State of Indiana Indiana Utility Regulatory Commission

INDIANA UTILITY REGULATORY COMMISSION

VERIFIED JOINT PETITION OF DUKE ENERGY INDIANA, ) LLC, INDIANA GAS COMPANY D/B/A VECTREN ENERGY ) DELIVERY OF INDIANA, INC., INDIANA MICHIGAN POWER ) COMPANY, INDIANA NATURAL GAS CORPORATION, ) INDIANAPOLIS POWER & LIGHT COMPANY, MIDWEST ) NATURAL GAS CORPORATION, NORTHERN INDIANA ) PUBLIC SERVICE COMPANY, LLC, OHIO VALLEY GAS ) CORP. AND OHIO VALLEY GAS, INC., SOUTHERN INDIANA ) GAS & ELECTRIC COMPANY D/B/A VECTREN ENERGY ) DELIVERY OF INDIANA, INC., AND SYCAMORE GAS ) CAUSE NO. 45377 COMPANY FOR (1) AUTHORITY FOR ALL JOINT ) (Consolidated under PETITIONERS TO DEFER AS A REGULATORY ASSET ) Cause No. 45380) CERTAIN INCREMENTAL EXPENSE INCREASES AND ) REVENUE REDUCTIONS OF THE UTILITY ATTRIBUTABLE ) TO COVID-19; AND (2) THE ESTABLISHMENT OF ) SUBDOCKETS FOR EACH JOINT PETITIONER IN WHICH ) EACH JOINT PETITIONER MAY ADDRESS REPAYMENT ) PROGRAMS FOR PAST DUE CUSTOMER ACCOUNTS, ) APPROVAL OF NEW BAD DEBT TRACKERS, AND/OR ) DETAILS CONCERNING THE FUTURE RECOVERY OF THE ) COVID-19 REGULATORY ASSET )

PETITION OF INDIANA OFFICE OF UTILITY CONSUMER ) COUNSELOR FOR GENERIC INVESTIGATION INTO COVID- ) 19 IMPACTS TO BE CONDUCTED OVER TWO PHASES; ) EMERGENCY RELIEF PURSUANT TO IND. CODE § 8-1-2-113 ) CAUSE NO. 45380 TO RELIEVE INDIANA RATEPAYERS OF THE THREAT OF ) UTILITY SERVICE DISCONNECTION AND PAYMENT ) ARREARAGES DURING GLOBAL HEALTH AND ECONOMIC ) CRISIS )

SUBMISSION OF MONTHLY REPORTING DATA OF INDIANA MICHIGAN POWER COMPANY

In accordance with the Commission’s May 27, 2020 Order in this matter, Indiana Michigan

Power Company (“I&M” or “Company”) respectfully submits the attached monthly report of

customer account data. As contemplated by the May 27, 2020 Order, I&M will continue to make monthly updates to the customer account data.

Respectfully submitted,

______Jeffrey M. Peabody (Atty No. 28000-53) Barnes & Thornburg LLP 11 South Meridian Street Indianapolis, Indiana 46204 Peabody Telephone: (317) 231-6465 Facsimile: (317) 231-7433 Peabody Email: [email protected]

ATTORNEY FOR INDIANA MICHIGAN POWER COMPANY

-2- CERTIFICATE OF SERVICE

The undersigned certifies that a copy of the foregoing was served this 26th day of

June, 2020, via email transmission to:

Randall C. Helmen Jason Stephenson Tiffany Murray Heather Watts Office of Utility Consumer Counselor Robert E. Heidorn 115 W. Washington Street CenterPoint Energy, Inc. Suite 1500 South One Vectren Square Indianapolis, Indiana 46204 211 N.W. Riverside Drive [email protected] Evansville, Indiana 47708 [email protected] [email protected] [email protected] [email protected] [email protected]

Jennifer A. Washburn Claudia J. Earls (No. 8468‐49) Citizens Action Coalition NiSource Corporate Services Company 1915 West 18th Street, Suite C 150 W. Market Street, Suite 600 Indianapolis, Indiana 46202 Indianapolis, Indiana 46204 [email protected] [email protected]

Clayton C. Miller Nicholas K. Kile (No. 15203‐53) STOLL KEENON OGDEN PLLC Barnes & Thornburg LLP 201 North Illinois Street, Suite 1225 11 South Meridian Street Indianapolis, IN 46204 Indianapolis, Indiana 46204 [email protected] [email protected]

Teresa Morton Nyhart Kelley A. Karn Barnes & Thornburg LLP Melanie D. Price 11 South Meridian Street Duke Energy Business Services LLC Indianapolis, Indiana 46204 1000 East Main Street [email protected] Plainfield, Indiana 46168 [email protected] L. Parvin Price [email protected] Barnes& Thornburg LLP 11 South Meridian Street Kay E. Pashos Indianapolis, Indiana 46204 Ice Miller LLP [email protected] One American Square, Suite 2900 Indianapolis, Indiana 46282-0200 [email protected]

Joseph P. Rompala Shaw R. Friedman Todd A. Richardson Friedman & Associates, P.C. LEWIS & KAPPES, P.C. 705 Lincolnway One American Square, Suite 2500 LaPorte, IN 46350 Indianapolis, Indiana 46282-0003 [email protected] [email protected] [email protected] Keith L. Beall [email protected] CLARK, QUINN, MOSES, SCOTT & [email protected] GRAHN, LLP 320 N. Meridian St, Suite 1100 Indianapolis, IN 46204 [email protected]

J. Christopher Janak John P. Cook, Esq. Nikki Gray Shoultz John P. Cook & Associates Kristina Kern Wheeler 900 W. Jefferson Street Bose McKinney & Evans LLP Franklin, Indiana 46131 111 Monument Circle, Suite 2700 [email protected] Indianapolis, Indiana 46204 [email protected] Kurt J. Boehm, Esq. [email protected] Jody Kyler Cohn, Esq. [email protected] Boehm, Kurtz & Lowry 36 East Seventh Street, Suite 1510 Mark R. Alson Cincinnati, Ohio 45202 Ice Miller LLP [email protected] One American Square, Suite 2900 [email protected] Indianapolis, IN 46282-0200 E-Mail: [email protected] Kevin Higgins Justin Bieber Allison W. Gritton Energy Strategies, LLC 211 North Pennsylvania Street Parkside Towers, 215 South State Street, One Indiana Square, Suite 1800 Suite 200 Indianapolis, IN 46204 Salt Lake City, Utah 84111 [email protected] [email protected] [email protected]

Hillary J. Close Barnes & Thornburg LLP 11 South Meridian Street Indianapolis, Indiana 46204 [email protected]

Jeffrey M. Peabody

Jeffrey M. Peabody (Atty. No. 28000-53) BARNES & THORNBURG LLP 11 South Meridian Street Indianapolis, Indiana 46204 Peabody Phone: (317) 231-6465 Fax: (317) 231-7433 Peabody Email: [email protected]

ATTORNEY FOR INDIANA MICHIGAN POWER COMPANY

DMS 17622059v1

5 Indiana Michigan Power Company Cause No. 45380 June 2020 Monthly Report

1. Number of accounts by customer class.

I&M Response. Please see Item 1 attached hereto.

2. Number of accounts certified as eligible for energy assistance since October 1, 2019.

I&M Response. I&M does not track the number of customers or accounts that are eligible for energy assistance. Instead, I&M can review its records and identify accounts that received energy assistance over a certain period. For the time period of October 2019 through May, 2020, I&M Indiana had 20,092 accounts that received energy assistance.

3. Number of accounts past due by customer class broken down by 30 days, 60 days, 90 days, and 120+ days past due.

I&M Response. Please see Item 3 attached hereto. This data was captured over time based on a monthly report that was already developed. Each month of data represents the sum of delinquent accounts over 21 billing periods. This information changes on a daily basis as a result of customer payments.

4. Accounts receivable balances showing total, current, 30-day, 60-day and 90-day by customer class.

I&M Response. The data requested for Item 4 changes on a daily basis as a result of customer payments. The information provided for Item 4 was obtained on June 5, 2020. Going forward, I&M will attempt to obtain the information presented in Item 4 on or around the same day of each month the information is reported.

Item 4. Accounts Receivable Balances showing Current, 30 day, 60 day, and 90 day by customer class (as of June 5, 2020)

30 Days 60 Days 90 or more Balance Current Arrears Arrears Days Deferred* Residential $47,036,795 $28,236,362 $9,288,130 $1,356,513 $3,652,546 $4,503,245 Commercial $16,311,722 $14,588,524 $1,474,770 $168,651 $223,156 -$143,378 Industrial $31,081,669 $29,091,919 $1,015,845 $94,943 $19,292 $859,670 Other $4,244,238 $4,129,401 $115,311 $3,726 -$8 -$4,192 Public Auth $3,016,085 $2,901,975 $118,772 $3,576 $1,401 -9639.88

$101,690,510 $78,948,181 $12,012,827 $1,627,409 $3,896,389 $5,205,705

*The “Deferred” category represents, for example, customer overpayments and amounts that are included in Budget AMP payment arrangements.

Indiana Michigan Power Company Cause No. 45380 June 2020 Monthly Report

5. Number of accounts eligible for energy assistance and past due.

I&M Response. Please see Item 5 attached hereto. I&M does not track the number of customers nor accounts that are eligible for energy assistance. Instead, I&M can review its records and identify accounts that received energy assistance over a certain period. Due to system constraints, I&M is unable to identify account balances as of the date energy assistance is provided to a customer. Instead, I&M is providing the total amount of energy assistance and the number of accounts that received it. If an account received energy assistance in both January and February, it would be counted in both months.

6. Total revenues owed on accounts eligible for energy assistance and past due.

I&M Response. I&M does not track the number of customers nor accounts that are eligible for energy assistance. Instead, I&M can review its records and identify accounts that received energy assistance over a certain period of time. The Item 6 data is as of June 3, 2020. The data changes on a daily basis. Going forward, I&M will attempt to obtain the information presented in Item 6 on or around the same day of each month the information is reported.

6. Outstanding balances of accounts receiving energy assistance

May-20 Accounts receiving energy assistance 841 Total outstanding balance $162,829

7. Number of accounts determined uncollectible by customer class.

I&M Response. Please see Item 7 attached hereto. Uncollectible balances have decreased since March 2020 because of the disconnection moratorium. I&M is writing off fewer balances as uncollectible as more accounts are left in service.

8. Number of accounts eligible for energy assistance and determined uncollectible.

I&M Response. Please see Item 8 attached hereto. I&M does not track the number of customers nor accounts that are eligible for energy assistance. Instead, I&M can review its records and identify accounts that received energy assistance over a certain period of time. The Item 8 data reflects accounts that were written off in the Jan 2019 to May 2020 period that previously received energy assistance.

