1) Strategic Overview and Leadership Focus
- AEP is positioned to capture growth opportunities in a rapidly changing utility landscape, emphasizing scale, innovation, and execution.
- The leadership team is focused on maintaining strong partnerships with stakeholders, including customers and regulators, to ensure affordability and reliability.
- AEP has secured critical resources to support a multiyear infrastructure build-out, including over 10 gigawatts of gas-fired turbine capacity.

2) Financial and Segment Results
- Q1 2026 operating earnings were $1.64 per share, up from $1.54 per share YoY, totaling $891 million.
- The company reaffirmed its full-year operating earnings guidance of $6.15 to $6.45 per share.
- AEP contracted an additional 7 gigawatts of load, bringing the total to 63 gigawatts expected by 2030, with nearly 90% from data centers.
- The 5-year capital plan has increased to $78 billion, up from $72 billion, with a projected 11% CAGR for the rate base.

3) Operational Challenges and Headwinds
- AEP is facing challenges with the PJM interconnection process, which is slowing down the connection of generation to load.
- The company is assessing its options regarding PJM and SPP, focusing on improving interconnection efficiency.
- There are concerns about the current state of PJM's performance and stakeholder approval processes, which may hinder future growth.

4) Growth and Investment Plans
- AEP is increasing its capital investments, with $6 billion allocated for transmission and generation projects expected to come online later in the 5-year plan.
- The company is exploring nuclear solutions and has applied for additional DOE loans to fund generation and transmission investments.
- AEP is also focused on maintaining affordability for customers, forecasting up to $16 billion in cost offsets from large load contracts.

5) Guidance and Outlook
- AEP expects a long-term operating earnings CAGR of greater than 9% from 2026 to 2030, driven by the expanded capital plan and contracted load growth.
- The company is committed to a disciplined financing approach, with a modest increase in equity needs to support the capital plan.
- Future updates on capital plans and financing strategies will be provided in the third quarter call.

Bottom line: AEP is strategically positioned for growth with a robust capital plan and strong earnings outlook, despite facing operational challenges in interconnections. The focus on affordability and regulatory partnerships enhances its long-term value proposition for shareholders.