||
Net Cash Flows from (Used for) Financing Activities
|
(19 | ) | 114 | |||||
Net Increase in Cash and Cash Equivalents
|
65 | 331 | ||||||
Cash and Cash Equivalents at End of Period
|
$ | 286 | $ | 625 |
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2012
|
2011
|
||||||
|
(in millions)
|
|||||||
Net Income
|
$ | 390 | $ | 355 | ||||
Depreciation and Amortization
|
423 | 403 | ||||||
Other
|
63 | 72 | ||||||
Net Cash Flows from Operating Activities
|
$ | 876 | $ | 830 |
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2012
|
2011
|
||||||
|
(in millions)
|
|||||||
Construction Expenditures
|
$ | (741 | ) | $ | (540 | ) | ||
Acquisitions of Nuclear Fuel
|
(11 | ) | (27 | ) | ||||
Acquisitions of Assets/Businesses
|
(85 | ) | (2 | ) | ||||
Acquisition of Cushion Gas from BOA
|
- | (214 | ) | |||||
Proceeds from Sales of Assets
|
8 | 69 | ||||||
Other
|
37 | 101 | ||||||
Net Cash Flows Used for Investing Activities
|
$ | (792 | ) | $ | (613 | ) |
|
Three Months Ended
|
|||||||
|
March 31,
|
|||||||
|
2012
|
2011
|
||||||
|
(in millions)
|
|||||||
Issuance of Common Stock, Net
|
$ | 31 | $ | 31 | ||||
Issuance of Debt, Net
|
193 | 324 | ||||||
Dividends Paid on Common Stock
|
(229 | ) | (223 | ) | ||||
Other
|
(14 | ) | (18 | ) | ||||
Net Cash Flows from (Used for) Financing Activities
|
$ | (19 | ) | $ | 114 |
|
March 31,
|
December 31,
|
||||||
|
2012
|
2011
|
||||||
|
(in millions)
|
|||||||
Rockport Plant Unit 2 Future Minimum Lease Payments
|
$ | 1,626 | $ | 1,626 | ||||
Railcars Maximum Potential Loss From Lease Agreement
|
25 | 25 |
MTM Risk Management Contract Net Assets (Liabilities)
|
||||||||||||
Three Months Ended March 31, 2012
|
||||||||||||
|
||||||||||||
|
|
Generation
|
|
|||||||||
|
Utility
|
and
|
|
|||||||||
|
Operations
|
Marketing
|
Total
|
|||||||||
|
(in millions)
|
|||||||||||
Total MTM Risk Management Contract Net Assets
|
|
|
|
|||||||||
at December 31, 2011
|
$ | 59 | $ | 132 | $ | 191 | ||||||
(Gain) Loss from Contracts Realized/Settled During the Period and
|
||||||||||||
Entered in a Prior Period
|
2 | (9 | ) | (7 | ) | |||||||
Fair Value of New Contracts at Inception When Entered During the
|
||||||||||||
Period (a)
|
4 | 4 | 8 | |||||||||
Net Option Premiums Received for Unexercised or Unexpired
|
||||||||||||
Option Contracts Entered During the Period
|
- | - | - | |||||||||
Changes in Fair Value Due to Market Fluctuations During the
|
||||||||||||
Period (b)
|
3 | 3 | 6 | |||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (c)
|
4 | - | 4 | |||||||||
Total MTM Risk Management Contract Net Assets
|
||||||||||||
at March 31, 2012
|
$ | 72 | $ | 130 | 202 | |||||||
|
||||||||||||
Commodity Cash Flow Hedge Contracts
|
(26 | ) | ||||||||||
Interest Rate and Foreign Currency Cash Flow Hedge Contracts
|
(15 | ) | ||||||||||
Fair Value Hedge Contracts
|
1 | |||||||||||
Collateral Deposits
|
85 | |||||||||||
Total MTM Derivative Contract Net Assets at March 31, 2012
|
$ | 247 |
(a)
|
Reflects fair value on primarily long-term structured contracts which are typically with customers that seek fixed pricing to limit their risk against fluctuating energy prices. The contract prices are valued against market curves associated with the delivery location and delivery term. A significant portion of the total volumetric position has been economically hedged.
