Overview Key strengths Key risks Mostly lower-risk electric utility holding company. Elevated capital spending program requires balanced ongoing funding and timely cost recovery. Large operational scale with a customer base of about 5.6 million, as well as solid geographic diversity with operations in 11 states in the U.S. Significant remaining coal-fired generation. Operates under generally credit-supportive and constructive regulatory frameworks. Heightened operational risk stemming from its ownership of the Cook nuclear plant. Reducing its coal-fired generation through retirements while expanding its renewable generation. Weak financial measures for the current rating. The company?s second-quarter financial results were weaker than expected, primarily due to less favorable weather and rising interest costs that pressured its already weak financial measures. We expect AEP's funds
