Columbus, Ohio, January 4, 2022 / PRNewswire / – American Electric Power (Nasdaq: AEP) today announced that it has successfully re-marketed its 3.40% junior subordinated debentures due 2024 (the “Original Debentures”), which were originally issued March 19, 2019, as a component of AEP’s equity shares.

The original debentures are remarketed in $ 805 million aggregate principal amount of 2.031% of lower ranking subordinated debentures due 2024 (the “remarketed debentures”). Effective January 6, 2022, the relaunched debentures will bear interest at a rate of 2.031% per annum and will mature on March 15, 2024. Remarketing should end on January 6, 2022, subject to customary closing conditions.

AEP has effected the remarketing on behalf of the equity holders and will not receive any proceeds directly from the issuance and sale of the remarketed debentures. The proceeds from the issuance and sale of the remarketed debentures will be used to purchase a portfolio of treasury securities maturing on March 10, 2022. AEP expects that a portion of the funds generated at the maturity of the portfolio will be used for March 15, 2022, to settle the purchase contracts it has entered into in the context of equity shares.

The remarketing is being effected pursuant to an AEP effective pending registration statement that has been filed with the United States Securities and Exchange Commission (SEC). This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this document, and there will be no sale of such securities in any state or jurisdiction in which such offering, soliciting or selling would be illegal prior to registration or qualification under the securities law of such jurisdiction. The remarketing bond offering can only be made by way of a prospectus and related prospectus supplement, copies of which can be obtained free of charge by visiting EDGAR on the SEC website. at the address or by contacting Barclays Capital Inc., c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, 1-888-603-5847 or [email protected], or Wells Fargo Securities, LLC, 608 2sd Avenue Sud, office 1000, Minneapolis, Minnesota 55402, Attention: WFS Customer Service, 1-800-645-3751 or [email protected]

American Electric Power, based in Columbus, Ohio, fuels a cleaner, brighter energy future for its customers and communities. AEP’s approximately 16,700 employees operate and maintain the country’s largest transmission system and more than 224,000 miles of distribution lines to safely provide reliable and affordable electricity to 5.5 million regulated customers in 11 states. AEP is also one of the largest electricity producers in the country with approximately 31,000 megawatts of diversified generation capacity, including more than 5,900 megawatts of renewable energy. The company’s plans include growing its renewable power generation portfolio to approximately 50% of total capacity by 2030. AEP is on track to achieve an 80% reduction in carbon dioxide emissions from 2000 levels by 2030 and committed to achieving net zero by 2050. AEP is consistently recognized for its focus on sustainability, community engagement and diversity, equity and inclusion. The AEP family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, a utility company Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, is Texas and the Texas panhandle). AEP also owns AEP Energy, which provides innovative and competitive energy solutions nationally. For more information visit

This report prepared by American Electric Power and its listed subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its listed subsidiaries believe their expectations are based on reasonable assumptions, such statements may be influenced by factors which could cause actual results to differ materially from those projected. Factors that could cause actual results to differ materially from those of forward-looking statements include: changes in economic conditions, electricity market demand and demographic trends in DWS service territories; inflationary or deflationary trends in interest rates; volatility in financial markets, in particular changes affecting the availability or cost of capital to finance new investment projects and refinance existing debt; the availability and cost of funds to finance working capital and capital requirements, particularly during periods when the time lag between cost initiation and recovery is long and costs are significant; decreased demand for electricity; weather conditions, including storms and droughts, and the ability of AEP to recover the significant costs of storm restoration; the cost of fuel and its transportation, the creditworthiness and performance of fuel suppliers and carriers, and the cost of storage and disposal of used fuel, including coal ash and spent nuclear fuel; the availability of fuel and the necessary production capacity and the performance of DWS production plants; AEP’s ability to recover fuel costs and other energy costs through regulated or competitive electricity rates; AEP’s ability to construct or acquire renewable power generation facilities, transmission lines, and facilities (including the ability to obtain necessary regulatory approvals and permits) as needed at prices and prices acceptable conditions and recover these costs; new laws, litigation and government regulations, including oversight of nuclear production, trade in energy products, and new or increased requirements for reducing emissions of sulfur, nitrogen, mercury, carbon, soot or carbon. particulate matter and other substances that could affect the continued operation, cost recovery, and / or profitability of DWS generating stations and associated assets; changes in public perception of the risks associated with fuels used before, during and after electricity production, including nuclear fuel; the timing and resolution of ongoing and future tariff matters, negotiations and other regulatory decisions, including rate or other recoveries of new investments in generation, distribution and transmission services and environmental compliance; dispute resolution; AEP’s ability to limit operating and maintenance costs; prices and demand for electricity produced and wholesaled; technological changes, particularly with regard to energy storage and new sources of production, under development, alternative or distributed; AEP’s ability to recover through tariffs any unrecovered investment remaining in generating units that could be retired before the end of their previously expected useful life; volatility and changes in the markets for coal and other energy-related commodities, in particular changes in the price of natural gas; changes in the regulation of public services and the distribution of costs within regional transport organizations, notably ERCOT, PJM and SPP; changes in the creditworthiness of counterparties with which AEP has contractual arrangements, including energy market participants; actions of rating agencies, including changes in AEP debt ratings; the impact of financial market volatility on the value of investments held by the AEP pension scheme, the OPEB, the captive insurance entity and the nuclear decommissioning trust and the impact of such volatility in future financing needs; the accounting positions issued periodically by the accounting standardization bodies; and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, natural and man-made fires, cybersecurity threats and others catastrophic events.

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John A. Bogar