American Electric Power Company (AEP) AGM 2025 summary

Opening remarks and agenda

• The meeting was called to order and attendees were welcomed to the 118th Annual Meeting of Shareholders, conducted virtually according to the agenda in the proxy statement dated March 13, 2025.

• Board members, director nominees, and key executives were introduced, and the presence of the independent auditor was noted.

• Notice of the meeting was mailed to shareholders of record, and a quorum was confirmed with over 86% of shares represented.

Board and executive committee updates

• Twelve directors were nominated and elected to serve for one year, with no nominations made by shareholders.

• Donna A. James was recognized for her service upon her recent retirement from the board.

Financial performance review

• 2024 operating earnings reached $5.62 per share, continuing a decade-long trend of meeting or exceeding guidance.

• The quarterly dividend was increased by $0.05 to $0.93 per share.

• Operating earnings guidance for 2025 is set at $5.75-$5.95 per share, with a long-term growth rate of 6%-8%.

• A five-year $54 billion capital plan was highlighted, with $34 billion for transmission and distribution and $14 billion for new generation resources.

• Commercial load growth increased 10.6% in 2024, driven by data centers and manufacturing reshoring.