|
(b)
|
Market fluctuations are attributable to various factors such as supply/demand, weather, etc.
|
(c)
|
Relates to the net gains (losses) of those contracts that are not reflected on the condensed statements of income. These net gains (losses) are recorded as regulatory liabilities/assets.
|
|
|
|
Exposure
|
|
|
|
|
|
Number of
|
|
Net Exposure
|
|||||
|
|
Before
|
|
|
Counterparties
|
of
|
||||||||||
|
|
Credit
|
Credit
|
Net
|
>10% of
|
Counterparties
|
||||||||||
Counterparty Credit Quality
|
Collateral
|
Collateral
|
Exposure
|
Net Exposure
|
>10%
|
|||||||||||
|
|
|
(in millions, except number of counterparties)
|
|||||||||||||
Investment Grade
|
|
$
|
637
|
|
$
|
4
|
|
$
|
633
|
|
|
2
|
|
$
|
240
|
|
Split Rating
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Noninvestment Grade
|
|
|
11
|
|
|
-
|
|
|
11
|
|
|
1
|
|
|
11
|
|
No External Ratings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal Investment Grade
|
|
|
316
|
|
|
-
|
|
|
316
|
|
|
2
|
|
|
178
|
|
Internal Noninvestment Grade
|
|
|
55
|
|
|
11
|
|
|
44
|
|
|
1
|
|
|
34
|
Total as of March 31, 2012
|
|
$
|
1,019
|
|
$
|
15
|
|
$
|
1,004
|
|
|
6
|
|
$
|
463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total as of December 31, 2011
|
|
$
|
960
|
|
$
|
19
|
|
$
|
941
|
|
|
5
|
|
$
|
348
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
|||||||||||||||||||||
End
|
High
|
Average
|
Low
|
End
|
High
|
Average
|
Low
|
|||||||||||||||
(in millions)
|
(in millions)
|
|||||||||||||||||||||
$
|
-
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
2
|
$
|
-
|
$
|
-
|
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
For the Three Months Ended March 31, 2012 and 2011
|
||||||||
(in millions, except per-share and share amounts)
|
||||||||
(Unaudited)
|
||||||||
|
|
|
||||||
|
2012
|
2011
|
||||||
REVENUES
|
|
|
||||||
Utility Operations
|
$ | 3,363 | $ | 3,497 | ||||
Other Revenues
|
262 | 233 | ||||||
TOTAL REVENUES
|
3,625 | 3,730 | ||||||
EXPENSES
|
||||||||
Fuel and Other Consumables Used for Electric Generation
|
1,053 | 1,056 | ||||||
Purchased Electricity for Resale
|
260 | 275 | ||||||
Other Operation
|
656 | 686 | ||||||
Maintenance
|
262 | 265 | ||||||
Depreciation and Amortization
|
423 | 403 | ||||||
Taxes Other Than Income Taxes
|
217 | 213 | ||||||
TOTAL EXPENSES
|
2,871 | 2,898 | ||||||
|
||||||||
OPERATING INCOME
|
754 | 832 | ||||||
|
||||||||
Other Income (Expense):
|
||||||||
Interest and Investment Income
|
2 | 2 | ||||||
Carrying Costs Income
|
20 | 15 | ||||||
Allowance for Equity Funds Used During Construction
|
23 | 20 | ||||||
Interest Expense
|
(229 | ) | (242 | ) | ||||
|
||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS
|
570 | 627 | ||||||
|
||||||||
Income Tax Expense
|
189 | 278 | ||||||
Equity Earnings of Unconsolidated Subsidiaries
|
9 | 6 | ||||||
|
||||||||
NET INCOME
|
390 | 355 | ||||||
|
||||||||
Net Income Attributable to Noncontrolling Interests
|
1 | 1 | ||||||
|
||||||||
NET INCOME ATTRIBUTABLE TO AEP SHAREHOLDERS
|
389 | 354 | ||||||
|
||||||||
Preferred Stock Dividend Requirements of Subsidiaries
