AEP 1Q 2011 Earnings Presentation. Find more information online at AEP.com/investors.

1. 1Q11 Earnings
Release Presentation
April 21, 2011
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2. “Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995
This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its
Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause
actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the
forward-looking statements are: the economic climate and growth in, or contraction within, our service territory and changes in market demand and demographic
patterns, inflationary or deflationary interest rate trends, volatility in the financial markets, particularly developments affecting the availability of capital on reasonable
terms and developments impairing our ability to finance new capital projects and refinance existing debt at attractive rates, the availability and cost of funds to
finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material,
electric load, customer growth and the impact of retail competition, particularly in Ohio, weather conditions, including storms, and our ability to recover significant
storm restoration costs through applicable rate mechanisms, available sources and costs of, and transportation for, fuels and the creditworthiness and performance
of fuel suppliers and transporters, availability of necessary generating capacity and the performance of our generating plants, our ability to resolve I&M’s Donald C.
Cook Nuclear Plant Unit 1 restoration and outage-related issues through warranty, insurance and the regulatory process, our ability to recover regulatory assets
and stranded costs in connection with deregulation, our ability to recover increases in fuel and other energy costs through regulated or competitive electric rates,
our ability to build or acquire generating capacity, including the Turk Plant, and transmission line facilities (including our ability to obtain any necessary regulatory
approvals and permits) when needed at acceptable prices and terms and to recover those costs (including the costs of projects that are cancelled) through
applicable rate cases or competitive rates, new legislation, litigation and government regulation including oversight of energy commodity trading and new or
heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances or additional regulation of fly
ash and similar combustion products that could impact the continued operation and cost recovery of our plants, timing and resolution of pending and future rate
cases, negotiations and other regulatory decisions (including rate or other recovery of new investments in generation, distribution and transmission service and
environmental compliance), resolution of litigation, our ability to constrain operation and maintenance costs, our ability to develop and execute a strategy based
on a view regarding prices of electricity, natural gas and other energy-related commodities, changes in the creditworthiness of the counterparties with whom we
have contractual arrangements, including participants in the energy trading market, actions of rating agencies, including changes in the ratings of debt, volatility
and changes in markets for electricity, natural gas, coal, nuclear fuel and other energy-related commodities, changes in utility regulation, including the
implementation of ESPs and related regulation in Ohio and the allocation of costs within regional transmission organizations, including PJM and SPP, accounting
pronouncements periodically issued by accounting standard-setting bodies, the impact of volatility in the capital markets on the value of the investments held by our
pension, other postretirement benefit plans and nuclear decommissioning trust and the impact on future funding requirements, prices and demand for power that
we generate and sell at wholesale, changes in technology, particularly with respect to new, developing or alternative sources of generation, other risks and
unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, cyber security threats and other catastrophic events
and our ability to recover through rates or prices any remaining unrecovered investment in generating units that may be retired before the end of their previously
projected useful lives..
Investor Relations Contacts
Chuck Zebula Bette Jo Rozsa Julie Sherwood Sara Macioch
Treasurer Managing Director Director Analyst
SVP Investor Relations Investor Relations Investor Relations Investor Relations
614-716-2800 614-716-2840 614-716-2663 614-716-2835
cezebula@aep.com bjrozsa@aep.com jasherwood@aep.com semacioch@aep.com
2

3. First Quarter 2011 Highlights
 Financial Performance
 Delivered GAAP earnings of $0.73 and on-going earnings of $0.82/share
 Reaffirming 2011 earnings guidance of $3.00 to $3.20 per share
— Maintain 2012 point estimate of $3.25 per share
 Regulatory Plan
 Rate proceedings – $200M of $235M secured (85%)
 Ohio
 Environmental Update
 Transport Rule
 Mercury and HAP MACT
 Coal Ash Rule
 316(b) Rule
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4. AEP Coal Fleet Assessment
2012 – 2020
Least Exposed Operating
Company MW Range of Capital ($Millions) (1) (1) The impact of all
proposed rules
APCo 4,220 continues to be
CSPCo 1,277 Proposed Rules Low High under review.
