American Electric Power says it expands capital plan and raises growth outlook

American Electric Power said on October 28, 2026 that it is expanding its five-year capital plan to $100 billion through 2031 and introducing a new long-term operating earnings growth outlook. The company said accelerating electricity demand creates investment opportunities across its service territory.

The company said its third-quarter results are preliminary and unaudited. GAAP earnings were $1.187 billion, or $2.18 per share, compared with $972 million, or $1.82 per share, a year earlier. Operating earnings were $1.216 billion, or $2.23 per share, compared with $963 million, or $1.80 per share, a year earlier.

The company said it expects full-year 2026 operating earnings per share to be at or above the high end of its $6.25 to $6.55 guidance range. It introduced operating earnings per share guidance of $6.75 to $7.05 for 2027 and $7.40 to $7.70 for 2028.

The company also said it expects operating earnings per share to grow 9% to 11% a year from 2027 through 2031. American Electric Power said the growth rate is more than 10% a year through 2031, measured from the original 2026 guidance midpoint of $6.30. It said its rate base is expected to grow to $162 billion by 2031.

The company plans to invest approximately $37 billion in transmission, $36 billion in generation and about $22 billion in distribution under the new plan. It said fully executed take-or-pay agreements in its vertically integrated states are now expected to generate up to $21 billion in fixed cost offsets for existing residential customers over the life of the contracts, up from $16 billion.