9. The revenue received from the sale of any uncollectible debt.

I&M Response. I&M continues to participate in a sale of receivables arrangement with AEP Credit, Inc. (AEP Credit). Under this sale of receivables arrangement, I&M sells, without recourse, certain of its Indiana and Michigan customer accounts receivable and accrued unbilled revenue balances to AEP Credit and is charged a fee based on AEP

Indiana Michigan Power Company Cause No. 45380 June 2020 Monthly Report

Credit’s financing costs, administrative costs and uncollectible accounts experience for I&M’s receivables. Based on the sale of receivables arrangement with AEP Credit and in accordance with FERC, I&M’s expense related to its most recent 12-month accounts receivable uncollectible experience is recorded to Account 4265010 in two components, agency fees and uncollectible expense. Note the agency fee is based on collections, is another component of uncollectible expense and is therefore properly recorded in the same account as uncollectible expense. I&M is charged a rate (rate is applied to the monthly receivable balance) for uncollectible expense based on 12-month rolling write- offs. I&M maintains management and servicing of its customer accounts receivable, which are sold to AEP Credit.

10. The number and total value of accounts in payment plans by customer class.

I&M Response. Please see Item 10 attached hereto. Residential customers have been under the disconnect moratorium since March 2020 - therefore fewer payment arrangements are entered into because there is less chance of being disconnected.

11. The number and total sum of payment arrangements in default by customer class.

I&M Response. Please see Item 11 attached hereto which show the number of payment arrangements in default and the amount in default by class.

12. The number and total sum of deferred deposits by customer class.

I&M Response. Please see Item 12 attached hereto. I&M continues to assess deposits on new accounts where appropriate. Starting in March 2020, I&M temporarily suspended charging for deferred deposits. Deferred deposits are deposits that are charged on an existing account when the deposit on hand, if any, does not cover the amount at risk. As a result of deferred deposit process being suspended, I&M can provide an estimate of the current deposit coverage deficiency at the point in time its billing system is queried. The deposit deficiency amount represents the difference between full deposit coverage and the current deposit on hand.

13. The amounts of all other deferred O&M expenses by expense type.

I&M Response. I&M is tracking but has not deferred any Covid-19 related expenses. At this time the Company is waiting for Commission authority to defer. I&M is deferring O&M related to tracker authority and authority granted in I&M’s base case, Cause No. 45235.

14. Items (1) through (12) for each month in 2019.

I&M Response. Please see I&M’s response to Items 1 through 12 above.

Indiana Michigan Power Company Cause No. 45380 June 2020 Monthly Report

15. The amount of funds received from government, national, or local relief efforts.

I&M Response. I&M Indiana has not directly received funds from government, national or local relief efforts. I&M’s customers may have or may in the future receive additional LIHEAP funding. If funds are specifically identified by the Community Action agencies as CARES Act LIHEAP, I&M will do its best to identify those funds and report on them monthly.

16. Information related to each utility’s financial condition, including earnings calls or any other medium in which the utility’s financial position is discussed.

I&M Response. Please see Item 16 attached hereto.

17. Weather normalization data that measures the impact to revenue for each month in 2019 as well as ongoing months.

I&M Response. Please see Item 17, which provides weather normalized sales and revenues for I&M through May 2020.

Indiana Michigan Power Company Cause No. 45380 Item 1

1. Number of Accounts by Customer Class

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Residential 437,177 437,249 438,206 438,273 439,586 439,540 440,040 441,327 439,981 440,245 439,585 440,794 441,203 440,784 442,696 440,785 441,391 Commercial 59,958 59,911 59,922 59,995 60,079 60,136 60,099 60,163 60,293 60,330 60,314 60,426 60,551 60,596 60,641 60,773 60,610 Industrial 4,863 4,860 4,853 4,849 4,845 4,835 4,827 4,824 4,828 4,807 4,809 4,804 4,801 4,789 4,790 4,776 4,775 Public Authority 6,979 6,941 6,948 6,947 6,959 6,957 6,969 7,003 7,000 6,993 7,026 7,037 7,044 7,010 7,018 7,021 7,033 Other 4,959 4,965 4,967 4,990 4,995 5,016 5,027 5,052 5,055 5,072 5,086 5,097 5,110 5,137 5,152 5,170 5,206

Total 513,936 513,926 514,896 515,054 516,464 516,484 516,962 518,369 517,157 517,447 516,820 518,158 518,709 518,316 520,297 518,525 519,015 Indiana Michigan Power Company Cause No. 45380 Item 3 Page 1 of 5 3. Number of Accounts past due by class with age of receivables

January 2019 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 66,758 $12,348,465 12,222 $1,306,265 3,005 $282,568 2,597 $246,306 84,582 $14,183,605 Commercial 5,268 $1,448,824 840 $72,673 108 $17,037 84 $7,331 6,300 $1,545,866 Industrial 462 $1,123,484 58 $19,671 1 $103 5 $970 526 $1,144,228 Public Authority 332 $308,707 39 $9,512 4 $943 15 $3,750 390 $322,911 Total 72,820 $15,229,480 13,159 $1,408,122 3,118 $300,651 2,701 $258,357 91,798 $17,196,610

February 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 67,596 $13,586,436 12,860 $1,933,833 3,502 $462,953 3,283 $388,425 87,241 $16,371,647 Commercial 5,443 $1,712,944 1,010 $108,938 143 $13,244 84 $9,245 6,680 $1,844,371 Industrial 490 $1,082,284 92 $12,884 4 $174 4 $211 590 $1,095,553 Public Authority 144 $93,811 59 $17,375 10 $3,233 14 $3,880 227 $118,299 Total 73,673 $16,475,475 14,021 $2,073,029 3,659 $479,604 3,385 $401,762 94,738 $19,429,870

March 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 64,011 $13,523,396 10,473 $1,665,593 3,137 $560,582 3,277 $436,419 80,898 $16,185,991 Commercial 4,888 $1,481,593 740 $74,542 150 $16,234 88 $8,875 5,866 $1,581,244 Industrial 419 $716,220 44 $14,765 6 $1,449 4 $300 473 $732,734 Public Authority 120 $48,312 7 $1,128 10 $1,752 15 $3,451 152 $54,643 Total 69,438 $15,769,522 11,264 $1,756,028 3,303 $580,018 3,384 $449,044 87,389 $18,554,611

April 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 65,243 $12,289,987 11,084 $1,489,002 2,251 $350,397 2,584 $363,329 81,162 $14,492,714 Commercial 4,970 $1,307,397 837 $107,911 109 $13,834 79 $11,312 5,995 $1,440,454 Industrial 427 $564,748 48 $4,510 3 $667 3 $755 481 $570,680 Public Authority 111 $46,307 12 $2,049 1 $500 11 $3,562 135 $52,417 Total 70,751 $14,208,438 11,981 $1,603,472 2,364 $365,398 2,677 $378,957 87,773 $16,556,266 Indiana Michigan Power Company Cause No. 45380 Item 3 Page 2 of 5 May 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 64,919 $10,395,297 12,067 $1,430,260 2,342 $386,875 2,385 $411,589 81,713 $12,624,020 Commercial 4,896 $1,267,273 793 $81,889 143 $31,739 68 $11,095 5,900 $1,391,997 Industrial 360 $493,446 52 $13,553 8 $362 1 $196 421 $507,557 Public Authority 160 $74,708 18 $3,026 4 $1,406 11 $3,654 193 $82,794 Total 70,335 $12,230,724 12,930 $1,528,728 2,497 $420,382 2,465 $426,533 88,227 $14,606,367

June 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 65,308 $9,274,773 12,659 $1,165,315 2,402 $216,752 1,922 $210,983 82,291 $10,867,822 Commercial 4,725 $1,263,969 871 $87,869 135 $20,891 62 $19,115 5,793 $1,391,844 Industrial 365 $337,142 56 $16,222 5 $5,422 1 $27 427 $358,813 Public Authority 129 $54,351 12 $3,561 3 $689 11 $4,104 155 $62,704 Total 70,527 $10,930,235 13,598 $1,272,967 2,545 $243,754 1,996 $234,228 88,666 $12,681,184

July 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 65,283 $9,403,128 12,544 $1,045,569 2,538 $199,260 1,879 $168,159 82,244 $10,816,116 Commercial 4,803 $1,213,918 770 $70,691 142 $24,394 64 $12,104 5,779 $1,321,107 Industrial 431 $1,395,541 50 $3,547 6 $653 2 $352 489 $1,400,092 Public Authority 122 $65,842 16 $3,060 3 $1,106 11 $4,719 152 $74,727 Total 70,639 $12,078,429 13,380 $1,122,867 2,689 $225,413 1,956 $185,333 88,664 $13,612,041

August 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 72,800 $12,916,160 11,641 $958,962 2,683 $175,264 2,024 $161,667 89,148 $14,212,052 Commercial 4,918 $1,660,201 834 $76,000 129 $10,163 63 $8,536 5,944 $1,754,900 Industrial 393 $661,516 67 $10,707 8 $719 2 $773 470 $673,716 Public Authority 141 $97,576 22 $7,041 1 $796 10 $4,932 174 $110,345 Total 78,252 $15,335,453 12,564 $1,052,709 2,821 $186,942 2,099 $175,909 95,736 $16,751,013 Indiana Michigan Power Company Cause No. 45380 Item 3 September Page 3 of 5 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 70,686 $13,103,027 13,144 $1,278,667 2,396 $153,714 2,133 $140,129 88,359 $14,675,537 Commercial 4,993 $1,553,357 762 $89,185 132 $9,175 63 $7,644 5,950 $1,659,360 Industrial 401 $684,707 56 $11,854 1 $525 6 $514 464 $697,601 Public Authority 141 $128,747 26 $3,172 3 $652 6 $2,510 176 $135,082 Total 76,221 $15,469,839 13,988 $1,382,878 2,532 $164,066 2,208 $150,797 94,949 $17,167,580

October 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 69,862 $11,490,229 12,607 $1,295,602 2,839 $199,985 2,232 $127,598 87,540 $13,113,414 Commercial 4,965 $1,499,627 794 $90,446 150 $24,385 71 $10,770 5,980 $1,625,228 Industrial 402 $550,630 50 $11,662 3 $1,287 6 $1,106 461 $564,685 Public Authority 128 $163,811 22 $11,913 10 $709 2 $92 162 $176,524 Total 75,357 $13,704,298 13,473 $1,409,622 3,002 $226,365 2,311 $139,566 94,143 $15,479,851

November 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 68,417 $10,419,610 12,753 $1,246,380 2,583 $201,503 2,508 $138,853 86,261 $12,006,346 Commercial 5,045 $1,410,603 815 $67,607 109 $15,374 73 $10,247 6,042 $1,503,831 Industrial 400 $1,222,601 37 $5,988 5 $2,900 3 $1,040 445 $1,232,529 Public Authority 161 $84,884 10 $12,596 5 $2,765 11 $458 187 $100,704 Total 74,023 $13,137,698 13,615 $1,332,571 2,702 $222,543 2,595 $150,598 92,935 $14,843,410

December 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 64,007 $9,443,287 11,493 $1,039,548 2,665 $195,431 2,519 $134,210 80,684 $10,812,475 Commercial 5,485 $1,229,389 782 $65,303 115 $18,307 64 $8,544 6,446 $1,321,543 Industrial 431 $601,489 57 $11,864 4 $375 4 $439 496 $614,167 Public Authority 254 $374,941 11 $2,987 3 $244 4 $181 272 $378,353 Total 70,177 $11,649,106 12,343 $1,119,702 2,787 $214,357 2,591 $143,374 87,898 $13,126,539 Indiana Michigan Power Company Cause No. 45380 Item 3 Page 4 of 5

