Statement Regarding the FERC Complaint and Press Release Issued by the Kentucky Attorney General and Public Service Commission

1. Kentucky Power disputes claims from Attorney General about high rates. 2. AEP is investing $54 billion to enhance service from 2025 to 2029. 3. Kentucky Power seeks to support economic development in eastern Kentucky. 4. Customer rates are currently lower than in 2022, according to Kentucky Power. 5. AEP's CEO is actively engaging with local leaders to discuss rate reduction.

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Why Bullish?

AEP's significant investment plan and commitment to local engagement signal positive growth potential. Historical investments in infrastructure generally lead to higher returns and stock appreciation.

How important is it?

This article discusses infrastructure investments and customer rates impacting AEP's future revenue. Positive engagement efforts with local leadership suggest potential improvements in service and public perception.

Why Long Term?

The $54 billion investment will take time to materialize into improved performance. Previous expansions of utility infrastructure have shown long-term benefits to stock performance and community relations.

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Kentucky Power Responds to Attorney General's Complaint

ASHLAND, Ky., March 13, 2025 /PRNewswire/ -- Kentucky Power President Cindy Wiseman issued the following statement in response to the complaint filed by Kentucky's Attorney General and the Public Service Commission with the Federal Energy Regulatory Commission March 12 and the associated news release:

"Kentucky Power strongly disagrees with the claims made by the Attorney General and PSC and has demonstrated in previous commission proceedings that our customers benefit from transmission investments in Kentucky and the region. A strong transmission grid provides our customers and communities with increased reliability and access to low-cost generation resources. The claim that our rates are the highest in the Commonwealth is simply untrue. In fact, Kentucky Power customer rates are lower today than they were in 2022, the year referred to in the press release. For more than 100 years, we have served eastern Kentucky, and we take our responsibility to serve our customers and communities seriously."

Our commitment to our customers is shared by our parent company, American Electric Power. AEP's new CEO has visited our state five times in his first few months with the company to listen and learn from state and local leaders, share ideas to reduce rates through legislation and explore ways to be a partner in the redevelopment of eastern Kentucky. Kentucky Power and our more than 235 employees want our 162,000 customers to benefit from economic development opportunities in the region, and electric infrastructure is an important piece of that puzzle.

We understand that affordability is important to our customers, and we encourage customers to contact us for assistance managing their energy costs. We have offered solutions to lower customer bills and will continue to look for opportunities legislatively and with our regulators. We welcome the opportunity to work with our government and regulatory partners to find productive solutions to reduce the impact of electricity costs and power eastern Kentucky's future."

About Kentucky Power

Kentucky Power, headquartered in Ashland, Ky., provides service to approximately 162,000 customers in all or part of 20 eastern Kentucky counties. Kentucky Power is part of American Electric Power (Nasdaq: AEP), which is investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement.

SOURCE Kentucky Power Company