<PAGE> File No. 70-8429
File No. 70-6126
File No. 70-5943
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
__________________________________
POST-EFFECTIVE AMENDMENT NO. 3 to 70-8429
POST-EFFECTIVE AMENDMENT NO. 13 to 70-6126
POST-EFFECTIVE AMENDMENT NO. 24 to 70-5943
__________________________________
APPLICATION OR DECLARATION
under the
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
* * *
AMERICAN ELECTRIC POWER COMPANY, INC.
AEP RESOURCES, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of company or companies filing this statement
and addresses of principal executive offices)
* * *
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of top registered holding company
parent of each applicant or declarant)
* * *
G. P. Maloney, Executive Vice President
AMERICAN ELECTRIC POWER SERVICE CORPORATION
1 Riverside Plaza, Columbus, Ohio 43215
John F. Di Lorenzo, Jr., Associate General Counsel
AMERICAN ELECTRIC POWER SERVICE CORPORATION
1 Riverside Plaza, Columbus, Ohio 43215
Jeffrey D. Cross, General Counsel
AEP RESOURCES, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Names and addresses of agents for service)
American Electric Power Company, Inc. ("American"), a registered
holding company under the Public Utility Holding Company Act of 1935,
as amended (the "1935 Act"), and AEP Resources, Inc. ("Resources"),
a subsidiary of American (American and Resources hereinafter jointly
referred to as "Applicants"), hereby amend their Application or
Declaration on Form U-1 in File No. 70-8429 as follows:
1. By amending and restating heading E. Maximum Equity, Debt
and Guarantees:
"American will not sell any Shares and American will not
incur any indebtedness or issue any guarantee if the gross
proceeds of all outstanding Shares and the principal amount of
all such outstanding indebtedness and all such outstanding
guarantees authorized hereunder would exceed the Investment
Limit. This limit includes any amounts authorized by the
Commission in its Orders, dated December 22, 1994, February 4,
1994 and October 8, 1993 (HCAR Nos. 35-26200, 35-25984 and 35-
25905). This limit does not include (1) any Common Stock of
American sold through its Dividend Reinvestment and Stock
Purchase Program pursuant to the Order of this Commission, dated
December 1, 1993 (HCAR No. 35-25936), or through the American
Electric Power System Employees Savings Plan pursuant to the
Order of this Commission, dated December 6, 1993 (HCAR No. 35-
25939), or (2) any short-term indebtedness of American incurred
pursuant to the Order of this Commission, dated December 8, 1995
(HCAR No. 35-26424)."
2. By amending and restating the paragraphs added at the end
of Item 1. Description of Proposed Transaction by Post-Effective
Amendment No. 1:
"By Order dated December 22, 1994, HCAR No. 26200 (the
'Order'), the Commission authorized Applicants to issue and sell
debt and/or equity securities in an amount of up to $300,000,000
(the 'Investment Limit') from time to time through June 30,
1997, with the proceeds to be invested in 'exempt wholesale
generators' as defined in Section 32 of the 1935 Act ('EWGs')
and foreign utility companies as defined in Section 33 of the
1935 Act ('FUCOs'). (EWGs and FUCOs are collectively herein
referred to as 'Power Projects'). The Commission also
authorized Applicants to acquire the securities of one or more
companies ('Project Parents') engaged directly or indirectly,
and exclusively, in the business of owning and holding the
securities of one or more FUCOs or EWGs. Finally, the
Commission authorized (i) American to guarantee the debt
securities and other commitments of Resources, (ii) American
and Resources to guarantee the securities of one or more Project
Parents or Power Projects, and (iii) Project Parents to
guarantee the securities of their Power Projects, from time to
time through June 30, 1997, in an aggregate amount which
together with the securities issued will not exceed the
Investment Limit at any one time outstanding.
Resources is investigating and developing numerous possible
FUCO and EWG opportunities in Asia, Latin America and the United
States which, if successfully completed would exceed the
Investment Limit set forth in the Order. American therefore
proposes to increase the Investment Limit to an amount, which
when added to American's other direct or indirect 'aggregate
investment' in all EWGs or FUCOs, is equal to 50% of American's
consolidated retained earnings, as determined in accordance with
Rule 53(a), at the time of each investment.
American also proposes to extend its authority to issue
and sell debt and equity securities and to extend the authority
of American to guarantee obligations to December 31, 2000.
Except for the increase in Investment Limit and extension, the
debt and guarantees issued by American would be on the terms
authorized in the Order. At December 31, 1995, American's
consolidated retained earnings, as so determined, was
approximately $1,410,000,000. At December 31, 1995, American
had invested $115,000 in EWGs and FUCOs.
Rule Changes
Rule 52(b), as amended June 28, 1995, now exempts issuance
of securities by Resources and Project Parents, as well as
acquisition of securities by American, Resources or the Project
Parents, from prior Commission authorization under the 1935 Act,
except in connection with the initial acquisition by Resources
or a Project Parent of securities of a new Project Parent.
Applicants request that the Order be extended in connection with
the initial acquisition by Resources or a Project Parent of
securities of a new Project Parent.
