American Electric Power Company, Inc. reported that board member Henry P. Linginfelter has informed the Board he will not stand for re-election at the Company’s 2026 Annual Meeting of Shareholders. He will therefore leave the Board when his current term expires at that meeting.
The Company states that Mr. Linginfelter’s decision is not due to any disagreement with American Electric Power regarding its operations, policies, or practices. The filing focuses solely on this planned board transition and does not describe any changes to the Company’s business strategy or financial outlook.
American Electric Power Company, Inc. (AEP) files a combined annual report outlining its regulated utility and transmission businesses across 11 states. The company serves millions of customers through vertically integrated utilities, transmission and distribution utilities, and dedicated transmission and marketing subsidiaries.
AEP’s vertically integrated utilities own about 25,400 MW of generation, with 2025 output from coal and lignite at 43%, nuclear 19%, natural gas 22% and renewables 16%. Subsidiaries consumed 19 million tons of coal at an average $54.86 per ton and 164 billion cubic feet of natural gas at $3.71 per MMBtu.
The Cook nuclear plant decommissioning and low-level waste cost is estimated at $2.4 billion (2024 dollars), supported by a $4.5 billion decommissioning trust as of December 31, 2025. AEP reports 17,581 employees, with safety improving as the 2025 DART rate fell to 0.436 and TRIR to 0.755 despite one workplace fatality. State Transcos held $17.1 billion of transmission and other assets in-service with approximately $11.6 billion of additional projects planned through 2030.
American Electric Power reported fourth-quarter 2025 GAAP earnings of $582 million, or $1.09 per share, down from $1.25 per share a year earlier, while operating earnings were $638 million, or $1.19 per share, versus $1.24.
For full-year 2025, GAAP earnings rose to $3.58 billion, or $6.70 per share, from $5.60 per share in 2024, and operating earnings increased to $3.19 billion, or $5.97 per share, from $5.62. Revenue for 2025 was $21.876 billion, up from $19.721 billion.
The company reaffirmed 2026 operating earnings guidance of $6.15 to $6.45 per share and a long-term operating earnings growth rate of 7% to 9%. AEP now has 56 GW of incremental load by 2030 backed by signed agreements and a $72 billion five-year capital plan, with $5 billion to $8 billion of additional identified investment opportunities.
American Electric Power’s Executive Vice President Phillip R. Ulrich reported a grant of restricted stock units. On January 9, 2026, he acquired 21,383 restricted stock units at a reference price of $116.91 per unit. Each unit represents a contingent right to receive AEP common stock after vesting. These restricted stock units are scheduled to vest on January 9, 2031, subject to his continuous employment with AEP. Following this grant, Ulrich beneficially owns 37,596 non-derivative AEP securities directly.
American Electric Power Company, Inc. reported that an unregulated subsidiary has signed an unconditional purchase agreement for solid oxide fuel cells for a new generation facility for approximately $2.65 billion. The facility is expected to be located near Cheyenne, Wyoming and will use fuel cells previously covered by a 2024 purchase agreement and related option. The subsidiary also entered into a 20‑year offtake arrangement with a high investment grade third-party customer for 100% of the facility’s output, providing long-term revenue visibility once the plant is operating. The offtake deal is subject to certain conditions that AEP expects to be satisfied by the second quarter of 2026, and if they are not met, AEP will be financially compensated for all capital and costs incurred.
American Electric Power director Joseph G. Sauvage reported holdings of 1,166 phantom stock units tied to the company’s common stock as of December 31, 2025.
These phantom stock units track AEP’s share price, which was $115.31 at the time of the reported transaction. According to the disclosure, the units are paid to the director in cash or shares upon termination of service, unless he elects to defer payment, with payments starting no later than five years after that date.
American Electric Power (AEP) director Lewis Von Thaer reported a Form 4 transaction involving phantom stock units on 12/31/2025. The filing shows an acquisition coded as "A" of phantom stock units tied to AEP common stock, with 368 underlying shares at a reference price of $115.31.
After this transaction, Von Thaer beneficially owned 7,572 phantom stock units directly. According to the disclosure, these stock units are paid to the director in cash or shares upon termination of service, unless payment is deferred, with payouts beginning no later than five years after that date.
American Electric Power director Henry P. Linginfelter reported an acquisition of phantom stock units dated December 31, 2025. The derivative position is tied to 368 shares of AEP common stock at a reference price of $115.31 per share. Following this transaction, he beneficially owns 3,336 phantom stock units, held directly. According to the plan terms, these stock units are paid to the director in cash or shares when board service ends, unless he elects to defer payment so that it begins no later than five years after termination.
American Electric Power director Hunter C. Gary reported an automatic award of phantom stock units. On 12/31/2025, he acquired 368 phantom stock units at an AEP stock price of $115.31, bringing his total derivative holdings of these units to 3,336, held directly.
These stock units are designed to mirror AEP’s common stock and are paid to the director in cash or shares when board service ends, unless he has elected to defer payment so that it begins within five years after that termination date.
American Electric Power director Benjamin G.S. Fowke III sold 5,000 shares of the companys common stock on December 12, 2025 at $115.07 per share. The transaction was reported as a sale and was executed under a pre-arranged Rule 10b5-1 trading plan that he adopted on May 13, 2025.
Following this transaction, Fowke beneficially owns 25,898 shares of American Electric Power common stock directly. He also has 2,338 attributed to the AEP Stock Fund under the AEP Stock Unit Accumulation Plan for Non-Employee Directors, representing quarterly cash retainers he chose to defer into that plan.