American Electric Power Company Inc (NASDAQ: AEP) is a regulated electric utility company that generates, transmits, and distributes electricity to customers across multiple U.S. states. Revenue comes from regulated utility rates set by state and federal regulators, collected from residential, commercial, and industrial electricity customers. AEP operates through four reported segments: Vertically Integrated Utilities, Transmission and Distribution Utilities, AEP Transmission Holdco, and Generation and Marketing, per its 10-K filed February 12, 2026. Subsidiary operating companies include Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Southwestern Electric Power Company, AEP Texas Inc., Public Service Company of Oklahoma, and AEP Transmission Company LLC. The business is capital-intensive by structure, with returns governed by state and federal rate cases rather than market pricing. AEP is incorporated and files with the SEC under accession 000000490426000013 for fiscal year ended 2025.

Revenue model

Regulated utility rate revenue collected from electricity customers across residential, commercial, and industrial classes, with rates approved by state public utility commissions and the Federal Energy Regulatory Commission. A Generation and Marketing segment provides an additional revenue stream outside fully regulated rate structures.

Products and services

Electric generation, high-voltage transmission, and local distribution of electricity. Subsidiary brands include Appalachian Power, Indiana Michigan Power, Ohio Power, Southwestern Electric Power, AEP Texas, and Public Service Company of Oklahoma.

Customers and end markets

Residential, commercial, and industrial electricity customers across the service territories of AEP's regulated utility subsidiaries in multiple U.S. states.

Value-chain role

Vertically integrated electric utility: generation, transmission, and distribution. Also operates a standalone transmission holding company (AEP Transmission Holdco) and a generation and marketing segment.

Geographic exposure

Multiple U.S. states, including operations in Texas, Oklahoma, West Virginia, Virginia, Indiana, Michigan, and Ohio, based on named subsidiary operating companies disclosed in the 10-K filed February 12, 2026.

Source: SEC 10-K, filed 2026-02-12

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