January 2020 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 63,800 $11,530,338 10,893 $1,052,310 2,582 $209,095 2,646 $163,557 79,921 $12,955,301 Commercial 5,632 $1,497,919 729 $56,092 108 $14,797 62 $17,819 6,531 $1,586,627 Industrial 533 $687,772 47 $10,685 6 $3,969 2 $118 588 $702,544 Public Authority 280 $344,416 27 $4,550 1 $1,604 6 $4,397 314 $354,968 Total 70,245 $14,060,445 11,696 $1,123,638 2,697 $229,465 2,716 $185,892 87,354 $15,599,439

February 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 65,912 $12,764,616 11,252 $1,455,716 2,862 $325,243 3,192 $249,540 83,218 $14,795,115 Commercial 5,056 $1,596,284 829 $85,178 116 $11,998 55 $3,623 6,056 $1,697,084 Industrial 390 $373,578 51 $8,330 2 $1,396 5 $1,140 448 $384,445 Public Authority 110 $90,131 32 $12,561 4 $791 4 $1,857 150 $105,340 Total 71,468 $14,824,610 12,164 $1,561,786 2,984 $339,428 3,256 $256,161 89,872 $16,981,984

March 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 60,797 $11,049,275 11,111 $1,553,542 2,750 $404,526 3,146 $287,729 77,804 $13,295,072 Commercial 4,684 $1,463,855 907 $86,368 109 $11,460 79 $7,070 5,779 $1,568,752 Industrial 393 $1,096,168 55 $16,559 2 $389 3 $251 453 $1,113,367 Public Authority 104 $107,443 19 $10,210 7 $310 2 $330 132 $118,294 Total 65,978 $13,716,741 12,092 $1,666,678 2,868 $416,685 3,230 $295,380 84,168 $16,095,484

April 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 51,185 $11,218,248 20,096 $3,731,504 5,082 $904,237 4,507 $655,252 80,870 $16,509,241 Commercial 5,166 $2,031,481 1,344 $350,230 256 $45,029 116 $13,765 6,882 $2,440,505 Industrial 421 $1,437,385 97 $73,717 12 $4,085 1 $359 531 $1,515,546 Public Authority 190 $155,964 21 $18,219 2 $73 6 $871 219 $175,127 Total 56,962 $14,843,078 21,558 $4,173,670 5,352 $953,424 4,630 $670,247 88,502 $20,640,419 Indiana Michigan Power Company Cause No. 45380 Item 3 Page 5 of 5 May 30 Days 60 Days 90 Days 90+ Days Total Indiana No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount No. of Accts. Amount Residential 49,156 $12,452,636 9,324 $1,940,639 9,055 $2,059,257 7,043 $1,412,693 74,578 $17,865,224 Commercial 5,512 $2,615,941 641 $262,433 532 $176,513 224 $44,350 6,909 $3,099,236 Industrial 530 $1,612,018 29 $34,731 35 $23,875 6 $3,153 600 $1,673,776 Public Authority 137 $148,984 28 $13,675 4 $709 5 $821 174 $164,189 Total 55,335 $16,829,578 10,022 $2,251,478 9,626 $2,260,353 7,278 $1,461,016 82,261 $22,802,426 Indiana Michigan Power Company Cause No. 45380

5. Number of accounts receiving energy assistance and past due Item 5

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Accounts 4,645 3,930 2,517 1,531 1,406 606 846 1,039 548 546 6,126 6,440 Amount of Assistance $ (1,280,155.03) $ (1,069,121.89) $ (725, 988.59) $ (407, 863.99) $ (345, 247.44) $ (125, 785.05) $ (148, 844.73) $ (188, 880.92) $ (99,230.34) $ (99,684.31) $ (1,733,800.15) $ (1,934,174.81)

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Accounts 4,446 1,450 1,976 725 841 Amount of Assistance $ (1,267,871.77) $ (462,633.33) $ (593, 582.42) $ (161, 653.95) $ (217, 859.72) Indiana Michigan Power Company Cause No. 45380 Item 7

7. Amount Uncollectible by class

2019 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Residential $290,625.49 $250,670.40 $316,000.20 $223,226.20 $246,852.91 $331,027.54 $671,305.33 $685,207.69 $584,005.50 $659,539.09 $337,894.28 $343,356.94 Commercial $19,713.92 $56,154.85 $13,663.66 $16,214.07 $12,012.28 $60,667.69 $20,301.08 $27,501.14 $23,093.62 $11,247.31 $7,876.57 $16,707.99 Industrial $179.97 $8,079.21 $2,753.58 $735.07 $2,708.59 $10,983.96 $0.42 $0.00 $383.63 $535.95 $659.34 $0.00 Public Authority Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

Total $310,519.38 $314,904.46 $3 32,417.44 $2 40,175.34 $2 61,573.78 $4 02,679.19 $6 91,606.83 $7 12,708.83 $6 07,482.75 $6 71,322.35 $3 46,430.19 $3 60,064.93

2020 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Residential $257,811.90 $211,738.72 $142,898.67 $155,942.08 $146,186.17 Commercial $10,573.74 $6,072.11 $35,833.06 $32,575.19 $12,012.28 Industrial $21.15 $467.66 $73,300.52 $63,882.97 $540.37 Public Authority Other $0.00 $0.00 $0.00 $0.00 $0.00

Total $268,406.79 $218,278.49 $2 52,032.25 $2 52,400.24 $1 58,738.82 Indiana Michigan Power Company Cause No. 45380 Item 8

8. Accounts that received energy assistance that were written off as uncollectible.

2019 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 # Accounts 137 155 301 143 149 130 242 273 289 516 261 217 Outstanding balance $59,435.51 $67,961.75 $222,926.93 $70,108.48 $66,375.15 $60,222.15 $168,782.98 $207,960.96 $222,330.39 $422,479.37 $156,938.92 $112,521.12

2020 Jan-20 Feb-20 Mar-20 Apr-20 May-20 # Accounts 182 169 131 97 99 Outstanding balance $87,699.63 $64,197.08 $51,478.91 $40,105.44 $26,371.41 Indiana Michigan Power Company Cause No. 45380 Item 10

10. Number of payment plans and value by customer class

2019 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Residential Number of Accounts 2,456 2,340 3,391 3,065 3,073 2,731 2,542 2,818 2,951 2,730 1,967 1,529 Dollar Amount Outstanding $ 1,233,805.29 $1,361,745.16 $2,345,996.11 $1,995,082.16 $1,702,581.79 $1,404,385.77 $1,208,117.36 $1,381,197.29 $1,363,175.40 $1,233,420.81 $858,585.70 $653,100.97 Commercial Number of Accounts 7 7 5 7 5 2 7 3 4 7 4 4 Dollar Amount Outstanding $ 2,532.55 $ 5,527.74 $ 6, 426.82 $ 2, 841.01 $ 3, 861.69 $ 836.42 $ 9, 148.50 $ 5, 125.97 $ 2, 215.46 $ 5, 011.84 $ 1, 955.41 $ 12, 635.98 Industrial Number of Accounts 1 Dollar Amount Outstanding $ 139.34 Public Authority Number of Accounts Dollar Amount Outstanding

2020 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Residential Number of Accounts 1,992 1,725 1,662 1,096 1,134 Dollar Amount Outstanding $ 1,028,972.54 $ 981,368.69 $ 1,025,499.37 $ 660,663.66 $ 776, 596.54 Commercial Number of Accounts 7 4 18 44 43 Dollar Amount Outstanding $ 5,854.57 $ 3,679.21 $ 16, 929.98 $ 89, 474.08 $ 73, 449.69 Industrial Number of Accounts 2 4 14 Dollar Amount Outstanding $ 3,283.67 $ 801,950.37 $ 2,167,966.97 Public Authority Number of Accounts 1 Dollar Amount Outstanding $ 484.15 Indiana Michigan Power Company Cause No. 45380 Item 11 11. Number of Payment Arrangements in Default and the Amount by Customer Class

Residential Commercial Industrial Public Authority Total

2019 Jan 1,467 $637,699.93 2 $310.62 1,469 $638,010.55 Feb 1,501 $730,524.55 5 $2,696.03 1,506 $733,220.58 Mar 1,478 $816,306.75 3 $2,498.81 1,481 $818,805.56 Apr 1,926 $1,214,104.53 3 $1,113.22 1,929 $1,215,217.75 May 2,288 $1,482,101.72 2 $1,366.05 2,290 $1,483,467.77 Jun 2,036 $1,275,722.68 7 $4,637.12 2,043 $1,280,359.80 Jul 2,157 $1,288,449.49 4 $1,743.83 2,161 $1,290,193.32 Aug 2,144 $1,149,872.52 3 $1,394.60 2,147 $1,151,267.12 Sep 1,747 $887,058.36 2 $864.13 1,749 $887,922.49 Oct 2,121 $1,026,940.36 2 $1,524.80 1 $139.34 2,124 $1,028,604.50 Nov 1,745 $836,196.54 4 $2,593.98 1,749 $838,790.52 Dec 1,496 $690,399.82 6 $2,952.97 1,502 $693,352.79

Total 22,106 $12,035,377.25 43 $23,696.16 1 $139.34 22,150 $12,059,212.75

2020 Jan 1,604 $762,581.24 2 $11,420.33 1,606 $774,001.57 Feb 1,384 $676,266.94 5 $2,952.60 1,389 $679,219.54 Mar 1,488 $801,443.40 7 $6,399.07 1,495 $807,842.47 Apr 1,744 $983,442.36 10 $12,679.59 1 $1,322.35 1,755 $997,444.30 May 589 $387,862.52 17 $22,818.18 6 $871,668.45 1 484.15 613 $1,282,833.30

Total 6,809 $3,611,596.46 41 $56,269.77 7 $872,990.80 1 484.15 6,858 $4,541,341.18 Indiana Michigan Power Company Cause No. 45380 Item 16 Corrected Transcript

06-May-2020 American Electric Power Co., Inc. (AEP) Q1 2020 Earnings Call

Total Pages: 25 1-877-FACTSET www.callstreet.com Copyright © 2001-2020 FactSet CallStreet, LLC Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

CORPORATE PARTICIPANTS

Reese Darcy Brian X. Tierney Managing Director-Investor Relations, American Electric Power Co., Inc. Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc......

OTHER PARTICIPANTS

Stephen Calder Byrd Jeremy Tonet Analyst, Morgan Stanley & Co. LLC Analyst, JPMorgan Securities LLC Durgesh Chopra James M. Thalacker Analyst, Evercore Group LLC Analyst, BMO Capital Markets Corp. Julien Dumoulin-Smith Sophie Karp Analyst, Bank of America Merrill Lynch Analyst, KeyBanc Capital Markets, Inc. Michael Lapides Shahriar Pourreza Analyst, Goldman Sachs & Co. LLC Analyst, Guggenheim Securities LLC ......

MANAGEMENT DISCUSSION SECTION

Operator: Ladies and gentlemen, thank you very much for standing by and welcome to the American Electric Power First Quarter 2020 Earnings Call. At this time all participants are in a listen-only mode. Later we will conduct a question and answer session and instructions will be given to you at that time. [Operator Instructions]

I will now like to turn the conference over to your first speaker, Ms. Darcy, Reese. Please go ahead...... Reese Darcy Managing Director-Investor Relations, American Electric Power Co., Inc. Thank you, Perky. Good morning everyone and welcome to the first quarter 2020 earnings call for American Electric Power. Thank you for taking time today to join us. Our earnings release, presentation slides and related financial information are available on our website at aep.com.

