AEP · 10-K filed 12 Feb 2026 · year to 31 Dec 2025

American Electric Power

28 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Retail Electric Providers (REPs) in ERCOT

concentrated in · 38% of its operating revenuenamed as a risk

In 2025, AEP Texas’ two largest REPs accounted for 38% of its operating revenue.Risk factors (Item 1A)

Data centers and large load customers

earns fromnamed as a risk

The business and capital investment plans of AEP depend, in part, on the continued growth and viability of data centers and large load customers interconnecting with the AEP System.Risk factors (Item 1A)

Also named by EVRG, PPL, SO

Suppliers

Canadian banks

depends on · 23%named as a risk

As of December 31, 2025, approximately 8%, 23% and 15% of the Registrants’ available credit facilities were with European, Canadian, and Asian banks, respectively.Risk factors (Item 1A)

Also named by EXC

Partners and platforms

ERCOT

operates in · $5.6 billion by 2030named as a risk

ETT’s investment in completed and active projects in ERCOT is expected to be $5.6 billion by 2030.Business (Item 1)

Also named by CEG, CNP, NRG, SRE, VLO, VST

Midwest Transmission Holdings / KKR and PSP Investments (Olympus BidCo)

$2.82 billion

The partnership was structured pursuant to a contribution agreement between AEPTCo, along with Midwest Transmission Holdings, and Olympus BidCo L.P. (“the Investor”), a special purpose entity controlled by (a) investment funds managed by or affiliated with Kohlberg Kravis Roberts & Co. L.P. and (b) Public Sector Pension Investment Board, whereby the Investor agreed to acquire a 19.9% noncontrolling equity interest in Midwest Transmission Holdings for $2.82 billion.Business (Item 1)

Valley Link Transmission Company

approximately $3.0 billion

The projects awarded by PJM are estimated to cost approximately $3.0 billion.Business (Item 1)

PJM Interconnection

operates innamed as a risk

However, there can be no assurance that PJM, SPP, ERCOT or other RTOs will authorize new transmission projects or will award such projects to AEP.Risk factors (Item 1A)

Also named by CEG, D, DUK, ED, EXC, FE, NRG, PBF and 5 more

Southwest Power Pool (SPP)

operates innamed as a risk

The rules governing the various RTOs, including SPP and PJM, may also change from time to time which could affect costs or revenues.Risk factors (Item 1A)

Also named by EVRG, OGE

Other companies

Ohio Valley Electric Corporation (OVEC)

$379 millionnamed as a risk

As of December 31, 2025, OVEC has outstanding indebtedness of approximately $873 million, of which APCo, I&M and OPCo are collectively responsible for $379 million through the ICPA.Risk factors (Item 1A)

Also named by CNP

Donald C. Cook Nuclear Plant

operates in · 2,296 MWsnamed as a risk

I&M owns the Cook Plant, which consists of two nuclear generating units for a rated capacity of 2,296 MWs, or about a tenth of the regulated generating capacity in the AEP System as of December 31, 2025.Risk factors (Item 1A)

Cook Plant decommissioning

$2.4 billionnamed as a risk

According to that study, stated in 2024 undiscounted dollars, the estimated cost of decommissioning and disposal of low-level radioactive waste was $2.4 billion, with additional ongoing costs of $7 million per year for post-decommissioning storage of SNF and an eventual cost of $45 million for the subsequent decommissioning of the SNF storage facility.Business (Item 1)

Rockport Plant

depends on

A UPA between AEGCo and I&M (the I&M Power Agreement) provides for the sale by AEGCo to I&M of all the energy and capacity available to AEGCo at the Rockport Plant unless it is sold to another utility.Business (Item 1)

Hazards

Wildfire

named as a risk

Despite AEP’s early-stage wildfire mitigation initiatives, a wildfire could be ignited, spread and cause damages, which could subject AEP to significant liability.Risk factors (Item 1A)

