AMERICAN ELECTRIC POWER CO INC (AEP): restructuring charge — WVPSC disallows $232M in ENEC costs; AEP to take $222M Q4 impairment, reaffirms guidance

AMERICAN ELECTRIC POWER CO INC

West Virginia PSC final order disallows ~$232M of ENEC regulatory asset balance for Appalachian Power and Wheeling Power.
Remaining $321M under-recovered balance to be recovered over 10 years starting September 1, 2024.
AEP expects a pretax non-cash disallowance of ~$222M ($127M APCo, $95M WPCo) in Q4 2023.
Charge excluded from 2023 Operating Earnings (Non-GAAP); AEP reaffirms 2024 Op Earnings guidance, 6-7% growth rate, 14-15% FFO/Debt target.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

AMERICAN ELECTRIC POWER CO INC announced a impairment with charges of approximately $222 million affecting APCo and WPCo (Appalachian Power Company and Wheeling Power Company).

Type: impairment
Charge: approximately $222 million
Affected area: APCo and WPCo (Appalachian Power Company and Wheeling Power Company)

Exact text from the filing

As a result of the WVPSC's final order, AEP anticipates recording a pretax, non-cash disallowance of approximately $222 million (approximately $127 million attributable to APCo and approximately $95 million attributable to WPCo) in the fourth quarter of 2023.

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Source: SEC EDGAR

accession 0000004904-24-000003

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