
December 31, 2023	AEP			AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Regulated Property, Plant and Equipment
Generation	$	23,862.7	(a)	$	—	$	—	$	7,041.3	$	5,588.7	$	—	$	2,695.5	$	4,790.7	(a)
Transmission	35,903.6			6,812.6		13,723.9		4,711.8		1,906.4		3,395.1		1,228.3		2,660.6
Distribution	28,989.9			5,798.8		—		5,176.6		3,254.0		6,839.4		3,450.8		2,824.1
Other	5,986.1			1,142.9		501.2		943.7		856.8		1,114.4		502.7		544.1
CWIP	5,480.6		(a)	904.6		1,563.7		709.2		294.1		654.0		313.7		555.8		(a)
Less: Accumulated Depreciation	24,093.8			1,886.7		1,291.4		5,684.0		4,353.7		2,712.7		2,083.6		2,840.8
Total Regulated Property, Plant and Equipment - Net	76,129.1			12,772.2		14,497.4		12,898.6		7,546.3		9,290.2		6,107.4		8,534.5
Nonregulated Property, Plant and Equipment - Net	564.3			1.8		0.3		32.9		82.7		9.7		4.9		23.9
Total Property, Plant and Equipment - Net	$	76,693.4		$	12,774.0	$	14,497.7	$	12,931.5	$	7,629.0	$	9,299.9	$	6,112.3	$	8,558.4


December 31, 2022	AEP			AEP Texas		AEPTCo		APCo		I&M		OPCo		PSO		SWEPCo
	(in millions)
Regulated Property, Plant and Equipment
Generation	$	23,759.7	(a)	$	—	$	—	$	6,776.8	$	5,534.6	$	—	$	2,394.8	$	5,476.2	(a)
Transmission	33,221.7			6,301.5		12,335.4		4,482.8		1,842.2		3,198.6		1,164.4		2,479.8
Distribution	27,138.8			5,312.8		—		4,933.0		3,024.7		6,450.3		3,216.4		2,659.6
Other	5,528.9			1,020.4		476.6		849.2		796.1		1,040.6		466.0		582.6
CWIP	4,776.4		(a)	805.2		1,554.7		705.3		253.0		474.3		219.3		369.5		(a)
Less: Accumulated Depreciation	23,118.0			1,759.5		1,027.1		5,397.3		4,117.8		2,564.3		1,839.4		3,314.8
Total Regulated Property, Plant and Equipment - Net	71,307.5			11,680.4		13,339.6		12,349.8		7,332.8		8,599.5		5,621.5		8,252.9
Nonregulated Property, Plant and Equipment - Net	2,031.6			1.2		0.3		29.4		78.7		9.8		5.0		9.3
Total Property, Plant and Equipment - Net	$	73,339.1		$	11,681.6	$	13,339.9	$	12,379.2	$	7,411.5	$	8,609.3	$	5,626.5	$	8,262.2

The Registrants provide for depreciation of Property, Plant and Equipment, excluding coal-mining properties, on a straight-line basis over the estimated useful lives of property, generally using composite rates by functional class. The following tables provide total regulated annual composite depreciation rates and depreciable lives for the Registrants:


AEP
	2023						2022						2021
Functional Class of Property	Annual Composite Depreciation Rate Ranges			Depreciable Life Ranges			Annual Composite Depreciation Rate Ranges			Depreciable Life Ranges			Annual Composite Depreciation Rate Ranges			Depreciable Life Ranges
				(in years)						(in years)						(in years)
Generation	2.7%	-	4.7%	20	-	162	2.7%	-	7.6%	20	-	132	2.7%	-	7.8%	20	-	132
Transmission	2.0%	-	2.7%	15	-	78	2.0%	-	2.7%	24	-	75	2.0%	-	2.6%	15	-	75
Distribution	2.9%	-	3.6%	7	-	85	2.7%	-	3.6%	7	-	78	2.8%	-	3.6%	7	-	80
Other	3.8%	-	9.1%	5	-	75	3.1%	-	14.4%	5	-	75	3.0%	-	12.5%	5	-	75