|
- | 1 | ||||||
|
||||||||
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS
|
$ | 389 | $ | 353 | ||||
|
||||||||
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING
|
483,828,101 | 481,144,270 | ||||||
|
||||||||
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON
|
||||||||
SHAREHOLDERS
|
$ | 0.80 | $ | 0.73 | ||||
|
||||||||
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING
|
484,248,868 | 481,365,806 | ||||||
|
||||||||
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON
|
||||||||
SHAREHOLDERS
|
$ | 0.80 | $ | 0.73 | ||||
|
||||||||
CASH DIVIDENDS DECLARED PER SHARE
|
$ | 0.47 | $ | 0.46 | ||||
|
||||||||
See Condensed Notes to Condensed Consolidated Financial Statements beginning on page 30.
|
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
||||||||
For the Three Months Ended March 31, 2012 and 2011
|
||||||||
(in millions)
|
||||||||
(Unaudited)
|
||||||||
|
|
|
||||||
|
2012
|
2011
|
||||||
NET INCOME
|
$ | 390 | $ | 355 | ||||
|
||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES
|
||||||||
Cash Flow Hedges, Net of Tax of $6 in 2012 and $1 in 2011
|
(11 | ) | 1 | |||||
Securities Available for Sale, Net of Tax of $1 in 2012 and $- in 2011
|
2 | 1 | ||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $4 in 2012 and
|
||||||||
$3 in 2011
|
7 | 6 | ||||||
|
||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
|
(2 | ) | 8 | |||||
|
||||||||
TOTAL COMPREHENSIVE INCOME
|
388 | 363 | ||||||
|
||||||||
Total Comprehensive Income Attributable to Noncontrolling Interests
|
1 | 1 | ||||||
|
||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP
|
||||||||
SHAREHOLDERS
|
387 | 362 | ||||||
|
||||||||
Preferred Stock Dividend Requirements of Subsidiaries
|
- | 1 | ||||||
|
||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP
|
||||||||
COMMON SHAREHOLDERS
|
$ | 387 | $ | 361 | ||||
|
||||||||
See Condensed Notes to Condensed Consolidated Financial Statements beginning on page 30.
|
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
|
|||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
|
|||||||||||||||||||||||
For the Three Months Ended March 31, 2012 and 2011
|
|||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
(Unaudited)
|
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
AEP Common Shareholders
|
|
|
|
|
||||||||||||||||||
|
Common Stock
|
|
|
|
|
|
Accumulated
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
||||||||||
|
|
|
|
|
Paid-in
|
|
Retained
|
|
Comprehensive
|
|
Noncontrolling
|
|
|
||||||||||
|
|
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Income (Loss)
|
|
Interests
|
|
Total
|
|||||||
TOTAL EQUITY – DECEMBER 31, 2010
|
|
501
|
|
$
|
3,257
|
|
$
|
5,904
|
|
$
|
4,842
|
|
$
|
(381)
|
|
$
|
-
|
|
$
|
13,622
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of Common Stock
|
|
1
|
|
|
6
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
31
|
|||
Common Stock Dividends
|
|
|
|
|
|
|
|
|
|
|
(222)
|
|
|
|
|
|
(1)
|
|
|
(223)
|
|||
Preferred Stock Dividend Requirements of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
(1)