Today, we will be making forward-looking statements during the call. There are many factors that may cause the future results to differ materially from these statements. Please refer to our SEC filings for a discussion of these factors. Our presentation also includes references to non-GAAP financial information. Please refer to the reconciliation of the applicable GAAP measures provided in the Appendix of today's presentation.

Joining me this morning for opening remarks are Nick Akins, our Chairman, President and Chief Executive Officer; and Brian Tierney, our Chief Financial Officer. We will take your questions following their remarks.

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

I will now turn the call over to Nick...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. Okay. Thank you, Darcy. Welcome and thank you all for joining us today for AEP's first quarter 2020 earnings call. I want to take a moment to extend our sympathies to all those who have been personally impacted by the COVID- 19 pandemic. At AEP we understand that we are all in this together. The AEP Foundation has contributed to charities across our footprint to ensure that we are part of the solution for the customers and communities. In addition to providing our employees with the personal protective equipment they need to do their jobs, we have donated masks, gloves and other essential items needed by hospitals across our service territory. To further assist those in need within our communities our customer service representatives have provided assistance in fielding questions on how to secure small business loans. Throughout these challenging times I continue to be extremely proud of our employees who have done an outstanding job demonstrating their capacity for being adaptable and exercising the agility needed to meet the challenges of a rapidly changing situation.

As we continue to adapt to the ongoing challenges imposed by COVID-19 we remain committed to keeping our employees safe and keeping America powered through these unprecedented times. Certainly as we head into March during the first quarter, the story for the quarter would have been one which we have all heard before, mild weather impacted the first quarter but as we've also heard before a quarter does not a year make and there is plenty of time to recover from a mild winter. We adjust to these types of issues all the time. But I'm sure you're more interested in the last half of March and what April tells us about the future. I'll get into all that in a minute. But first let's just do the headlines, the financial headlines for the quarter.

For the first quarter we came in with operating earnings of $1.02 per share. We are reaffirming our 2020 operating earnings guidance range of $4.25 to $4.45 per share and our 5% to 7% long-term growth rate. AEP is doing this because regardless of whether we forecast a V-shaped, U-shaped or W-shaped COVID-19 recovery, we see our service territory as an arbitrage between residential load and commercial and industrial load that is defined really by a pendulum between the financial characteristics of working from home versus the restart of commercial and industrial businesses. With all of this considered along with capital, O&M, credit metrics and updated load forecasts and actions we have taken, we expect to be in the lower half of our guidance range. We are shifting $500 million of capital spending, substantially contracted renewable business and corporate-related capital for the time being to maintain our commitments to solid credit ratings. We are reaffirming our $33 billion of capital over the five-year period, however. We believe this to be the smart play given our ability to adjust capital quickly to respond to market conditions.

We give all of this guidance insight – given an exhaustive review county by county of our service territory from a load perspective through April, weather impacts thus far in the year and expense control measures already put in place to respond to present conditions. We will continue to refine these assumptions as data becomes available. Certainly weather, customer load mix, pace of economic recovery and continued O&M related dictate further positive progress within the guidance range.

Brian will get into more detail about these assumptions but I want to reaffirm for you that our balance sheet is strong, credit metrics are good and liquidity is secure as we move forward.

Okay, so let's move on to the specifics related to COVID-19 and its implications to our operations and our financials as we see the year progressing. As many have heard there is a famous boxing quote from Iron Mike Tyson that is truly appropriate here, everyone has a plan until they get punched in the mouth. Well, that's what we have faced in the end of this quarter and we'll face probably for the rest of the year. But I'm here to tell you, yes,

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020 we've been challenged a little bit but we are very much still in the match because of our quick responses and agility to be in the position to reaffirm our existing guidance range.

I'll start by discussing our employee's commitments to our customers, communities and our shareholders as we move through the crisis that I referred to at the beginning of my presentation. First, I want to recognize all the healthcare and first responders who have put themselves in the line of fire to help us all to be more safe and healthy. As a critical infrastructure service company, the frontline employees of our utility have also taken on risk by ensuring we are out in the field responding to substantial storm activity to ensure the resiliency and reliability of electric service so that hospitals, critical businesses and customers who are under stay at home provisions can continue to benefit at least from some degree of comfort in these challenging times.

We have instituted protection measures for these employees that reflect CDC guidance regarding physical distancing including smaller work teams, proper hygiene and appropriate PPE and testing to minimize risk of contact with the virus. Approximately 12,000, over 70% of AEP's employees, have been working from home for several weeks now and will continue to work from home even after stay at home provisions are lifted to ensure further precautions are taken both at home and at the office for employees who must return for various reasons.

We have instituted specific COVID-19 adjustments to our health plans and benefits for employees and as a critical infrastructure business have continued to pay our employees as they work from home. For most field level employees we have also awarded additional days off with pay to enable more time with their families during this time. We have over 82% of our call center employees working from home and as they not only answer customer questions they are also helping our small businesses get back on their feet by helping them navigate through the SBA loan provisions of the CARES Act.

Regarding our customers, we recognize the hardships that this pandemic has brought on and have temporarily suspended all service disconnects for non-payment and our team of call center professionals have been working diligently to administer more flexible payment arrangements for our commercial and residential customers. Some states have mandated this but we do so voluntarily and our state commissions have fully supported these actions through the establishment of deferred accounting and other measures, which I want to take the time to thank them for addressing these issues.

Regarding our communities, the AEP Foundation has donated over $3 million to support basic human needs to help address hardships from food security, housing, clothing and other issues during this time. We have donated over 9,000 N95 masks, 110,000 gloves and disposable surgical masks and 1,200 face shields from our warehouse stocks and 3D printing facilities within our innovation labs.

In my 37 years of being in this business, I have never seen the level of coordination and concern by multiple agencies to do the right thing for our customers, our employees, our businesses and communities. While much focus on this call is on the financials, it is important to remember the part we play in the broader social fabric as a critical infrastructure business. And our effectiveness is defined by the level of cooperation and support from all the agencies that we deal with. Our state commissions and governor's offices, federal and state legislators, FERC, NERC, DOE, DHS, NRC and others, and they all have answered the call and we at AEP thank them. There is much work yet to do but I believe all have embraced the capital S for social, from an ESG investor perspective.

From the operational side, we've had no disruptions to plant or grid operations while storm activity has been exceptional, given the significant storm activity in several of our operating company territories and considering the additional COVID-19 related safety precautions. There has not been a delay in the North Central wind facilities

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020 construction and the regulatory cases regarding this project have continued on schedule. As well, future rate cases are on track to be filed including in Ohio and Kentucky.

On the regulatory front, it has been a busy quarter. In fact, we have already received approvals for 96% of the budgeted regulatory recovery for 2020. In March, the Indiana Utility Regulatory Commission authorized a $77 million revenue increase based on a 9.7% ROE. The commission approved I&M's proposed distribution system investments and full tracking of FERC transmission costs. The company had also sought an adjustment to reflect the reallocation of capacity costs associated with termination of certain wholesale contracts which was denied by the Commission. We have filed for rehearing on this matter.

In January the Michigan Commission approved the settlement of the base rate case, resulting in an increase of $36 million based on a 9.86% ROE. In April, the PUCT, Public Utility Commission of Texas, issued a final order approving the settlement agreement in the AEP Texas base rate case, allowing for a 9.4% ROE with a 42.5% equity layer on the company's $5 billion asset base. Also in April we filed a DCRF, a distribution cost recovery factor to add approximately $440 million in assets to rate base for distribution investments we made to benefit our customers in AEP Texas. A TCOS filing, transmission cost filing was also made to recover $800 million in transmission investments made over a similar timeframe.

The company also followed a required base rate case in Virginia as part of this state's triennial review. In that filing the company asked for a 9.9% ROE on a 50/50 cap structure on a $2.5 billion base, resulting in an increase of $64.9 million. Rates would be effective at the end of January 2021.

There is no question that these are unprecedented times. I think it goes without saying that we will need to ensure that utilities and commissions work together to devise creative solutions to the challenges we all face. Tony Clark, former commissioner at the Federal Energy Regulatory Commission, prepared and submitted a white paper to NARUC recognizing the unique challenges the energy industry is facing and the need for regulators to be creative to new solutions. In that article he called for policymakers at both the federal and state level to be proactive in both the short and long term by targeting measures that support both customers and utilities. Collectively with our legislators and our commissions we need to work together to recognize the importance of protecting customers and ensuring utilities are able to invest in their systems and maintain the level of service that our communities depends upon whether through deferrals, preferably riders, or forward looking test years because cash is key again for utilities to be able to adequately invest in critical infrastructure.

Two examples within our service territory the commissions have – where they've taken a proactive view have been in Texas and Ohio. We believe both are steps in the right direction. In Texas the commission approved the COVID-19 electricity relief program for residential consumers who were having difficulty paying their bills. A rider has been put in place to fund the ERP that enables AEP Texas to access cash to begin the program cost. In Ohio, commission staff recommended approval of the regulatory asset deferral for future recovery and recovery of the demand ratchet program costs through the existing economic development rider. This will help lessen the impact to industrials who are key employers within the state and protect utilities. We believe both are examples of progressive moves by states to help mitigate the risk associated with COVID-19 to both customers and provide certainty for utilities.

Moving on to the North Central project, we continue to make progress on this landmark project and provide significant benefits for our 1.1 million customers in our PSO and SWEPCO states. We received approval of a unanimous settlement in Oklahoma as well as FERC approval in the first quarter. We expected May to be an important month for the project for the remaining jurisdictions and I'm pleased to report that yesterday the

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Arkansas Public Service Commission approved the 155 megawatts or approximately 10% of the total project along with the flex up option.

As you recall the flex up option allows Arkansas to increase the megawatt allocation should another SWEPCO state reject the application. The commission in that order determined that SWEPCO should use its formal rate rider to recover its costs. In early March, we filed a unanimous settlement in Louisiana for 268 megawatts or approximately 18% of the total project which also includes a flex up option. We expect a decision by the Louisiana Public Service Commission in the May or June timeframe.

Lastly, after concluding our hearings in February, we expect a proposal for commission decision from the Texas ALJ in late May. With approvals in Oklahoma, Arkansas and FERC under our belt the project has what it needs to go forward at 846 megawatts of the 1,485 megawatt project. Of course the project can move forward with even more savings for customers and the full $2 billion investment opportunity, if either the LPSC approves with the flex up option or the LPSC and the Public Utility Commission of Texas approves their portion of the full project.

Okay, so now I'll talk to the equalizer chart. We can go to that and for AEP Ohio, most of these are weather- related, but for AEP Ohio we've had the roll-off of some of the legacy fuel and capacity carrying charges, they rolled off, so we expect the trends of the ROE to be at the authorized levels of around 10% and presently it's 9.9% at quarter 2020. In APCo, the ROE for APCo at the end of first quarter is 8.7% and that's driven by lower normalized usage and a higher depreciation from increased capital investments and of course unfavorable weather. Virginia's first triennial view was filed in March 2020 as I mentioned earlier and it covers the 2017 to 2019 periods, an ROE of 9.42% would be used for the triennial review with a 70 basis point bandwidth of 8.7% to 10.12% ROE.