Ohio Power 4,820 Project scope and
(2)
Water Rules $ 5 $ 9 technical
42% assessments are
10,317 CCR Rules $ 759 $ 1,122 ongoing. Any
(3) change in scope
Air Rules $ 766 $ 1,046
will impact the
capital cost ranges.
(2) Gas plants are not
Operating included. Proposed
316 (b) will impact
Partially Exposed Company MW Proposed Rules Low High (4) some gas facilities.
CSPCo 803
(3) Proposed Air Rules
I&M 2,600 (2) include: HAPs,
Water Rules $ 26 $ 46
KPCo 800 CATR and
Ohio Power 585 CCR Rules $ 357 $ 726 Regional Haze
PSO 1,025 Air Rules
(3) (5) Federal
$ 2,225 $ 6,417
Implementation
36% 64,000 MW
SWEPCo 2,690 Plans in OK & AR
20% TNC 385 (4) Potential
replacement
8,888 generation for
partially exposed
units is $1,700MM
which could offset
certain estimates in
the high case
Fully Exposed 86,000 MW
Operating Low High shown.
(5) Includes NSR
Company MW
27%
APCo 1,740
Compliance.
22% CSPCo 265 Replacement Generation $ 973 $ 1,807
I&M 995
KPCo 260
Ohio Power 2,220 Grand Total $ 5,111 $ 11,173
5,480 4

5. 1Q11 Performance
1Q11 Performance Drivers
First Quarter Reconciliation
Ongoing  Weather was unfavorable by $20M vs. prior year,
favorable $20M vs. normal
Earnings
EPS ($ in millions)  Retail Margin down $17M due to lower residential
utilization, offset by increased industrial usage
1Q10 $ 0.76 $365
 Non-Utility Operations/Parent decreased $4M,
primarily driven by Generation and Marketing
Weather $ (0.03)
Retail Margin $ (0.02)  Off-System Sales, net of sharing, were favorable by
Non-Utility Operations, net $ (0.01) $12M due to higher volumes and capacity payments
Off-System Sales $ 0.02  O&M expense net of offsets decreased $30M
Operations & Maintenance $ 0.04 primarily due to lower storm restoration expenses
and cost savings initiatives
Rate Changes $ 0.06
1Q11 $ 0.82 $392  Rate Changes net of offsets of $44M from multiple
operating jurisdictions
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6. Normalized Load Trends
AEP Residential Normalized GWh Sales AEP Commercial Normalized GWh Sales
%Change vs. Prior Year %Change vs. Prior Year
15% 15%
10% 10%
5%
2.1% 1.3% 5%
-0.3% 1.9% 2.0% 1.2%
0% 0.7%
0%
-1.2% -1.7%
-5% -1.6% -1.6% -0.3%
1Q10 2Q10 3Q10 4Q10 1Q11 2011E -5%
1Q10 2Q10 3Q10 4Q10 1Q11 2011E
AEP Industrial Normalized GWh Sales AEP Total Normalized GWh Sales*
%Change vs. Prior Year %Change vs. Prior Year
15% 15%
10% 9.4% 10%
7.0% 7.1%
6.0%
5% 5% 2.5%
1.9% 2.5% 1.7%
1.9%
0.8%
0% 0%
-1.0% -1.6%
-5% -5%
1Q10 2Q10 3Q10 4Q10 1Q11 2011E 1Q10 2Q10 3Q10 4Q10 1Q11 2011E
*includes firm wholesale load
Note: Chart represents connected load
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7. Industrial Sales Volumes
AEP Industrial GWh by Sector
GWh
2,400
Primary Metal Manuf acturing
These 5 sectors account for approximately
Chemical Manuf acturing
Petroleum and Coal Products Manuf acturing
60% of AEP's total Industrial Sales.
