American Electric Power (AEP) Q1 FY26 earnings call

AEP framed the quarter as a step-change in demand visibility: contracted load reached 63 GW and the capital plan was raised out of cycle to $78B, with management deliberately signaling a further >$10B pipeline (Piketon, Wyoming) ahead of a fuller Q3 update. The through-line is disciplined scaling — securing turbines, transformers and the Quanta partnership while financing growth with only 18% equity content and a protected balance sheet. The dominant forward tension is not demand but deliverability: Fehrman's unusually blunt critique of PJM's interconnection pace signals AEP is weighing struct