AEP · CIK 0000004904
What AMERICAN ELECTRIC POWER CO INC told the SEC could break it.
AEP's disclosures center on a fossil-fuel-heavy generation fleet and the costs that come with it. Coal and lignite supplied 43% of its vertically integrated utilities' net generation in 2025 (up from 37% in 2023) and natural gas another 22%, with roughly 164 billion cubic feet burned and delivered gas costs up 21.6% year over year — leaving it exposed to swings in fuel supply and price. The same coal reliance carries a regulatory tail: it recorded $111 million in charges tied to EPA Coal Combustion Residuals (coal-ash) compliance, alongside a smaller $19 million SEC-matter loss contingency.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- coal and lignite — 43% of vertically integrated utility net generation in 2025medium
Coal and lignite accounts for 43% of AEP's Vertically Integrated Utilities net generation in 2025, up from 37% in 2023, reflecting the dominant but declining fuel source and exposure to coal supply and price volatility.
“Coal and Lignite 43% 40% 37% Nuclear 19% 22% 22% Natural Gas 22% 22% 22% Renewables 16% 16% 19% An increase/decrease in one or more generation types relative to previous years reflects changes in resource mix and price changes in one or more fuel commodity sources relative to the pricing of other fuel commodity sources.”
SEC filing →As of 2026 - natural gas — 164 BCF consumed in 2025, delivered costs up 21.6% YoYmedium
AEP's Vertically Integrated Utilities consumed approximately 164 billion cubic feet of natural gas in 2025 (22% of generation mix), with delivered costs rising 21.6% from 2024; pipelines provide some redundancy but cost exposure remains material.
“The Vertically Integrated Utilities consumed approximately 164 billion cubic feet of natural gas during 2025 for generating power, which represents an increase of 5.8% from 2024. While nominal year-over-year natural gas consumption increases were experienced across AEP's operating companies, the main consumption increase driver was related to the Green Country Power Plant, which was acquired by PSO on June 30, 2025. From a delivered natural gas cost perspective, total costs increased 21.6% from 2024.”
SEC filing →As of 2026
Regulatory & policy
- EPA Coal Combustion Residuals (CCR) Rule — $111M specified item chargemedium
AEP recorded $111 million in specified (non-operating) charges related to EPA Coal Combustion Residuals compliance, with $11M and $41M attributed to two specific subsidiaries, reflecting material cost obligations from EPA coal ash disposal rules.
“Federal EPA CCR Rule (i) 111 — — — 11 41 — —”
SEC filing →As of 2026 - SEC matter loss contingency — $19Mlow
AEP disclosed a $19 million SEC matter loss contingency recorded at the parent company level.
“SEC Matter Loss Contingency (j) 19 — — — — — — —”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Our customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others.”
Cited →Energy Services of America Corp.
“Energy Services' customers include many of the leading companies in the industries it serves, including: TransCanada Corporation NiSource, Inc. Marathon Petroleum Mountaineer Gas Nucor Steel West Virginia American Electric Power Toyota Motor Manufacturing Bayer Chemical”
Cited →
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