This report does not constitute a rating action. On its most recent earnings call, American Electric Power Co. Inc. (AEP) reaffirmed its $72 billion capital plan to support 56 gigawatts of incremental load through 2030. Demand from data centers accounts for 88% of this anticipated load growth, while demand from large industrials comprises the remaining 12%. Importantly, all the incremental load is backed by signed service agreements, which range from letters of agreement to electric service agreements depending on the service provided. The company also restated its commitment to funding its increasing cash flow deficit with equity. AEP's latest plan incorporates $1.8 billion of proceeds from its 2025 equity forward agreement, $5.9 billion of incremental equity--including through its at-the-market program--and