Mining (except Oil & Gas)
Paper Manuf acturing
2,000
1Q11
Recovery
Industry vs. 1Q10
Primary Metals 12.8%
Chemical Manufacturing 6.9%
1,600
Petroleum and Coal Products 6.0%
Mining (except Oil & Gas) 5.0%
Paper Manufacturing 0.8%
1,200
800
400
-
Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11
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8. Reaffirming Guidance
2011 Guidance: $3.00 - $3.20 per share 2012 Point Estimate: $3.25 per share
2011 Earnings Drivers 2012 Earnings Drivers
 Recovering Economy  Recovering Economy
 Rate changes (85% secured)  Rate changes: Ohio
 Continued O&M discipline - Distribution, VA and cases
decrease net of offsets not yet announced
 Customer switching – Ohio  Continued O&M discipline
 Off-system sales  Reasonable AEP-Ohio
Outcome
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9. Questions
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10. 1Q11 Earnings
$ millions Earnings Per Share
1st Qtr 1st Qtr 1st Qtr 1st Qtr
2010 2011 Change 2010 2011 Change
Utility Operations $ 361 $ 389 $ 28 $ 0.75 $ 0.81 $ 0.06
Transmission Operations 1 4 3 0.00 0.01 0.01
Non-Utility Operations 14 8 (6) 0.03 0.02 (0.01)
Parent & Other (11) (9) 2 (0.02) (0.02) 0.00
AEP On-Going Earnings 365 392 27 0.76 0.82 0.06
Medicare D Subsidy (21) 0 21 (0.04) 0.00 0.04
Cost Reduction Initiative 0 9 9 0.00 0.02 0.02
Carbon Capture - APCo W V 0 (26) (26) 0.00 (0.06) (0.06)
Litigation Settlement - Enron Bankruptcy 0 (22) (22) 0.00 (0.05) (0.05)
Special Items Total (21) (39) (18) (0.04) (0.09) (0.05)
Reported Earnings (GAAP) $ 344 $ 353 $ 9 $ 0.72 $ 0.73 $ 0.01
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11. Quarterly Performance Comparison
American Electric Power
Financial Results for 1st Quarter 2011 Actual vs 1st Quarter 2010 Actual
2010 Actual 2011 Actual
Performance Driver ($ millions) EPS Performance Driver ($ millions) EPS
UTILITY OPERATIONS:
Gross Margin:
1 East Regulated Integrated Utilities 18,575 GWh @ $ 42.2 /MWhr = 784 18,152 GWh @ $ 41.7 /MWhr = 757
2 Ohio Companies 12,584 GWh @ $ 54.3 /MWhr = 683 13,305 GWh @ $ 53.7 /MWhr = 715
3 West Regulated Integrated Utilities 9,790 GWh @ $ 27.7 /MWhr = 271 9,903 GWh @ $ 29.6 /MWhr = 293
4 Texas Wires 6,107 GWh @ $ 24.5 /MWhr = 150 6,314 GWh @ $ 23.5 /MWhr = 149
5 Off-System Sales 4,745 GWh @ $ 15.6 /MWhr = 74 5,428 GWh @ $ 15.8 /MWhr = 86
6 Transmission Revenue - 3rd Party 94 102
7 Other Operating Revenue 123 125
8 Utility Gross Margin 2,179 2,227
9 Operations & Maintenance (834) (835)
10 Depreciation & Amortization (398) (393)
11 Taxes Other than Income Taxes (203) (209)
12 Interest Exp & Preferred Dividend (236) (233)
13 Other Income & Deductions 38 48
14 Income Taxes (185) (216)
15 Utility Operations On-Going Earnings 361 0.75 389 0.81
16 Transmission Operations On-Going Earnings 1 - 4 0.01
NON-UTILITY OPERATIONS:
17 AEP River Operations 4 0.01 7 0.02
18 Generation & Marketing 10 0.02 1 -
PARENT & OTHER:
19 Parent Company On-Going Earnings (14) (11)
20 Other Investments 3 2
21 Parent & Other On-Going Earnings (11) (0.02) (9) (0.02)
22 ON-GOING EARNINGS 365 0.76 392 0.82
Note: For analysis purposes, certain financial statement amounts have been reclassified for this effect on earnings presentation.