|
||
Other Changes in Equity
|
|
|
|
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
|||
SUBTOTAL – EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,416
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
NET INCOME
|
|
|
|
|
|
|
|
|
|
|
354
|
|
|
|
|
|
1
|
|
|
355
|
|||
OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
8
|
|||
TOTAL EQUITY – MARCH 31, 2011
|
|
502
|
|
$
|
3,263
|
|
$
|
5,916
|
|
$
|
4,973
|
|
$
|
(373)
|
|
$
|
-
|
|
$
|
13,779
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
TOTAL EQUITY – DECEMBER 31, 2011
|
|
504
|
|
$
|
3,274
|
|
$
|
5,970
|
|
$
|
5,890
|
|
$
|
(470)
|
|
$
|
1
|
|
$
|
14,665
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Issuance of Common Stock
|
|
1
|
|
|
6
|
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
31
|
|||
Common Stock Dividends
|
|
|
|
|
|
|
|
|
|
|
(228)
|
|
|
|
|
|
(1)
|
|
|
(229)
|
|||
Other Changes in Equity
|
|
|
|
|
|
|
|
3
|
|
|
(1)
|
|
|
|
|
|
|
|
|
2
|
|||
SUBTOTAL – EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,469
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
NET INCOME
|
|
|
|
|
|
|
|
|
|
|
389
|
|
|
|
|
|
1
|
|
|
390
|
|||
OTHER COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
(2)
|
|||
TOTAL EQUITY – MARCH 31, 2012
|
|
505
|
|
$
|
3,280
|
|
$
|
5,998
|
|
$
|
6,050
|
|
$
|
(472)
|
|
$
|
1
|
|
$
|
14,857
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
See Condensed Notes to Condensed Consolidated Financial Statements beginning on page 30.
|
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||||||
ASSETS
|
||||||||||||
March 31, 2012 and December 31, 2011
|
||||||||||||
(in millions)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
||||||||||||
|
|
2012
|
|
2011
|
||||||||
CURRENT ASSETS
|
|
|
|
|
|
|
||||||
Cash and Cash Equivalents
|
|
$
|
286
|
|
$
|
221
|
||||||
Other Temporary Investments
|
|
|
|
|
|
|
||||||
|
(March 31, 2012 and December 31, 2011 amounts include $202 and $281, respectively, related to Transition Funding and EIS)
|
|
|
217
|
|
|
294
|
|||||
Accounts Receivable:
|
|
|
|
|
|
|
||||||
|
Customers
|
|
|
616
|
|
|
690
|
|||||
|
Accrued Unbilled Revenues
|
|
|
78
|
|
|
106
|
|||||
|
Pledged Accounts Receivable – AEP Credit
|
|
|
896
|
|
|
920
|
|||||
|
Miscellaneous
|
|
|
114
|
|
|
150
|
|||||
|
Allowance for Uncollectible Accounts
|
|
|
(34)
|
|
|
(32)
|
|||||
|
|
Total Accounts Receivable
|
|
|
1,670
|
|
|
1,834
|
||||
Fuel
|
|
|
780
|
|
|
657
|
||||||
Materials and Supplies
|
|
|
638
|
|
|
635
|
||||||
Risk Management Assets
|
|
|
246
|
|
|
193
|
||||||
Accrued Tax Benefits
|
|
|
47
|
|
|
51
|
||||||
Regulatory Asset for Under-Recovered Fuel Costs
|
|
|
75
|
|
|
65
|
||||||
Margin Deposits
|
|
|
70
|
|
|
67
|
||||||
Prepayments and Other Current Assets
|
|
|
185
|
|
|
165
|
||||||
TOTAL CURRENT ASSETS
|
|
|
4,214
|
|
|
4,182
|
||||||
|
|
|
|
|
|
|
||||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
|
|
|
||||||
Electric:
|
|
|
|
|
|
|
||||||
|
Generation
|
|
|
25,309
|
|
|
24,938
|
|||||
|
Transmission
|
|
|
9,211
|
|
|
9,048
|
|||||
|
Distribution
|
|
|
14,944
|
|
|
|