SWEPCo to record $160M revenue refund provision after PUCT denies Turk Plant appeal

AMERICAN ELECTRIC POWER CO INC

PUCT on May 2, 2024 denied SWEPCo's appeal, leading to a $160M one-time revenue refund provision in Q2 2024.
Provision includes interest on revenue collected from Feb 2013 through Dec 2023; range $104M-$197M.
SWEPCo recorded a $86M pretax non-cash disallowance in Q4 2023 on AFUDC exceeding $1.522B Texas Capital Cost Cap.
Hearing scheduled May 2024; PUCT decision expected Q3 2024.
PUCT previously ruled it will not reconsider the capital cost cap in the remand proceeding.

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