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12. 1Q 2011 Cash Flow
($ millions) 2010 2011
Ope rating Activitie s
Ne t Incom e -- Re porte d $ 346 $ 355
Depreciation, A mortization & Def erred Taxes 501 711 1Q 2011 Cash Flow Drivers:
Pension Contributions (38) -
A pplication of New Accounting Guidance: Securitized Debt f or (656) -
Operating Activities
Changes in Components of Working Capital 1 (32)
Over/(Under) Fuel Recovery, Net (97) (27)  Changes in working capital largely driven
Other A ssets & Liabilities (55) 34 by coal inventory and accrued taxes.
Litigation Settlement - Enron Bankruptcy - (211)
Cas h Flow s From Ope rating Activitie s 2 830
Inve s ting Activitie s Investing Activities
Capital Expenditures (609) (540)  Cash outlay for 2011 YTD capital
Proceeds on Sale of A ssets 139 69 investment.
Change in Other Temporary Cash Investments, net 110 103
 Asset Acquisition represents the receipt of
Acquisition of A ssets (7) (216)
title to the natural gas in the Bammel
Other Investing, net (63) (29)
storage facility in conjunction with the
Cas h Flow s Us e d for Inve s ting Activitie s (430) (613)
Enron Bankruptcy settlement.
Financing Activitie s
Common Shares Issued, net 26 31
Financing Activities
Long-term Debt Issuances, net 15 237
 Changes in long-term debt driven by pre-
Short-term Debt Increase/(Decrease), net 280 87
Receivables 656 -
funding of APCo April 2011 maturity.
Other Financing (24) (18)
Dividends Paid (197) (223)
Cas h Flow s From (Us e d for) Financing Activitie s 756 114
Cas h From Continuing Ope rations $ 328 $ 331
Beginning Cash & Cash Equivalent Balances 490 294
Ending Cash & Cash Equivalent Balances $ 818 $ 625
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13. Capitalization & Liquidity
70% Total Debt/Capitalization Current Liquidity Summary
Liquidity Summary Actual
65% (unaudited) 03/31/11
62.5% ($ in millions) Amount Maturity
60.7% Revolving Credit Facility $1,500 Jun-13
60% 59.1% Revolving Credit Facility 1,454 Apr-12
57.2% 57.2% 57.0% 57.2% Total Credit Facilities 2,954
55% Plus
Cash & Cash Equivalents 625
Less
50%
Commercial Paper Outstanding (813)
Letters of credit issued (124)
45%
Net Available Liquidity $2,642
40%
A
A
A
A
A
A
11
05
06
07
08
09
10
20
20
20
20
20
20
20
1Q
Note: Total Debt is calculated according to GAAP and includes securitized debt
13

14. Detailed Ongoing Earnings Guidance
2010A: $3.03 2011E: $3.00 - $3.20
American Electric Power
Financial Results for 2011 Guidance vs 2010 Actual
2010 2011
Actual Guidance
Performance Driver ($ millions) Performance Driver ($ millions)
UTILITY OPERATIONS:
Gross Margin:
1 East Regulated Integrated Utilities 68,761 GWh @ $ 41.9 /MWhr = 2,882 67,739 GWh @ $ 43.4 /MWhr = 2,940
2 Ohio Companies 49,465 GWh @ $ 56.6 /MWhr = 2,800 49,747 GWh @ $ 56.1 /MWhr = 2,793
