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13:00
Jul 30 ◎

AEP FY2026 Q2 Watch

American Electric Power Company, Inc. (AEP) FY2026 Q2 Earnings Call

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Bill Fehrman

AEP management credits Bloom Energy as a strategic partner, indicating strong ongoing demand and a likely continued revenue stream for Bloom's fuel cell products.

"we actually pioneered early on with our deal with Bloom Energy."

BE WATCH

Bill Fehrman

AEP highlights Google as a committed large-load customer in its Indiana service territory, underpinning the demand growth that creates rate benefits for other customers.

"These rate reductions... are made possible by the ability to attract large load customers like Google and Microsoft and then shifting a significant amount of those fixed costs away from residential customers."

GOOGL WATCH

Bill Fehrman

AEP cites Microsoft as a cornerstone hyperscale customer, indicating strong and durable demand that is central to AEP's long-term growth narrative.

MSFT WATCH

Bill Fehrman

Strong demand, a robust capital plan, and proactive procurement have boosted management confidence, leading to a guidance raise and a clear projection of growth well into the next decade.

"so much so that we are raising our 2026 full year guidance to a range of $6.25 to $6.55 per share from our previous range of $6.15 to $6.45 per share."

AEP WATCH

Bill Fehrman

AEP has secured 13 GW of gas turbines for deployment through 2031 and has access to an additional 10 GW through 2035, which locks in supply and possibly puts price pressure on competitors needing similar equipment. — Securing a scarce resource like turbines provides AEP with a significant speed-to-market advantage over peers and strengthens its ability to win new contracts.

"using our size and scale and our relationships with namely GE, Vernova, and Mitsubishi to get this equipment locked up."

GEV WATCH MHVYF WATCH

HIGH

13:00
May 05 ◎

AEP FY2026 Q1 Watch

American Electric Power Company, Inc. (AEP) FY2026 Q1 Earnings Call

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Trevor Mahalik

AEP is in early-stage talks for a large Google data center, which would be a significant new load addition if finalized.

"We are also evaluating a multibillion-dollar Google data center development in Putnam County, West Virginia."

GOOGL WATCH

Bill Furman

Mitsubishi and GE are key suppliers for AEP's gas turbine needs, with AEP securing capacity well into the future, indicating strong order backlogs for the manufacturers.

"We are most active with Mitsubishi and GE on the supply. We do have access to turbines going well out into the future."

GE WATCH

Trevor Mahalik

Amazon's data center project is driving contracted load growth in SPP, solidifying it as a key customer for AEP's transmission and generation services.

"Driven primarily by an Amazon data center project in northwest Louisiana."

AMZN WATCH

Bill Furman

AEP now has 63 GW of contracted load (up from 56 GW), but the capital plan increase is only $6B as the plan is not built on a direct one-for-one relationship between megawatts and capex, implying significant hidden upside to capital spending. — This implies that as AEP formalizes the capital needed to connect this load, the capex plan could see substantial upward revisions, benefiting construction and equipment suppliers like Quanta Services (PWR).

"The strategic partnership agreement with Quanta Services that we announced late last year continues to drive high confidence in the execution of our high-voltage transmission projects."

PWR WATCH

Bill Furman

AEP is leveraging 'bridging strategies' including fuel cells and aeroderivatives to get customers connected faster than waiting for grid interconnections, indicating a premium on speed-to-power. — As utilities compete to serve data centers, technologies that enable faster interconnection, like Bloom's fuel cells, are becoming strategically important, potentially driving more orders for BE.

"We're continuing to work with Bloom to ensure that we can meet the schedules that the customers want to have."

BE WATCH

Bill Furman

AEP's comments on PJM and its assessment of alternatives could signal a shift back toward vertically integrated utility models, a trend that would be negative for merchant power operators. — If utilities leave RTOs, they would rely more on their own generation fleets and less on open markets, potentially reducing trading volumes and negatively impacting merchant power companies' growth prospects.

"We are currently assessing all of our options to ensure that we are finding an efficient and effective path forward to deliver what our customers need."

VST WATCH NRG WATCH

Bill Furman

Management expresses exceptionally high confidence in its growth trajectory, raising the capital plan by $6B and increasing the long-term EPS CAGR outlook to greater than 9%. The tone is strong, positive, and forward-looking.

"We are ready to capture the substantial opportunities in front of us by accelerating growth, having an intense focus on execution, driving customer affordability, and using AEP size and scale to strengthen our competitive advantages while"

AEP WATCH

HIGH

14:00
Feb 12 ◎

AEP FY2025 Q4 Watch

American Electric Power Company, Inc. (AEP) FY2025 Q4 Earnings Call

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Trevor Mahalik

AEP disclosed $5-8 billion in incremental capex, including ~$2.7B for Bloom fuel cells and ~$4.7B in new transmission awards, indicating a rapid acceleration in order flow for its partners. — The specificity of these confirmed projects, especially the Bloom order, signals near-term, committed revenue for key supply chain partners.

"we announced plans to purchase $2.65 billion of fuel cells that will be part of a generation facility expected to be located near Cheyenne, Wyoming."

BE WATCH

Bill Furman

AEP's contracted load more than doubled to 56 GW, with 90% of new PJM load under take-or-pay agreements, and they have 180 GW more in queue, suggesting a massive and highly contracted demand pipeline. — The scale and financial backing of this load growth signals a multi-year infrastructure boom, directly benefiting transmission and grid equipment suppliers.

"with our exceptional partnership we have with Quanta, we are the preferred provider of these projects"

PWR WATCH

Bill Furman

AEP secured over 10 gigawatts of capacity from major gas turbine manufacturers, but implies this is not speculative as it is tied to firm load agreements, highlighting a potential tightening in gas turbine supply for others. — AEP's advance secured turbine capacity could constrain supply for other utilities facing similar load growth, potentially benefiting turbine manufacturers but creating risks for competitors.

"we have key relationships with major gas turbine manufacturers securing over 10 gigawatts of capacity"

GEV WATCH

Bill Furman

Management's tone is highly confident and bullish, reaffirming guidance while dramatically increasing the contracted load outlook by 100% and highlighting a large, conservative $72B capex plan with upside.

"we are reaffirming our premium long-term earnings growth rate of 7% to 9% for 2026 to 2030 with an expected 9% CAGR."

AEP WATCH

HIGH

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