American Electric Power Doubles 2030 Load Forecast to 56 GW, Plans $5–8 Billion in New Projects
American Electric Power posted Q4 GAAP EPS of $1.09 and operating EPS of $1.19, versus $1.25 and $1.24 in Q4 2024, and full-year EPS rose to $6.70 from $5.60. It doubled its 2030 incremental load outlook to 56 GW, earmarked $5–8 billion beyond its $72 billion plan, and reaffirmed 2026 operating EPS guidance of $6.15–$6.45.
1. Fourth-Quarter and Full-Year Earnings
American Electric Power reported Q4 2025 GAAP earnings of $582 million ($1.09 per share) and operating earnings of $638 million ($1.19 per share), down from Q4 2024 GAAP and operating EPS of $1.25 and $1.24, respectively. Full-year 2025 GAAP EPS rose to $6.70 from $5.60, with operating EPS increasing to $5.97 from $5.62.
2. Expanded Load Forecast and Infrastructure Investment
The company doubled its 2030 incremental load outlook to 56 GW, up from 28 GW in October, driven by agreements with hyperscalers and mega data center developers. It identified $5–8 billion in additional transmission and generation projects beyond its existing $72 billion five-year capital plan to meet rising demand.
3. 2026 Guidance and Long-Term Growth Outlook
AEP reaffirmed 2026 operating earnings guidance of $6.15 to $6.45 per share and maintained a long-term operating earnings growth rate target of 7% to 9%, reflecting confidence in its infrastructure strategy and disciplined financial execution.
4. Rate Structures and Regulatory Progress
New rate structures in Indiana, Ohio, Kentucky and West Virginia require large-load customers to fund connection costs, with similar proposals under review in Michigan, Oklahoma, Virginia and Texas. This approach is designed to protect residential customers while enabling timely interconnection of high-growth loads.