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 appreciation was expressed for a recently retired board member.

• Notice of the meeting was mailed to shareholders of record, and inspectors of election were appointed.

Board and executive committee updates

• A quorum was confirmed with over 86% of shares represented, officially convening the meeting.

• Twelve directors were nominated and elected to serve for one year.

• The board recommended PricewaterhouseCoopers LLP as the independent auditor for 2025.

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.

• 2025 operating earnings guidance is $5.75-$5.95 per share, with a long-term growth rate of 6%-8% and a potential total shareholder return of 10%-12%.

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

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