Rule 45(b)(4), as amended June 28, 1995, now exempts the
making of cash capital contributions to Resources or the Project
Parents from prior Commission authorization. Therefore,
Applicants are not requesting that the Order be extended in this
respect.
As a result, under these new rules, securities may be
issued by Resources and Project Parents and capital
contributions may be made by American, Resources and Project
Parents without regard to the Investment Limit.
Equity Financing of American
American proposed either (i) by competitive bidding, (ii)
through negotiations with underwriters or agents, or (iii)
through agents at market prices to issue and sell up to
10,000,000 additional shares (the 'Shares') of its Common Stock,
par value $6.50 per share, which are authorized but unissued,
or, to the extent available, held in American's treasury,
provided that the gross proceeds from such sale would not exceed
the Investment Limit. The Commission reserved jurisdiction over
the terms of the issuance and sale of the Shares by American.
HCAR Order Nos. 25936 and 25939, dated December 1, 1993
and December 6, 1993, respectively (the '1993 Orders'),
permitted American to issue and sell its authorized but unissued
Common Stock under its Dividend Reinvestment and Stock Purchase
Plan ('DRP') or the American Electric Power Employees Savings
Plan ('Savings Plan'). In each of these matters, American
stated that it would not use the proceeds of sales of its Common
Stock to acquire an interest in an EWG or FUCO.
American now requests that the Commission release its
reservation of jurisdiction over the issuance of the Shares and
authorize American, subject to the Investment Limit, to issue
and sell the Shares under the DRP and Savings Plan through
December 31, 2000, and to use the proceeds thereof to invest
in EWGs and FUCOs.
American also requests that the Commission release its
reservation of jurisdiction over the issuance of Shares (other
than under the DRP and Savings Plan) and authorize American,
subject to the Investment Limit, and the limits set forth in
this paragraph, to issue and sell such Shares through December
31, 2000 and to use the proceeds thereof to invest in EWGs and
FUCOs. The sales price of such Shares shall be related to the
then-current competitive market price of AEP common stock or
will be negotiated under circumstances that reflect, or on the
basis of, the then-current competitive market price of AEP
common stock. The fees and expenses associated with the sale
of such Shares shall not exceed 5% of the aggregate price for
that common stock.
Compliance with Rule 53
Under Rule 53(a), the Commission shall not make certain
specified findings under Sections 7 and 12 in connection with
a proposal by a holding company to issue securities for the
purpose of acquiring the securities of or other interest in an
EWG or to guarantee the securities of an EWG if each of the
conditions in paragraphs (a) (1) through (a)(4) thereof are met,
provided that none of the conditions specified in paragraphs
(b)(1) through (b)(3) of Rule 53 exists. In that regard,
American states that, assuming that the entire Investment Limit
from the Shares, the short-term and long-term borrowings and
the guarantees were made in conjunction with EWGs and FUCOs,
all of the conditions set forth in Rule 53(a) would be satisfied
and none of the conditions set forth in Rule 53(b) exists or,
as a result thereof, would exist.
Rule 53(a)(1): American's 'aggregate investment' in such
entities would on a pro forma basis equal approximately
$688,635,000, 50% of $1,377,271,000, the average of the
consolidated retained earnings of American reported on Form 10-K
or Form 10-Q, as applicable, for the four consecutive quarters
ended December 31, 1995.
Rule 53(a)(2): American and Resources will maintain books
and records and cause each EWG or FUCO in which it directly or
indirectly holds an interest to maintain and make available the
books and records required by Rule 53(a)(2).
Rule 53(a)(3): No more than 2% of the employees of
American's operating utility subsidiaries will, at any one time,
directly or indirectly, render services to EWGs or FUCOs.
Rule 53(a)(4): American is simultaneously submitting a
copy of this Application or Declaration, and will submit copies
of any Rule 24 certificates required hereunder, as well as a
copy of Item 9 and Exhibits G and H of American's Form U5S to
each of the public service commissions having jurisdiction over
the retail rates of American's operating utility subsidiaries.
In addition, American states that the provisions of Rule
53(a) are not made inapplicable to the authorization herein
requested by reason of the provisions of Rule 53(b).
Rule 53(b)(1): Neither American nor any subsidiary of
American is the subject of any pending bankruptcy or similar
proceeding.
Rule 53(b)(2): American's average consolidated retained
earnings for the four most recent quarterly periods
($1,377,271,000) represented an increase of approximately
$58,718,000 (or 4.5%) in the average consolidated retained
earnings from the previous four quarterly periods
($1,318,553,000).
Rule 53(b)(3): For the year ended December 31, 1995, there
were no losses attributable to American's direct or indirect
investments in EWGs or FUCOs other than $93,000 in preliminary
development and start-up costs."
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned companies have duly caused this
statement to be signed on their behalf by the undersigned thereunto
duly authorized.
AMERICAN ELECTRIC POWER COMPANY, INC.
AEP RESOURCES, INC.
By:_/s/ A. A. Pena_________________
Treasurer
Dated: May 2, 1996 resource.aep.70-8429.pe3
