American Electric Power Company Inc. - Unit - 15/08/2025

Strong momentum + raised 2026 guidance (good / key forecast) - Q2 2026 operating earnings: $1.36/share ($742M), below Q2 2025 ($1.43/share) due to (1) 2025 transmission minority interest sell timing and (2) tax timing items. - Raised 2026 full-year operating EPS guidance: $6.25–$6.55 (up from $6.15–$6.45). - Longer-term outlook reiterated: 7%–9% annual operating earnings growth and >9% operating EPS CAGR through 2030 (supported by the capital plan). - Credit / capital discipline: company reiterates targeted FFO-to-debt ratio of 14%–15%.

Large-load growth accelerates (good / major opportunity) - Contracted load additions through 2030: 69 GW (up from 63 GW last quarter), backed by fully executed ESAs/LOAs. - Texas remains dominant: 45 GW contracted through 2030 (with other regions totaling ~12 GW: OH 12, plus OK/IN/KY/LA/VA). - Management emphasizes protections in large-load tariffs (long-term commitments, cost-sharing/affordability mechanism, and protections vs delays/timeline changes). - Surprising/important context: management states the capital plan (~$78B for 2026–2030) is not built on Texas seeing that full magnitude of growth immediately—suggesting upside and/or timing flexibility.

ERCOT “Batch Zero” visibility; financing/collateral already in place (good, but with timing risk) - Submitted 45 GW of projects into ERCOT Batch Zero for a study window through 2022–2032 (decision expected Aug 7). - ERCOT is reviewing eligibility; management believes projects are well positioned for Batch Zero inclusion. - Credit support: company says it has collected ~$2B in cash/collateral representing the required support for the 45 GW. - Risk acknowledged: ERCOT could shift projects between batches (Batch Zero → Batch One) or potentially slip timing, but company frames this as not diminishing the ultimate opportunity.