Kentucky Power, the ROE for Kentucky Power at the end of the first quarter was 6.7% and that's primarily driven by loss of load from weak economic conditions, a loss of major customers along with higher expenses and unfavorable weather. We also have been in a stay out provision associated with rate filings but that goes away here soon and we expect to be filing in Kentucky in the July timeframe.

On I&M, the ROE at I&M is at 10.5% and we've been implementing new rates for Indiana which will take place in the second quarter but we fully expect that to be at the authorized areas of around 9.7% to 9.86%. And then for PSO, PSO is at 9.2% primarily driven by unfavorable weather. SWEPCO at the end of the first quarter was 6.2% and that was because of the loss of load, unfavorable weather and continued impact of the Arkansas share of the Turk plant which accounts for about 112 basis points. The Arkansas base case settlement in December went in place in December 2019 and is effective January 2020, approved a $24 million revenue increase there.

In AEP Texas it's at 8% and that's due to a lag associated with the timing of annual filings and one-time adjustments from our recently finalized base rate case. A favorable regulatory treatment has historically allowed us to file annual DCRF and bi-annual TCOS filings to recover our costs and I mentioned those earlier, so there's a lag associated with those but we should see a pickup there and drive more toward a 9.4% ROE in the long-term. And then the Transmission Holdco it's at the end of the first quarter was 11.5% and it was driven by higher revenues due to differences between actual and forecasted revenue. So we fully expect the transmission ROE to be in the mid-10% range in 2020.

So, with that, when there is a pandemic like the one we're experiencing today, it has not occurred in a hundred years and this nation's economy has been effectively shut down for months, there's no question that everyone is challenged and AEP is no exception. But we are up to the challenge to recognize not only the role this company has in the resiliency and restart of our economy as well as the provision of electric service no matter where our

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020 customers are working or living, but also the importance of the consistency and quality of earnings and dividends to our shareholders that makes our work possible. We will strike that balance, respond to challenges and I'll stick with the boxing analogy with a Sylvester Stallone movie, Rocky, where the music is playing the theme from Rocky and he's running up the steps that represents the adversity of reaching a goal. I believe at the end of the year we all will, the AEP, the communities we serve, our customers and our shareholders will be at the summit raising our arms in victory. Brian? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. Thank you, Nick, and good morning, everyone. I will take us through the financial results for the quarter, provide some insight into how we're thinking about 2020 including an update on April load and finish with a review of our balance sheet and liquidity.

Let's stop briefly on slide 7, which shows the comparison of GAAP to operating earnings for the quarter. GAAP earnings were $1 per share compared to $1.16 per share in 2019. There's a reconciliation of GAAP to operating earnings in the Appendix.

Let's turn to slide 8 and look at the drivers of quarterly operating earnings. Operating earnings for the first quarter were $1.02 per share, or $504 million, compared to $1.19 per share, or $585 million, in 2019. Looking at the drivers by segment, operating earnings for vertically integrated utilities were $0.50 per share, down $0.13. Earnings in this segment declined primarily due to warmer than normal winter weather and lower normalized retail load. Other small decreases included higher depreciation, higher tax expense and lower wholesale load, AFUDC and off-system sales. Favorable drivers included rate changes and higher transmission revenue.

The Transmission and Distribution Utilities segment earned $0.24 per share, down $0.08 from last year, primarily driven by the 2019 reversal of a regulatory provision in Ohio. Other smaller drivers included higher depreciation, the roll-off of legacy riders in Ohio and unfavorable weather. These items were partially offset by higher rate changes, normalized retail load and recovery of increased transmission investments in ERCOT as well as lower O&M.

The AEP Transmission Holdco segment continued to grow, contributing $0.28 per share, an improvement of $0.03 over last year. Net plant increased by $1.5 billion or 18% since March of last year.

Generation and Marketing produced earnings of $0.07 per share, down $0.02 from last year. The Renewables business grew with the acquisition of multiple renewable assets. Increases in retail margins were more than offset by timing around income taxes and lower generation sales due to lower energy prices and plant retirements.

Finally, Corporate and Other was up $0.03 per share, primarily driven by lower taxes relating to a prior year income tax adjustment and other consolidating items that were reversed by year end, other variances related to higher interest expense and lower O&M. Earlier in the call, Nick indicated that we are reaffirming our 2020 operating earnings guidance range of $4.25 per share to $4.45 per share and would likely be in the lower half of that range. Let me give you some of the detail that leads us to that outcome on slide 9 and then I'll provide more detail on each of the key assumptions in the following slides.

Our economic forecasting group uses Moody's analytics as a key input to our models. In April, Moody's published a county-level forecast that included a projected impact of COVID-19 on our service territory. We used this new data along with updated assumptions from our customer service engineers to come up with revised retail sales

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020 projections for the year. We now expect residential sales to increase 3% over 2019 levels, largely driven by all of the activity that is taking place in residences rather than in places of work or in the classroom.

Conversely, we are anticipating commercial sales contractions of 5.6% and industrial sales declines of 8% over 2019 levels. Many businesses have shifted their operations to a mostly online platform while other employers have had to make the difficult decision to furlough or reduce employee head count until market demand is restored. These retail forecast lead us to expect an overall decline in sales of 3.4%. This updated load would impact our prior forecasts negatively by $0.15 per share. We've already discussed our year to date negative impact from mild weather of $0.11 per share. In response to these circumstances we have taken action to reduce untracked operations and maintenance expenses by an additional $100 million, resulting in a positive expectation of $0.17 per share for the year. The net result of load, weather and O&M reductions would have a negative $0.09 per share impact for the year, leaving us inside but in the lower half of the original operating earnings guidance range.

We realize moratoriums on disconnects and the economic impact to our customers may have on our cash receipts. In response to this we have initiated a shift of $500 million of capital expenditures out of 2020 to be placed into the future years of 2021 to 2024. As we made these deferrals we were mindful of customer and reliability impacts. In fact, about $200 million of these investments were in our competitive renewables business and about $100 million were corporate investments. The shifts can be ramped up or down going forward in response to how events play out in real time.

With this moderate level of capital shifting we are able to reaffirm our 5% to 7% long-term growth rate off of our original 2019 operating earnings guidance range. Regarding potential increases in bad debt across our jurisdictions, we have already received orders in Texas, Arkansas, Louisiana and Virginia to set up regulatory assets related to COVID-19 costs. Other states where we have filed for recovery of COVID-related deferrals include Ohio, Michigan, Tennessee and Oklahoma.

We have tried on the slide to provide some of the detail for how our coronavirus and oil and gas events will impact AEP's operating earnings for 2020. Instead of taking you through the details of our scenario planning, let me highlight some of the items that could positively and negatively impact our view as we make our way through the year. On the positive side a sharp V-shaped recovery that is more dramatic than the gradual recovery from a second quarter low point that we have assumed would improve results.

Additionally, mitigation of coronavirus infection rates leading the economy to open up sooner than we have assumed would improve results. A greater increase in residential sales and an improvement in commercial and industrial sales would further improve our outlook. We've experienced a mild winter. If that carried forward into a warmer than normal summer, that would have positive earnings implications. Another positive would be if we could garner incremental savings to what we have assumed at the $2.7 billion level of untracked O&M expenses.

The items that would create negative impacts to our assumptions for the year are largely the opposite of the positives. A prolonged U-shaped or a dramatic L-shaped recovery would be more negative than our assumptions. Increased coronavirus infection rates could lead to weaker economic conditions for longer periods than we have assumed, potentially impairing our outlook for the year. In addition, continued mild weather and/or O&M expenses beyond our control, like for storms, could negatively impact the outlook for 2020. We have tried our best using data, experience and judgment to update and share outlook with you for 2020. We've tried not to be unreasonably optimistic nor pessimistic. This outlook allows us to reaffirm our 2020 operating earnings guidance range with a view that we are likely to be in the lower half of the range.

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Now, let's turn to slide 10 and provide an update on our system load, focusing on our outlook for the balance of the year. Our first quarter normalized load was down 0.7% compared to last year. Our residential and industrial sales were both down for the quarter, while commercial sales were essentially flat. Our original guidance for the year assumed 0.5% normalized load growth. Clearly a lot has changed since that forecast was developed.

Since then we have taken a fresh look at our forecast and now expect our total load to end the year down 3.4% on a weather-normalized basis with meaningful changes in customer mix and related margins. For 2020 we anticipate a significant contraction in the second quarter followed by a gradual recovery over the balance of the year.

In the upper left quadrant we raised our residential outlook for 2020 to 3%. We are seeing significant increases in residential load during the stay-at-home period. Even after our states begin to reopen their economies in the second quarter, it is our expectation that many employees will continue to work from home. Having said this, we expect the strongest residential growth in the second quarter with some tapering off during the second half of the year.

Moving clockwise, our commercial sales outlook is now assuming a 5.6% decline from 2019 levels. Prior to the COVID outbreak we experienced consistent improvement in our commercial sales class over the past year. However once the stay-at-home provisions were in place, we experienced significant declines in our sales to traditional retail stores, hotels, restaurants, churches and schools. However, not all commercial load was negatively impacted by the outbreak. Sales to hospitals and government support offices were up substantially in the first quarter. When you consider the challenges many businesses will face trying to introduce social distancing protocols into their normal operations, we are projecting a difficult second quarter for commercial sales with modest improvement through the remainder of the year.

Finally in the lower-left chart, the outlook for industrial sales has changed significantly. We now expect 2020 industrial sales to come in 8% below 2019 levels. A number of factors have changed the outlook for this class, but the biggest driver is the overall drop in economic activity. Over the past several weeks, we have learned a number of large industrial customers that are either idling their production or reducing their output temporarily until market conditions improve. In addition, a number of expansions we have previously assumed to come online later this year have been delayed or postponed. These delays should be reversed as the economy gradually recovers.

Since nearly 30% of our industrial sales come from the oil and gas sectors, let me explain recent sales trends in this sector. Surprisingly, sales to the oil and gas sectors in the first quarter increased by 9.7%, which was the strongest quarter we've experienced since 2016. Most of that growth came from the pipeline transportation sector, which was up 28% for the first quarter. Going forward we expect some reduction in oil and gas extraction that will be offset by growth in the midstream and downstream operations.

We don't normally report our monthly load numbers, but since we have the data let's take a look at April load on slide 11. Total normalized retail load for April was down 4.3% with the relationship between the retail classes being similar to what we assumed for the balance of the year. Not surprising given the number of people relegated to their homes, normalized residential sales were up 6% for the month. Equally not surprising, normalized commercial sales were down 7.7% for the month with the biggest declines being in schools, churches, restaurants and hotels. Industrial sales were down 10% for the month. The biggest decline was in sectors that support the automotive industry while we experienced strong sales growth in pipeline transportation and food manufacturing sectors. Looking at April's results, the relationship between the classes, also known as sales mix, as well as the levels of sales in each class, are consistent with the assumptions we have made for the second quarter of our balance of year assumptions.

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Moving on to slide 12, let's discuss some load sensitivities and highlight some of our rate recovery mechanisms. The three pie charts show that by segment and in total about half of our non-fuel revenues come from the residential class. Applying a 3% growth we are now projecting for residential sales in total to the sensitivities we provided at last year's EEI Financial Conference, we would pick up $0.12 a share from higher residential sales. Repeating the same calculations for the projected load loss in the commercial and industrial classes would produce a drag of approximately $0.11 and $0.16 per share respectively. When you add these three impacts together you get the $0.15 per share impact we identified on slide 9.

