American Electric Power Raises Five-Year Capital Plan to $78 Billion, Reaffirms $6.15–$6.45 Guidance
AEP•American Electric Power posted Q1 GAAP earnings of $874 million ($1.61/share) and operating earnings of $891 million ($1.64/share), up from $800 million and $823 million in Q1 2025. It reaffirmed 2026 operating guidance of $6.15–$6.45 per share and raised its five-year capital plan to $78 billion for over 9% CAGR.
1. First-Quarter 2026 Earnings Highlights
American Electric Power reported GAAP earnings of $874 million ($1.61 per share) and operating earnings of $891 million ($1.64 per share) for Q1 2026, up from $800 million ($1.50) and $823 million ($1.54) respectively in Q1 2025.
2. Guidance Reaffirmed and Capital Plan Expansion
The company reaffirmed its 2026 operating earnings guidance of $6.15–$6.45 per share and confirmed a 7–9% annual growth rate through 2030, while raising its five-year capital plan to $78 billion from $72 billion, targeting over 11% rate-base growth.
3. Load Growth and Transmission Investments
Seven gigawatts of new load agreements in Ohio and Texas drove total expected incremental load to 63 GW by 2030, including 41 GW in Texas, alongside awards for over 800 miles of new 765-kV transmission projects across SPP, PJM and MISO.
4. Affordability Measures and Regulatory Progress
AEP anticipates up to $16 billion in customer cost offsets from large load agreements and expects nearly $600 million in federal grant and loan savings, bolstered by positive regulatory orders and filings in Indiana, Ohio, Texas and West Virginia.