Also named by A, ARE, BKH, CB, CRC, EVRG, MDU, PNW and 2 more

Commodities and inputs

Natural gas

exposed to its price · approximately 164 billion cubic feetnamed as a risk

The Vertically Integrated Utilities consumed approximately 164 billion cubic feet of natural gas during 2025 for generating power, which represents an increase of 5.8% from 2024.Business (Item 1)

Also named by AA, ADM, AEE, AES, AESI, AGX, ALB, AMRC and 132 more

Coal

exposed to its price · 43%named as a risk

Prices for coal, natural gas and emission allowances have shown material swings in the past.Risk factors (Item 1A)

Also named by AA, AEE, AES, ARLP, BKH, BRK/B, CNP, CSX and 19 more

Uranium

exposed to its pricenamed as a risk

AEP is exposed to changes in the price and availability of fuel, including coal, natural gas and uranium, as existing contracts for the supply of such fuel end or are not honored.Risk factors (Item 1A)

Also named by AEE, CEG, DTE, DUK, ETR, EVRG, LEU, PNW and 2 more

Diesel

exposed to its pricenamed as a risk

AEP is exposed to changes in the price and availability of diesel, the primary fuel used in transporting coal by barge.Risk factors (Item 1A)

Also named by MUSA, SEB, SMG

Emission allowances

exposed to its pricenamed as a risk

AEP is exposed to changes in the price and availability of emission allowances.Risk factors (Item 1A)

Also named by TLN

Regulators

Public Utility Commission of Texas (PUCT)

subject to · 1,133,000

These sales are made at rates approved by the PUCT for AEP Texas and by the PUCO and the FERC for OPCo.Business (Item 1)

Also named by CNP, CORZ, ETR, NEE, NRG, SRE, VST

Public Utilities Commission of Ohio (PUCO)

subject to · 1,547,000

OPCo provides transmission and distribution services to retail customers within its service territory at cost-based rates approved by the PUCO or by the FERC.Business (Item 1)

Also named by AES, DUK, ENB, FE

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

A significant portion of AEP’s earnings is derived from transmission investments and activities.Risk factors (Item 1A)

Also named by AA, AEE, AM, AMRC, AR, ARES, ATO, BKH and 62 more

Nuclear Regulatory Commission (NRC)

subject tonamed as a risk

In the event of non-compliance, the NRC has the authority to impose fines or shut down a unit, or both, depending upon its assessment of the severity of the situation, until compliance is achieved.Risk factors (Item 1A)

Also named by AEE, BRK/B, BWXT, CAH, CDRE, CEG, CW, D and 20 more

NERC reliability standards

subject tonamed as a risk

If AEP were found not to be in compliance with the mandatory reliability standards, AEP could be subject to sanctions, including substantial monetary penalties, which likely would not be recoverable from customers through regulated rates.Risk factors (Item 1A)

Also named by CEG, CNP, NI

Laws and programs

U.S. tariffs

exposed to its pricenamed as a risk

The current administration has implemented tariffs on certain imported goods and may impose additional tariffs.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AIOT, AKAM, AM and 170 more

Greenhouse gas emissions regulation

subject tonamed as a risk

AEP’s results of operations could be materially adversely affected to the extent that new federal or state laws or regulations impose any new greenhouse gas emission limits.Risk factors (Item 1A)

Also named by COST, MYRG

U.S. Department of Energy spent nuclear fuel storage

depends onnamed as a risk

Availability of a United States Department of Energy facility for permanent storage of SNF.Business (Item 1)

Also named by PEG

Coal combustion residuals (CCR) regulations

subject tonamed as a risk

Emissions of nitrogen and sulfur oxides, mercury and particulates and the discharge and disposal of solid waste (including coal-combustion residuals or CCR) resulting from fossil fueled generation plants are subject to increased regulations, controls and mitigation expenses.Risk factors (Item 1A)

Texas House Bill 5247

subject to

In October 2025, AEP Texas submitted its first annual interim rate adjustment filing with the PUCT seeking recovery of eligible costs through the UTM established by HB 5247.Business (Item 1)