Finally, retail rate design has a couple of features that stabilize our revenues during an economic downturn. First, most of our large industrial tariffs include demand provisions designed to cover the fixed portion of utility costs. These provisions remain in place even when volumes are down. Second, in our residential customer class we've had some success over the years better aligning the fixed portion of customer rates with fixed costs. Together these rate considerations provide a stabilizing effect on our revenues even when sales volumes decline.

Turning to slide 13, another key assumption is the weather. As mentioned earlier, weather in the first quarter was extremely mild. The green bar in the first quarter shows that mild weather cost us $71 million compared to normal, which was $65 million worse than the first quarter of last year. While our outlook assumes normal weather for the remainder of the year, this chart shows that weather can change significantly as evidenced by last year's experience. If we were to have another warm summer like we did in 2019, it could offset the $0.11 drag for weather in the first quarter that we showed you on slide 9. Our management team has proven a track record of adapting our plans to changing conditions as necessary. In years when the weather has provided a tailwind, we have accelerated spending to provide stability to our earnings in line with our 5% to 7% growth targets. In years where weather has been less accommodating, we've been able to shift our spending to future years to achieve the same goal. You can expect this management team will react similarly this year.

Turning to slide 14, you can see that for nine years now we have maintained O&M discipline and kept spending net of offsets in a tight range of between $2.8 billion and $3.1 billion. We had originally planned to drive down O&M costs in 2020 to $2.8 billion. In response to the expected decline in sales, we now plan to reduce O&M spend by an additional $100 million. Plans like the Achieving Excellence Program and additional onetime and extraordinary reductions will help us to achieve those reductions.

Now, let's move on to slide 15 and review the company's capitalization and liquidity. Our debt to total capital ratio increased during the quarter from 59.8% to 61.8%. The increase in the debt component is attributable to financings to support our ongoing investment program and to fortify our liquidity position to ensure smooth operational financing during this period of market volatility. As you would expect, the increase in debt combined with the ongoing pressure associated with the flowback of ADIT resulted in pressure on our FFO to debt metric, which at quarter end stood at 12.5% on a Moody's basis. The decline in the metric is also temporarily influenced by the $1 billion 364-day term loan the company proactively obtained in late March.

Despite the temporary decline in this metric, rating agencies view this enhanced liquidity as credit positive. Adjusting for this facility and associated cash balances, the metric would be 13%. Our liquidity at the end of the quarter remains strong at $2.8 billion. Since then our commercial paper balances have dropped to $1.6 billion and our liquidity position has increased to $3.1 billion. Our qualified pension funding increased approximately 4% to 93% and our OPEB funding decreased approximately 15% to 130%. Pension and OPEB equity returns were negative 23% and negative 22% respectively for the quarter and were the primary reasons pensions and OPEB funding decreased.

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Fixed income returns of approximately 7% and 6% in the pension and OPEB respectively serve to offset some of the equity losses. We've worked hard over the years to focus on pension and OPEB funding and are pleased with how the asset portfolios have performed in spite of recent market volatility.

Let's wrap this up on slide 16 so we can quickly get to your questions. In response to the economic downturn and related implications, AEP has responded to quickly reduce our O&M spending by an additional $100 million for 2020. This action combined with our updated load forecast allows us to reaffirm our existing operating earnings guidance of 2020 from $4.25 to $4.45 per share. In addition, in response to uncertainties about cash flows related to reduced customer demand and potential delays in customer receipts, we are shifting about $500 million in capital expenditures out of 2020 and into the period 2021 to 2024. We can adjust the timing and size of the shift in reaction to how events play out relative to our assumptions. Because of our ability to continue to invest in our own system organically, we are confident in our ability to grow the company and our stated long-term growth rate of 5% to 7%. We continue to make progress on obtaining approvals for our $2 billion North Central Wind project in Oklahoma and plan to proceed when approvals are obtained.

With that I will turn the call over to the operator for your questions......

QUESTION AND ANSWER SECTION

Operator: Thank you. [Operator Instructions] And one moment for the first question. And our first question comes from the line of Steve Byrd with Morgan Stanley...... Stephen Calder Byrd Analyst, Morgan Stanley & Co. LLC Q Hi, good morning. Hope you all are doing well...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning, Steve...... Stephen Calder Byrd Analyst, Morgan Stanley & Co. LLC Q Thanks for the update on a lot of topics. I wanted to talk first just about two of your rate cases, Indiana and Michigan, where I believe the test year is going to be a 2020 test year. How do you think about that sort of test year in light of COVID, load adjustments, COVID-related expenses as you think through that rate case and sort of how to approach 2020 given it's such an unusual year? ...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah. So, in at least Indiana, we have a forward test year views and I think it's probably going to be particularly important as we go in for these cases for there would be an understanding that we are dealing with a COVID- related year if it is a test year, but where we have forward test years though you can account for that going forward in the rate-making, but certainly we'd be certainly to the end of the process whether you pro forma it in or do other things, I think there's probably at least opportunities for discussion about that, because COVID – 2020 is going to be an unusual year and to be used for test years will be particularly challenging. You have to really go to

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020 some form of pro forma view that has the level of investment, the level of business activity that you would normally see. So I would expect our commissions to be reasonable in that approach...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A In both those cases, Steve, we had forward-looking test years and we do have orders effective in both of those jurisdictions...... Stephen Calder Byrd Analyst, Morgan Stanley & Co. LLC Q Okay. That's helpful. Yeah. It makes sense that you'd sort of try to work through the adjustments. Makes sense...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah...... Stephen Calder Byrd Analyst, Morgan Stanley & Co. LLC Q On North Central Wind, some great progress there, that's really encouraging. I guess I had sort of two related questions on North Central. If you do get those additional approvals that you're waiting for such as in Louisiana, Texas, can you sort of quickly flex the plan to go to the higher megawatt level and then I guess relatedly you've obviously deferred some CapEx. Do you have that flexibility to deploy whatever capital you need to, to kind of make this a bigger project or does your sort of capital position caution against sort of a significant ramp up in CapEx this year, just kind of thinking through the growth in North Central? ...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah. So, originally, North Central was not in our capital plans. So, and so when we get approval for that, that will be dealing with a different financing model associated with that. As far as the megawatt level and amount of investment, yes, if we get approval for Louisiana for example and Louisiana also approves the up rate which is in the settlement arrangement, then we would have the full $2 billion investment opportunity there. We already know we're going forward with the project, that was the importance of Arkansas approval. So the project's moving forward, the question is what size and then when Louisiana approves that and hopefully with the flex up as well, then that's a full $2 billion or if Texas takes their portion, then all the operating jurisdictions will be taking their particular portions as we go forward.

Now there is additional opportunity for renewables in those areas. The integrated resource plans have the capability for that, but we felt like, as we originally said about this project, there is sort of a breakpoint between the opportunities that existed around the wind farm projects and the pricing. And we wanted to make absolutely sure that the pricing was very effective and produced very positive savings for our customers, so we can always go out for bid again, to fill the rest of that from a resource planning perspective...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A

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Steve, we'll be full speed ahead on the CapEx associated with North Central Wind one way or the other. Nick mentioned that it's not in the $33 billion that we had previously identified for the five years 2020 to 2024 and we previously said that we anticipate an equity component of that investment to be between 50% and 66%...... Stephen Calder Byrd Analyst, Morgan Stanley & Co. LLC Q Yeah, that's super helpful. I'll let others ask questions. Thank you...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Thank you......

Operator: Thank you. And our next question comes from the line of Durgesh Chopra with Evercore. Please go ahead...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning...... Durgesh Chopra Analyst, Evercore Group LLC Q Hey. Good morning, guys. Thanks for taking my question...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Yes...... Durgesh Chopra Analyst, Evercore Group LLC Q I had two – just the first one, on 2020 guidance range here, the $0.15 EPS you guys said, what are you assuming in terms of decline trends for the rest of the year? I guess what I'm asking is are you assuming some amount of recovery in Q3 or Q4, just curious as to what you're assuming in terms of profiling for the rest of the year? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Sure, so we are assuming that the second quarter would be the lowest quarter for load and that there'll be a gradual recovery over the balance of 2020 and into the first quarter of 2021...... Durgesh Chopra Analyst, Evercore Group LLC Q Got it, perfect, and then can you comment on just your – assuming that you are going to hit your lower half of the EPS guidance range for this year, where would that put you in terms of credit metrics [ph] as opposed to (00:44:13) debt versus your targeted metrics and then any color that you can provide us with your recent conversation that you've had with Moody's on some of the changes that you've made to your plan? ......

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Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A So we've really been – we anticipate year end being at that [ph] load of (00:44:30) debt in that 13% to 14% range. We've communicated that with S&P and Moody's had dialogues with them as late as yesterday. They understand where we are and what we're doing. I think they were encouraged to see us flex a little bit our CapEx for the balance of the year in response to anticipated lower cash flows than what we had anticipated and they're supportive of that. They viewed with Julie and her team did around the term loan facility as being credit positive and they are fully aware, apprised of what we're doing and you should ask them. But I think their answer would be supportive...... Durgesh Chopra Analyst, Evercore Group LLC Q Great. That's all I had, guys. Thank you very much...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Yeah. Thank you ...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Thanks, Durgesh......

Operator: Thank you. And our next question comes from the line of Julien Dumoulin with Bank of America. Please go ahead...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning, Julien...... Julien Dumoulin-Smith Analyst, Bank of America Merrill Lynch Q Hey. Good morning, team. Hope you all are well. Perhaps just to pick up where the last question left off to start here, on guidance and the 2020 [ph] lower half, (00:45:51) how do you think about the reduction in CapEx? I just want to reconcile this, I mean, it seems that you're not really changing [ph] everybody's (00:46:00) debt expectations [ph] because you are bringing (00:46:02) down CapEx all together, but why do that relative to the change in earnings, just if you could walk through the thought process there? And then also it seems that it doesn't necessarily have too much of an earnings impact given the corporate nature through the CapEx, but I just want to make sure whether you have that correctly as well? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Sure, Julien. Thanks for the question. So we are anticipating there to be some reduction in cash flow this year associated with two things; one, lower customer demand, and then, two, we have eliminated disconnects currently, and so we think that customers will pay us slower than what they have in the past. We're not seeing the

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020 impact of that in a significant way yet. It's too early, but in anticipation of lower cash flows to maintain those FFO to debt metrics we felt it was prudent to at least engage the motor on our ability to scale back CapEx.

In regards to the no impact on future earnings, we tried to do it in places that have either lower regulatory lag or the increase in earnings isn't as great, so Nick mentioned that some of that reduction is in the competitive renewable space and some of that reduction is also at corporate capital, things like IT and things like that that are much slower to flow into customer rates during late cases. Things that we are careful not to cut with things like transmission, where we're spending on customer resilience and reliability and we have those formula based rates to update and get that CapEx into rates on a fairly efficient basis. So we're really thoughtful about how we cut that small or shift to that small amount of CapEx and made sure that it wasn't impacting earnings...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Julien, I think you're reading it right though, I mean we're being as transparent as we possibly can be through this process using the latest information, not that we got the load information in April, load information yesterday, so we're trying to be as transparent as possible but also taking the right, smart, appropriate steps to ensure that we're able to be agile enough to do what we need to do. So I think you're reading that right. We obviously would put that capital back in as quickly as possible and then as Brian mentioned, we're not only mitigating any impacts to the earnings capability but also thinking ahead in terms of where we deploy that capital in the future.

