AEP lifted its 2026-2030 capital outlook to $77.94 billion, excluding AFUDC, in its 1Q26 subsidiary forecast update.
Annual capital contributions are projected at $12.84 billion in 2026, $14.3 billion in 2027, and $17.92 billion in 2028.
Spending is expected to stay elevated at $17.24 billion in 2029, easing to $15.65 billion in 2030.
The largest planned allocations are AEP Texas at $16.8 billion total, AEP Transmission Holdco at $12.86 billion, and Indiana Michigan Power at $11.81 billion.
The capital plan is framed around transmission buildout and advancing generation projects, with totals indicating $33 billion for transmission, $24 billion for generation, and $17 billion for distribution.
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