AEP Texas
	2023				2022				2021
Functional Class of Property	Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges
		(in years)				(in years)				(in years)
Transmission	2.2%	50	-	75	2.2%	50	-	75	2.2%	50	-	75
Distribution	2.9%	7	-	70	2.9%	7	-	70	2.9%	7	-	70
Other	6.0%	5	-	50	6.2%	5	-	50	5.8%	5	-	50


AEPTCo
	2023				2022				2021
Functional Class of Property	Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges
		(in years)				(in years)				(in years)
Transmission	2.6%	24	-	78	2.6%	24	-	75	2.5%	24	-	75
Other	7.0%	5	-	58	6.6%	5	-	56	6.7%	5	-	56


APCo
	2023				2022				2021
Functional Class of Property	Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges
		(in years)				(in years)				(in years)
Generation	3.3%	35	-	162	3.6%	35	-	118	3.6%	35	-	118
Transmission	2.3%	15	-	78	2.2%	24	-	75	2.1%	15	-	75
Distribution	3.6%	12	-	60	3.6%	12	-	57	3.5%	12	-	57
Other	7.4%	5	-	55	7.3%	5	-	55	8.5%	5	-	55


I&M
	2023				2022				2021
Functional Class of Property	Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges
		(in years)				(in years)				(in years)
Generation	4.7%	20	-	132	4.9%	20	-	132	4.7%	20	-	132
Transmission	2.5%	44	-	67	2.5%	44	-	67	2.4%	45	-	70
Distribution	2.9%	14	-	71	3.1%	14	-	71	3.4%	14	-	71
Other	9.1%	5	-	45	10.1%	5	-	45	9.0%	5	-	51


OPCo
	2023				2022				2021
Functional Class of Property	Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges
		(in years)				(in years)				(in years)
Transmission	2.3%	39	-	60	2.3%	39	-	60	2.3%	39	-	60
Distribution	3.1%	11	-	70	2.7%	11	-	70	2.9%	11	-	70
Other	6.4%	5	-	50	6.1%	5	-	50	6.1%	5	-	50


PSO
	2023				2022				2021
Functional Class of Property	Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges
		(in years)				(in years)				(in years)
Generation	3.0%	25	-	75	3.1%	30	-	75	2.8%	30	-	75
Transmission	2.6%	41	-	75	2.5%	42	-	75	2.4%	42	-	75
Distribution	2.9%	15	-	85	2.9%	15	-	78	2.9%	15	-	78
Other	6.8%	5	-	58	6.8%	5	-	56	6.1%	5	-	56


SWEPCo
	2023				2022				2021
Functional Class of Property	Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges			Annual Composite Depreciation Rate	Depreciable Life Ranges
		(in years)				(in years)				(in years)
Generation	2.9%	30	-	65	2.7%	30	-	65	2.7%	30	-	65
Transmission	2.2%	46	-	70	2.3%	44	-	70	2.4%	49	-	74
Distribution	2.9%	7	-	75	2.9%	15	-	75	2.8%	15	-	80
Other	8.5%	5	-	58	9.0%	5	-	57	8.6%	5	-	58

The following table includes the nonregulated annual composite depreciation rate ranges and nonregulated depreciable life ranges for AEP. The Registrants' depreciation rate ranges and depreciable life ranges are not meaningful for nonregulated property for 2023, 2022 and 2021.


	2023							2022							2021
Functional Class of Property	Annual Composite Depreciation Rate Ranges			Depreciable Life Ranges				Annual Composite Depreciation Rate Ranges			Depreciable Life Ranges				Annual Composite Depreciation Rate Ranges			Depreciable Life Ranges
				(in years)							(in years)							(in years)
Generation	4.8%	-	6.7%	10	-	61		3.8%	-	8.7%	3	-	61		3.8%	-	10.4%	10	-	59
Transmission	2.5%			62				2.8%			10	-	62		2.6%			30	-	40
Distribution	NA			NA				NA			NA				NA			NA
Other	10.6%			5	-	35	(a)	25.2%			5	-	35	(a)	16.5%			5	-	35	(a)

(a)In 2020, management announced plans to retire the Pirkey Plant in 2023 and the related depreciable lives have been adjusted accordingly. Pirkey Plant was retired in March 2023. See "Coal-Fired Generation Plants" of Note 5 for additional information.