So and then we also have North Central coming about, so those things are occurring, we're trying to manage through this year in a very positive fashion and really a defensive posture and then set ourselves up for the future years and 2021 and beyond. So we'll continue that approach and obviously if we get a hot summer for example, we'll throw capital back in, that means all kinds of things that can adjust and then from a residential standpoint, you heard our residential load for April was 6%. And we're saying 3%.

So we don't know exactly how this is going to play out particularly with changing dynamics of business cases themselves changing. I mean, we had nationwide recently come out and say that there are people who are going to be working from home and we have 17,000 employees and 12,000 are working from home. We may be looking through our Achieving Excellence Program which we have already accelerated to look at – how you look at people working from home and maybe the whole business case changes from that perspective and it also reduces O&M further. So we're in the process of doing all of that but we're just trying to be as transparent as possible but you're reading the tea leaves right...... Julien Dumoulin-Smith Analyst, Bank of America Merrill Lynch Q Got it. Excellent. And let me just clarify from the transcript, you all are reaffirming retentions to file rate cases in various geographies. This doesn't shift timing necessarily, it sounds like, and more, at the same time I don't want to tie one to the other. Does that shift any expectations with respect to asset sales, disposals, strategic reviews, just want to make sure we're on the same page there and – I know there could be some further capital needs...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah. No, it doesn't change. As a matter of fact, we'll continue those cases, I mean, obviously I also mentioned Kentucky, we had a stay out provision. We need to file a case and we'll do that when that stay out provision is lifted and then that would be effective January 1 of 2021 and then for Ohio obviously we're due to file a case there as well. It's a pretty moderate case but nevertheless as far as we can tell, I mean everything is going exactly like

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020 we had planned now, you may see some procedural schedules change but the end result and the end dates aren't changing. So that's where we're at today...... Julien Dumoulin-Smith Analyst, Bank of America Merrill Lynch Q All right, great, thank you...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah......

Operator: Thank you. And our next question comes from the line of Michael Lapides with Goldman Sachs. Please go ahead...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning, Michael...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q You did a better job pronouncing my last name than most people do...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A I have the same problem...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q A few – a handful of questions. One, I am going to be a little more specific on CapEx, so $500 million cut, $200 million is at the non-regulated renewable...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Hey, Michael, Michael...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q Yes...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A $500 million shifted...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Shifted, my bad...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah, yeah, yeah. We're sensitive around that...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q $500 million shifted, $200 million is at the non-regulated renewable, $100 million is at corporate, what's the other $200 million? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A There's another $75 million to $100 million that is in our distribution at our APCo's and then the other $100 million is spread across our organizations but not in the transmission side of the business...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q Got it. Okay, that's fine. The other question is, is there any scenario where you could delay given all that's going on in the world, all the uncertainty about demand about the impact of disconnects, is there any regulatory scenario where you could actually postpone or push out the AEP Ohio rate case? ...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A No. I don't – we don't see that happening, because obviously we're required to file a case and actually it's a pretty, pretty moderate case. So, I think that there really isn't any reason to delay it at this point...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Michael, I think Nick's answer earlier was there could be a delay in the procedural schedule. We would still expect to get the results of the case when we originally had...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q Got it. And then final question...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A And everybody knows about it as well, so it won't be a surprise to anybody......

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Michael Lapides Analyst, Goldman Sachs & Co. LLC Q No. That is...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Pretty a negligible impact on customers too in that case too...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q Now, that makes a ton of sense. And then last question, you all have done a great job in managing down O&M for the last four years and you've taken a lot of O&M out of the company, it saves the customers money, it's good for shareholders. At what point do you think the long-term rate of change in O&M management starts to flatten out, meaning the curve, the ability to keep taking out more or becoming more efficient, just starts to flatten out, the pace of change slows? ...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A We've had a lot of conversations about that, but every day, you're surprised by some new innovation or something that can change the trajectory of O&M expense. We spend $4 billion a year, I think $2.8 billion is not tracked. And when you look at some of the opportunities that are available and actually I think that if there is a silver lining in the coronavirus pandemic, it is that we can really re-evaluate what it means to get our business done because we've been very effective at the people working from home and actually productivity has not suffered as a result and we still have obviously the field employees that are still out there working as well. But you see the innovations that are occurring. I think we have years ahead of us to continue to optimize O&M expense.

And when you think it's going to level out, something new comes about and I think that's going to be a continual opportunity for us and you probably saw we announced we have a new Senior Vice President over our – actually the digital experience, our Chief Information and Technology Officer who is joining the company. We wanted to make sure that we put technology, the customer experience and certainly our charge innovation hub and those kinds of things together to really focus the organization on what the future holds and what it can mean in terms of O&M in the future. So I think we don't know the answer to that. And really you don't want to know. You want to just keep pressing forward and we'll do that...... Michael Lapides Analyst, Goldman Sachs & Co. LLC Q Got it. Thank you, Nick. Much appreciated...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah......

Operator: Thank you. And our next question comes from the line of Jeremy Tonet with JPMorgan. Please go ahead......

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Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning, Jeremy...... Jeremy Tonet Analyst, JPMorgan Securities LLC Q Hi, good morning...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning...... Jeremy Tonet Analyst, JPMorgan Securities LLC Q Thanks for having me here...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yes...... Jeremy Tonet Analyst, JPMorgan Securities LLC Q I could be wrong but I think in the past you might have provided a multi-year view of financing needs in the earnings deck and I think I might have missed that here. So didn't know if there is kind of any changes to how you're thinking about funding CapEx going forward here and is there any interplay with kind of where Moody's is at right now, if you think about this? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Jeremy, there's really no change in how we are funding CapEx and I think the big thing we did really at the last call was give some insight into how we were going to fund North Central Wind and the idea that we'd be doing that between 50% and 60% equity, we've always been fairly conservative in our balance sheet management and we're going to continue that going forward...... Jeremy Tonet Analyst, JPMorgan Securities LLC Q Got it. That's it for me. Thanks for taking my question...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yes...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Thank you.

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Operator: Thank you. And our next question comes from the line of James Thalacker with BMO Capital Markets. Please go ahead...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning, James...... James M. Thalacker Analyst, BMO Capital Markets Corp. Q Oh, hey. How are you guys? Thanks for taking my call...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Sure...... James M. Thalacker Analyst, BMO Capital Markets Corp. Q Just following up on Jeremy's question, just wondering, Brian and Nick, as you guys are getting closer to the North Central Wind approval, have you sort of sharpened your idea on how you're thinking about financing that and especially have you looked a little bit more, maybe some cycling some current assets as opposed to accessing the capital markets specifically? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A So, James, we do have a little bit of time for that, right, the smaller portion of North Central Wind is going to come about $300 million at the end of 2020 which would really make the financing of that a 2021 event and then we had really until the end of 2021 to go forward with that. So how we come up with the equity portion of that, whether it's capital rotation or whether it's the equity capital markets are still things that we have plenty of time to work through. But I think the important assumption was the range of percentage of equity that we'd use for that project and that's where we talked about being in the 50% to 66% of the project...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah, and really probably the main message is all the options that were available two years before are still on the table and still being considered and there hasn't been any change from a timing perspective in our ability to get that done. So I'd say we're still at the same place we were and we're ready to execute. I think it's just a matter of us getting the ducks all in a row to ensure that we're at the right place at the right time...... James M. Thalacker Analyst, BMO Capital Markets Corp. Q Sure. Sure. I just wasn't sure if you guys were looking at the potential for augmenting some of the equity with the – sort of the recycling of assets, if it became the regulatory proceeding or something like that, that would have to be sort of taken into consideration ahead of time just because of......

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah...... James M. Thalacker Analyst, BMO Capital Markets Corp. Q ...you know, there can be...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A And we've said for really over a year now that with capital rotation but also sale of assets is on the table as part of that process, we're obligated to do that from a shareholder perspective and we will certainly do that...... James M. Thalacker Analyst, BMO Capital Markets Corp. Q Got it. Thank you very much. Appreciate the time...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yes......

Operator: Thank you. And our next question comes from the line of Sophia (sic) [Sophie] (01:00:48) Karp with KeyBanc. Please go ahead...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning, Sophia (sic) [Sophie] (01:00:52)...... Sophie Karp Analyst, KeyBanc Capital Markets, Inc. Q Hi. Hi. Good morning, thank you for taking my questions...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Good morning. Good morning. Yeah...... Sophie Karp Analyst, KeyBanc Capital Markets, Inc. Q A couple of questions here for me. So, first, could you remind us if North Central Wind was contemplating tax equity financing as a part of the plan? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A It is not......

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Sophie Karp Analyst, KeyBanc Capital Markets, Inc. Q It is not. Okay, okay. So, then, maybe another one for me. I know you have a pretty decent chunk of your workforce that was on track to retire within the next, call it five, seven years maybe. Are you contemplating to offer these folks some sort of voluntary early retirement maybe in an effort to cut O&M, is that something that we could see on the table? ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Well, I usually get that question from employees. As we look at the O&M and the issues that we're dealing with to try to reduce so and on to the $2.7 billion level and beyond, we look at a lot of things. But one thing we have to be very careful about is certainly if you offer things like that you usually lose people you don't want to lose. And in this day and age with certainly at our frontline employee ranks, we need every individual that's working and there's a lot of competition going on for the professionals in those industries. So, that's something we have to be really careful about.

Now, obviously it's part of our regular operations that if we evaluate groups and there's efficiencies in terms of resources whether it's vacancies or retirements or even where severance is offered, we'll continually manage our resources based upon the work that's in front of us, and we typically do that on a surgical basis rather than some generalized approach, and I suspect that we'll continue that approach...... Sophie Karp Analyst, KeyBanc Capital Markets, Inc. Q Got it. And thank you. One more from me if I may. On the volume side, first, what do you attribute the jump in oil and gas volumes? I mean, what kind of dynamic on the ground is driving that and should we expect a reversal of that? And as the states begin to sort of reopen, if you call it that, which one of your service territories would you expect to reopen and to be on a faster trajectory sooner than the others kind of...

[indiscernible] (01:03:48) ...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Perfect. So...... Sophie Karp Analyst, KeyBanc Capital Markets, Inc. Q Thank you...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A ...what's really driving our results for oil and gas has been midstream and downstream. So, attribute a lot of that, it's pipeline transportation really was up 28% for the quarter and what you're seeing there is sort of a lag effect associated with all the increases that we've seen in oil and gas extraction and then it's been moving that product from the oil patch to refineries and places where it can be used. And so that lag effect is finally catching up with us as we've seen people putting in electric compression on pipelines and are having to service that.