3 West Regulated Integrated Utilities 42,131 GWh @ $ 31.4 /MWhr = 1,322 41,536 GWh @ $ 32.8 /MWhr = 1,361
4 Texas Wires 27,348 GWh @ $ 22.3 /MWhr = 611 27,870 GWh @ $ 22.0 /MWhr = 614
5 Off-System Sales 19,172 GWh @ $ 15.6 /MWhr = 299 21,786 GWh @ $ 12.0 /MWhr = 262
6 Transmission Revenue - 3rd Party 369 429
7 Other Operating Revenue 511 481
8 Utility Gross Margin 8,794 8,880
9 Operations & Maintenance (3,427) (3,529)
10 Depreciation & Amortization (1,598) (1,553)
11 Taxes Other than Income Taxes (801) (818)
12 Interest Exp & Preferred Dividend (945) (921)
13 Other Income & Deductions 154 211
14 Income Taxes (758) (787)
15 Utility Operations On-Going Earnings 1,419 1,483
16 Transmission Operations On-Going Earnings 10 17
NON-UTILITY OPERATIONS:
17 AEP River Operations 40 51
18 Generation & Marketing 25 6
19 Parent & Other On-Going Earnings (43) (61)
20 ON-GOING EARNINGS 1,451 1,496
14

15. Retail Rate Performance
Rate Changes, net of
trackers (in millions)
1Q11 vs. 1Q10
East Regulated
$23
Integrated Utilities
Ohio Companies $11
West Regulated
$10
Integrated Utilities
Texas Wires $0
AEP System Total $44
Impact on EPS
$0.06
15

16. 1Q11 Retail Performance
Retail Load* Weather Impact
(weather normalized) (in millions)
1Q11 vs. 1Q10 1Q11 vs. 1Q10
East Regulated
East Regulated
-0.8% Integrated ($15)
Integrated Utilities
Utilities
Ohio Companies 2.7% Ohio Companies $2
West Regulated
West Regulated
7.0% Integrated ($9)
Integrated Utilities
Utilities
Texas Wires 1.4% Texas Wires $2
Impact on EPS $0.02 Impact on EPS $0.03
*Excludes Firm Wholesale Load May not foot due to rounding
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17. Off System Sales Gross Margin Detail
1Q11  Physical off-system sales margins
exceeded last year by $28M
1Q10 1Q11
GWh Realization ($millions) GWh Realization ($millions)
OSS Physical Sales 4,745 $ 13.07 $ 62 5,428 $ 16.58 $ 90  Volumes up 14% versus last year
Marketing/Trading - $ 38 - $ 32
Pre-Sharing Gross Margin 4,745 $ 100 5,428 $ 122  AEP/Dayton Hub pricing: 3%
Margin Shared $ (26) $ (36)
Net OSS $ 74 $ 86
decrease in liquidation prices
 Lower Trading & Marketing results
by $6M
1Q11 vs. 1Q10
Q1 2011 Liquidations vs. Q1 2010 Liquidations ($/MWh) Balance of 2011 Forwards vs. Balance of Year 2010 Liquidations ($/MWh)
Hub 2010 2011 $ Change % Change Hub 2010 2011 $ Change % Change
AEP Dayton 38.96 37.95 (1.01) -3% AEP Dayton 37.59 36.30 (1.29) -3%
PJM West 48.87 46.59 (2.28) -5% PJM West 46.59 43.13 (3.46) -7%
NiHub 35.58 34.05 (1.53) -4% NiHub 33.13 30.06 (3.07) -9%
CinHub 35.86 35.90 0.04 0% CinHub 34.81 32.24 (2.57) -7%
SPP 38.21 28.87 (9.34) -24% SPP 32.45 29.55 (2.90) -9%
Natural Gas ($/mmBtu) 5.15 4.16 (0.99) -19% Natural Gas ($/mmBtu) 4.37 4.36 (0.01) 0%
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