For regulated operations, the composite depreciation rate generally includes a component for non-ARO removal costs, which is credited to Accumulated Depreciation and Amortization on the balance sheets. Actual removal costs incurred are charged to Accumulated Depreciation and Amortization. Any excess of accrued non-ARO removal costs over actual removal costs incurred is reclassified from Accumulated Depreciation and Amortization and reflected as a regulatory liability. For nonregulated operations, non-ARO removal costs are expensed as incurred.

•As of December 31, 2023 and 2022, I&M’s ARO liability for nuclear decommissioning of the Cook Plant was $2.11 billion and $2 billion, respectively. These liabilities are reflected in Asset Retirement Obligations on I&M’s balance sheets. As of December 31, 2023 and 2022, the fair value of I&M’s assets that are legally restricted for purposes of settling decommissioning liabilities totaled $3.51 billion and $3.01 billion, respectively. These assets are included in Spent Nuclear Fuel and Decommissioning Trusts on I&M’s balance sheets.

•In March 2022, PSO and SWEPCo acquired respective undivided ownership interests in the entity that owned Traverse during its development and construction. Immediately following the acquisition, PSO and SWEPCo liquidated the entity and simultaneously distributed the Traverse assets in proportion to their undivided ownership interests. Traverse was placed in-service in March 2022. As a result, PSO and SWEPCo incurred additional ARO liabilities of $13 million and $15 million, respectively. See the “North Central Wind Energy Facilities” section of Note 7 for additional information.

•In March 2022, SWEPCo recorded a $13 million revision due to an increase in estimated ash pond closure costs at the Pirkey Plant and the Welsh Plant. In June 2022, SWEPCo recorded a $16 million revision due to an increase in estimated reclamation costs at Sabine. In September 2022, SWEPCo recorded a $14 million revision due to an

•In August 2023, AEP completed the sale of its competitive contracted renewables portfolio to a nonaffiliated party and settled ARO liabilities of $31 million. See “Disposition of the Competitive Contracted Renewables Portfolio” section of Note 7 for additional information.

•In December 2023, SWEPCo recorded a $32 million revision related to an increase in estimated reclamation costs at Sabine. Additionally in 2023, SWEPCo settled $50 million of costs related to closure/reclamation work performed due to the recent retirements of the Pirkey Plant and Dolet Hills Power Station. See “Coal-Fired Generation Plants” section of Note 5 for additional information.


Company	ARO as of December 31, 2022		Accretion Expense		Liabilities Incurred		Liabilities Settled		Revisions in Cash Flow Estimates (a)		ARO as of December 31, 2023
	(in millions)
AEP(b)(c)(d)(e)(f)(g)	$	2,943.6	$	116.3	$	38.9	$	(130.6)	$	63.0	$	3,031.2
AEP Texas (b)(e)	4.5		0.2		—		(0.3)		0.1		4.5
APCo (b)(e)	427.7		16.8		16.1		(23.1)		26.5		464.0
I&M (b)(c)(e)	2,028.1		74.8		4.8		(3.7)		2.0		2,106.0
OPCo (e)	5.0		0.2		—		(3.1)		—		2.1
PSO (b)(e)(g)	75.7		4.7		5.8		(1.2)		(0.8)		84.2
SWEPCo (b)(d)(e)(g)	280.9		13.7		7.5		(55.0)		34.5		281.6


Company	ARO as of December 31, 2021		Accretion Expense		Liabilities Incurred		Liabilities Settled		Revisions in Cash Flow Estimates (a)		ARO as of December 31, 2022
	(in millions)
AEP (b)(c)(d)(e)(f)(g)	$	2,741.7	$	111.2	$	37.4	$	(47.0)	$	100.3	$	2,943.6
AEP Texas (b)(e)	4.4		0.3		—		(0.2)		—		4.5
APCo (b)(e)	404.6		15.8		3.0		(12.7)		17.0		427.7
I&M (b)(c)(e)	1,946.3		71.5		3.2		(0.6)		7.7		2,028.1
OPCo (e)	1.9		0.2		3.0		(0.1)		—		5.0
PSO (b)(e)(g)	57.6		4.1		12.8		(0.7)		1.9		75.7
SWEPCo (b)(d)(e)(g)	222.7		11.9		15.4		(25.8)		56.7		280.9