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

And so that trend has continued well into the first quarter and even into the month of April, we continue to see increases in pipeline transportation and downstream as well. The downstream might fall off a little bit as we're seeing some reductions in refining and certainly oil and gas extraction itself will be down as people shut in wells and don't take as much as they previously had. But it's really been the midstream part of that's been driving the growth in oil and gas that we've seen...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Just to go back on your earlier question too, just an example and I probably have an opportunity for a call out, our Conesville plant is retiring. The plant is retiring this month after over 60 years of service and that's typically what we've done as plants retire, as employees shift from one plant to another and optimize across plants, we've enabled that through severance programs and those types of things, so that's just an example of what you were mentioning before...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A And then to our service territories as they open, all 11 of our traditional footprint states anticipate opening in May and they generally have staged reopenings as we go through the month, but all of ours anticipate opening during this month...... Sophie Karp Analyst, KeyBanc Capital Markets, Inc. Q Awesome, awesome. Hope this happens. Thank you...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah. I think our service territory and it's really interesting to me because we serve mid-sized cities and smaller. Columbus, Tulsa are our largest cities but they're obviously not New York or Chicago or other areas like San Francisco. And that has actually sort of improved the resilience because people are more spread out and so our states have been able to methodically go through the shutdown provisions and now are methodically going through the restart provisions. And it's been, I would say, probably more helpful to the recovery process for our service territory...... Reese Darcy Managing Director-Investor Relations, American Electric Power Co., Inc. A Okay. Perky? I just want to let you know we have time for one more question......

Operator: Thank you, and our final question is from the line of Shar Pourreza with Guggenheim and Partners. Please go ahead...... Shahriar Pourreza Analyst, Guggenheim Securities LLC Q Hey. Good morning, guys...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Good morning, Shar...... Shahriar Pourreza Analyst, Guggenheim Securities LLC Q Just one or two questions and more of just clarification. Nick, you obviously reiterated guidance, the long term growth rate 5% to 7% off the original base. I know in prior remarks you've highlighted that you would be disappointed if you weren't in the upper end, is that still sort of the case or has like the issues around COVID and some of the moving pieces kind of walk you back down a little bit from that? ...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah. I guess, I mean, I would still be disappointed but obviously when you have to look at it realistically and based on the information we have today, I think we're well-placed in terms of that and we'll continually update it. Obviously I'd like to think there's more upside than downside because we have looked very conservatively and very pragmatically at what we face relative to the businesses and customers base that we serve but as we get North Central and I'm still optimistic about those future years where that gets fully layered in starting in 2021. So 2020 may be a tread year for the guidance range and then we get the engine back fully on the tracks and get moving again...... Shahriar Pourreza Analyst, Guggenheim Securities LLC Q Got it. And just one last on North Central, so if you sort of take the $2 billion spending around that project and you look at your $33 billion of opportunities in your base plan. As you guys look to layer in North Central spend and then you're looking at different financing opportunities, is there sort of any spending opportunities within the core $33 billion that could be maybe secondary in nature or offsetting with North Central coming online or should we sort of think about $2 billion from North Central, add it up to $33 billion. So, just trying to figure for modeling this how we should think about that...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A And that's why we've kept it outside. It's additive to the $33 billion...... Shahriar Pourreza Analyst, Guggenheim Securities LLC Q Got it. Terrific, guys. Thanks so much for everything...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A Yeah...... Brian X. Tierney Chief Financial Officer & Executive Vice President, American Electric Power Co., Inc. A Thank you, Shar...... Nicholas K. Akins Chairman, President & Chief Executive Officer, American Electric Power Co., Inc. A

Indiana Michigan Power Company Cause No. 45380 Item 16 American Electric Power Co., Inc. (AEP) Corrected Transcript Q1 2020 Earnings Call 06-May-2020

Thanks...... Reese Darcy Managing Director-Investor Relations, American Electric Power Co., Inc. Thank you for joining us on today's call. As always, the IR team will be available to answer any additional questions you may have. Perky, would you please give the replay information......

Operator: Certainly. And ladies and gentlemen, this conference call will be available for replay starting today. Please dial 1-866-207-1041 and enter the access code of 3291585. You may also dial 402-970-0847 and enter the access code of 3291585. Those numbers again, 1-866-207-1041 and 402-970-0847 and entering the access code of 3291589 (sic) [3291585] (01:10:41). The replay will be available until May 30, 2020 at midnight. Ladies and gentlemen, that does conclude our conference for today. Thank you very much for your participation. You may now disconnect.

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Indiana Michigan Power Company Cause No. 45380

17. Weather Normalized Sales and Revenue by Customer Class Item 17

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Indiana Actual kWh Residential 432,913,345 452,148,004 394,691,199 313,519,530 267,256,152 285,348,625 401,571,155 416,281,390 349,011,641 299,783,845 287,357,316 392,018,789 419,345,146 376,384,837 352,921,108 318,879,064 287,530,346 Commercial 333,692,238 330,434,666 313,055,326 293,811,080 294,808,532 324,003,723 362,005,676 368,361,575 359,808,946 330,663,115 297,111,313 332,955,869 337,666,981 309,778,344 300,794,974 269,227,912 255,258,981 Industrial 574,730,271 550,020,212 581,677,436 575,177,535 573,888,599 568,829,635 583,176,509 580,580,425 579,726,379 547,439,606 547,802,224 559,578,265 552,403,640 543,362,726 557,091,001 461,629,044 473,490,381 Other Retail 6,178,768 5,219,701 4,520,236 4,976,944 3,959,380 3,245,879 4,246,365 3,799,538 5,147,908 5,328,648 4,866,693 6,912,781 5,973,357 4,439,431 4,931,196 4,819,717 3,772,497 Wholesale 351,392,043 315,607,220 334,122,012 303,809,742 315,481,056 315,937,027 361,137,913 345,939,867 309,091,176 296,450,574 303,204,430 314,482,472 323,379,604 307,133,604 299,078,574 252,026,498 267,995,981 Total 1,698,906,665 1,653,429,803 1,628,066,209 1,491,294,831 1,455,393,719 1,497,364,889 1,712,137,618 1,714,962,795 1,602,786,050 1,479,665,788 1,440,341,976 1,605,948,176 1,638,768,728 1,541,098,942 1,514,816,853 1,306,582,235 1,288,048,186

Indiana Weather-Normalized kWh Residential 473,481,967 447,948,255 384,547,268 315,279,175 276,026,511 287,348,002 366,193, 004 395,181,274 358,095,133 278,263,716 273,269,690 378,758,404 459,264,945 414,995,918 363,059,212 327,556,390 278,849,782 Commercial 342,398,918 329,535,752 310,923,173 294,495,079 298,177,929 324,944,353 346,977,847 359,410,112 363,636,391 320,725,162 293,996,161 330,133,474 346,445,815 318,254,425 303,049,142 271,396,197 254,861,157 Industrial 574,730,271 550,020,212 581,677,436 575,177,535 573,888,599 568,829,635 583,176,509 580,580,425 579,726,379 547, 439,606 547,802,224 559,578,265 552,403,640 543,362,726 557,091,001 461,629,044 473,490,381 Other Retail 6,178,768 5,219,701 4,520,236 4,976,944 3,959,380 3,245,879 4,246,365 3,799,538 5,147,908 5,328,648 4,866,693 6,912,781 5,973,357 4,439,431 4,931,196 4,819,717 3,772,497 Wholesale 362,216,774 314,487,476 331,441,802 304,494,243 318,866,954 316,830,871 346,478,678 337,202,296 312,827,008 286,999,047 299,379,294 310,959,848 333,500,938 316,919,787 301,661,528 254,356,717 266,568,040 Total 1,759,006,698 1,647,211,396 1,613,109,915 1,494,422,976 1,470,919,373 1,501,198,740 1,647,072,403 1,676,173,645 1,619,432,819 1,438,756,179 1,419,314,062 1,586,342,772 1,697,588,695 1,597,972,287 1,529,792,079 1,319,758,065 1,277,541,857

Indiana Actual Non-Fuel Rev ($000s) Residential $ 50,470 $ 55,471 $ 49,663 $ 41,613 $ 34,684 $ 35,224 $ 48,926 $ 49,799 $ 42,504 $ 38,256 $ 36,430 $ 45,516 $ 48,368 $ 43,791 $ 40,493 $ 41,582 $ 39,336 Commercial $ 27, 814 $ 29,728 $ 28,907 $ 28,817 $ 27,232 $ 29,398 $ 33,816 $ 34,167 $ 33,175 $ 32,166 $ 29,059 $ 28,562 $ 28,801 $ 27,373 $ 25,808 $ 26,098 $ 26,038 Industrial $ 31,681 $ 33,002 $ 34,998 $ 36,916 $ 34,083 $ 33,180 $ 35,515 $ 34,147 $ 34,012 $ 34,902 $ 33,863 $ 30,285 $ 29,561 $ 29,477 $ 28,985 $ 29,221 $ 30,312 Other Retail $ 441 $ 455 $ 362 $ 569 $ 440 $ 338 $ 550 $ 348 $ 547 $ 472 $ 366 $ 531 $ 437 $ 333 $ 416 $ 421 $ 389 Wholesale $ 14,303 $ 13,471 $ 13,588 $ 12,353 $ 13,052 $ 33,422 $ 16,033 $ 15,224 $ 14,915 $ 13,697 $ 13,151 $ 13,441 $ 13,550 $ 13,486 $ 13,003 $ 11,246 $ 15,248 Total $ 124,709 $ 132,127 $ 127,517 $ 120,267 $ 109,491 $ 131,562 $ 134,840 $ 133,685 $ 125,153 $ 119,492 $ 112, 870 $ 118,334 $ 120,717 $ 114,460 $ 108,705 $ 108,568 $ 111,322

Indiana Normal Non-Fuel Rev ($000s) Residential $ 54,876 $ 54,988 $ 48,452 $ 41,837 $ 35,782 $ 35,461 $ 44,834 $ 47,416 $ 43,555 $ 35,610 $ 34,709 $ 44,060 $ 52,346 $ 47,735 $ 41,531 $ 42,617 $ 38,231 Commercial $ 28,451 $ 29,656 $ 28,730 $ 28,878 $ 27,514 $ 29,474 $ 32,567 $ 33,433 $ 33,487 $ 31,294 $ 28,782 $ 28,347 $ 29,305 $ 27,905 $ 25,946 $ 26,261 $ 26,005 Industrial $ 31,681 $ 33,002 $ 34,998 $ 36,916 $ 34,083 $ 33,180 $ 35,515 $ 34,147 $ 34,012 $ 34,902 $ 33,863 $ 30,285 $ 29,561 $ 29,477 $ 28,985 $ 29,221 $ 30,312 Other Retail $ 441 $ 455 $ 362 $ 569 $ 440 $ 338 $ 550 $ 348 $ 547 $ 472 $ 366 $ 531 $ 437 $ 333 $ 416 $ 421 $ 389 Wholesale $ 14,263 $ 13,594 $ 13, 448 $ 12,478 $ 13,012 $ 33,662 $ 15,083 $ 15,403 $ 14,447 $ 13,657 $ 12,792 $ 13,733 $ 14,024 $ 13,529 $ 13,245 $ 11,169 $ 15,166 Total $ 129,713 $ 131,695 $ 125,989 $ 120,678 $ 110,830 $ 132,115 $ 128,550 $ 130,746 $ 126,048 $ 115,935 $ 110,511 $ 116,956 $ 125,672 $ 118,979 $ 110,123 $ 109,689 $ 110,103