	Years Ended December 31,
Company	2023		2022		2021
	(in millions)
AEP	$	174.9	$	133.7	$	139.7
AEP Texas	28.4		19.7		21.5
AEPTCo	83.2		70.7		67.2
APCo	11.9		11.7		15.6
I&M	10.9		9.8		12.8
OPCo	17.1		13.9		10.8
PSO	8.4		1.5		2.4
SWEPCo	11.5		4.9		7.0


	Years Ended December 31,
Company	2023		2022		2021
	(in millions)
AEP	$	117.3	$	63.0	$	53.8
AEP Texas	23.4		11.5		10.5
AEPTCo	31.4		22.4		21.0
APCo	14.1		6.5		7.5
I&M	7.7		5.7		5.1
OPCo	14.0		6.7		4.7
PSO	5.2		2.7		0.7
SWEPCo	9.8		4.3		3.0

The Registrants have electric facilities that are jointly-owned with affiliated and nonaffiliated companies. Using its own financing, each participating company is obligated to pay its share of the costs of these jointly-owned facilities in the same proportion as its ownership interest. Each Registrant’s proportionate share of the operating costs associated with these facilities is included in its statements of income and the investments and accumulated depreciation are reflected in its balance sheets under Property, Plant and Equipment as follows:


				Registrant’s Share as of December 31, 2023
	Fuel Type	Percent of Ownership		Utility Plant in Service		Construction Work in Progress		Accumulated Depreciation
				(in millions)
AEP
Flint Creek Generating Station, Unit 1 (a)	Coal	50.0	%	$	402.8	$	1.6	$	167.5
Pirkey Plant, Unit 1 (a)(f)	Lignite	85.9	%	—		—		—
Turk Generating Plant (a)(g)	Coal	73.3	%	1,504.0		10.1		323.3
Total				$	1,906.8	$	11.7	$	490.8

I&M
Rockport Generating Plant (b)(c)	Coal	50.0	%	$	1,341.4	$	7.9	$	1,018.9

PSO
North Central Wind Energy Facilities (d)(e)	Wind	45.5	%	$	906.3	$	2.4	$	54.1

SWEPCo
Flint Creek Generating Station, Unit 1 (a)	Coal	50.0	%	$	402.8	$	1.6	$	167.5
Pirkey Plant, Unit 1 (a)(f)	Lignite	85.9	%	—		—		—
Turk Generating Plant (a)(g)	Coal	73.3	%	1,504.0		10.1		323.3
North Central Wind Energy Facilities (d)(e)	Wind	54.5	%	1,086.3		2.9		67.9
Total				$	2,993.1	$	14.6	$	558.7


				Registrant’s Share as of December 31, 2022
	Fuel Type	Percent of Ownership		Utility Plant in Service		Construction Work in Progress		Accumulated Depreciation
				(in millions)
AEP
Flint Creek Generating Station, Unit 1 (a)	Coal	50.0	%	$	382.9	$	16.4	$	149.4
Pirkey Plant, Unit 1 (a)	Lignite	85.9	%	632.0		—		632.0
Turk Generating Plant (a)	Coal	73.3	%	1,611.1		5.1		314.7
Total				$	2,626.0	$	21.5	$	1,096.1

I&M
Rockport Generating Plant (b)(c)	Coal	50.0	%	$	1,357.4	$	9.2	$	905.1

PSO
North Central Wind Energy Facilities (d)(e)	Wind	45.5	%	$	889.3	$	9.1	$	28.1

SWEPCo
Flint Creek Generating Station, Unit 1 (a)	Coal	50.0	%	$	382.9	$	16.4	$	149.4
Pirkey Plant, Unit 1 (a)	Lignite	85.9	%	632.0		—		632.0
Turk Generating Plant (a)	Coal	73.3	%	1,611.1		5.1		314.7
North Central Wind Energy Facilities (d)(e)	Wind	54.5	%	1,066.8		10.1		35.2
Total				$	3,692.8	$	31.6	$	1,131.3