File No. 70-8237
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
Post-Effective Amendment No. 3 to
FORM U-1
________________________________
APPLICATION OR DECLARATION
under the
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
* * *
AEP GENERATING COMPANY
1 Riverside Plaza, Columbus, Ohio 43215
----------------------------------------
(Name of company filing this statement and
address 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)
* * *
A. A. Pena, Treasurer
AMERICAN ELECTRIC POWER COMPANY, INC.
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
----------------------------------------
(Names and addresses of agents for service)
<PAGE>
The undersigned American Electric Power Company, Inc.,
registered holding company ("AEP"), and AEP Generating Company, a
subsidiary of AEP ("Generating"), hereby amend the Application or
Declaration on Form U-1, as amended, in File No. 70-8237 as
follows:
1. By amending ITEM 6 to supply the following:
(a) Exhibits:
Exhibit 27 - Financial Data Schedule.
(b) Financial Statements:
Balance Sheets as of March 31, 1997 and
Statements
of Income and Retained Earnings for the twelve
months
ended March 31, 1997, of Generating and American
Electric
Power Company, Inc. and its subsidiaries
consolidated,
together with journal entries reflecting the
proposed
transaction and a source of funds statement.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned companies have duly caused
this Post-Effective Amendment to be signed on their behalf by the
undersigned thereunto duly authorized.
AMERICAN ELECTRIC POWER
COMPANY, INC.
AEP GENERATING COMPANY
By: /s/ A. A. Pena
- --------------------------------
A. A. Pena
Treasurer
Dated: June 19, 1997
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 1
AEP GENERATING COMPANY
BALANCE SHEET
MARCH 31, 1997
(UNAUDITED)
<CAPTION>
Pro
Forma
Per Books
Adjustments Pro Forma
---------
- ----------- ---------
(in
thousands)
<S> <C> <C>
<C>
ASSETS
- ------
ELECTRIC UTILITY PLANT:
Production. . . . . . . . . . . . . . . . . $627,666
$627,666
General. . . . . . . . . . . . . . . . . . . 2,923
2,923
Construction Work in Progress . . . . . . . 1,657
1,657
-------
-------
Total Electric Utility Plant. . . . . . . 632,246
632,246
Accumulated Depreciation. . . . . . . . . . 243,710
243,710
-------
-------
NET ELECTRIC UTILITY PLANT. . . . . . . . 388,536
388,536
-------
-------
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . 10,333
$(52,000) (41,667)*
Accounts Receivable . . . . . . . . . . . . 20,789
20,789
Fuel. . . . . . . . . . . . . . . . . . . . 10,575
10,575
Materials and Supplies. . . . . . . . . . . 4,266
4,266
Prepayments . . . . . . . . . . . . . . . . 697
697
-------
- ------- -------
TOTAL CURRENT ASSETS. . . . . . . . . . . 46,660
(52,000) (5,340)
-------
- ------- -------
REGULATORY ASSETS. . . . . . . . . . . . . . . 5,803
5,803
-------
-------
DEFERRED CHARGES . . . . . . . . . . . . . . . 3,716
3,716
-------
- ------- -------
TOTAL. . . . . . . . . . . . . . . . . $444,715
$(52,000) $392,715
=======
======= =======
The Pro Forma Adjustments are shown on Page 3 of these Financial
Statements.
*The proposed dividends will be paid as the cash becomes available.
Over the next five
years the Company will continue to receive a stream of income under
the terms of the
unit power agreements and will pay dividends to its parent,
American Electric Power
Company, Inc., from those earnings. Cash received will exceed net
income primarily
because of the recovery of depreciation expense.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 2
AEP GENERATING COMPANY
BALANCE SHEET
MARCH 31, 1997
(UNAUDITED)
<CAPTION>
Pro
Forma
Per Books
Adjustments Pro Forma
---------
- ----------- ---------
(in
thousands)
<S> <C> <C>
<C>
CAPITALIZATION AND LIABILITIES
- ------------------------------
CAPITALIZATION:
Common Stock - Par Value $1,000:
Authorized and Outstanding - 1,000 Shares $ 1,000
$ 1,000
Paid-in Capital . . . . . . . . . . . . . . 42,235
$(27,000) 15,235
Retained Earnings . . . . . . . . . . . . . 2,637
2,637
-------
- ------- -------
Total Common Shareholder's Equity . . . . 45,872
(27,000) 18,872
Long-term Debt. . . . . . . . . . . . . . . 89,558
(30,000) 59,558
-------
- ------- -------
TOTAL CAPITALIZATION. . . . . . . . . . . 135,430
(57,000) 78,430
-------
- ------- -------
OTHER NONCURRENT LIABILITIES . . . . . . . . . 1,496
1,496
-------
-------
CURRENT LIABILITIES:
Short-term Debt . . . . . . . . . . . . . . --
5,000 5,000
Accounts Payable. . . . . . . . . . . . . . 3,025
3,025
Taxes Accrued . . . . . . . . . . . . . . . 5,373
5,373
Rent Accrued - Rockport Plant Unit 2. . . . 23,427
23,427
Other . . . . . . . . . . . . . . . . . . . 1,239
1,239
-------
- ------- -------
TOTAL CURRENT LIABILITIES . . . . . . . . 33,064
5,000 38,064
-------
- ------- -------
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2 . . . . . . . . . . . 143,079
143,079
-------
-------
REGULATORY LIABILITIES:
Deferred Investment Tax Credits . . . . . . 72,618
72,618
Amounts Due to Customers for Income Taxes . 33,557
33,557
Other . . . . . . . . . . . . . . . . . . . 28
28
-------
-------
TOTAL REGULATORY LIABILITIES. . . . . . . 106,203
106,203
-------
-------
DEFERRED INCOME TAXES. . . . . . . . . . . . . 25,443
25,443
-------
-------
TOTAL. . . . . . . . . . . . . . . . . $444,715
$(52,000) $392,715
=======
======= =======
The Pro Forma Adjustments are shown on Page 3 of these Financial
Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3
AEP GENERATING COMPANY
BALANCE SHEET
MARCH 31, 1997
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
- ----- ------
(in thousands)
<S> <C>
<C>
1) Paid-in Capital. . . . . . . . . . . . . . . . . . . . .
$27,000
Cash and Cash Equivalents . . . . . . . . . . . . . .
$27,000
To record the payment of dividends from paid-in
capital to American Electric Power Company, Inc.
over the next five years as cash becomes available.
2) Long-term Debt . . . . . . . . . . . . . . . . . . . . .
$30,000
Cash and Cash Equivalents . . . . . . . . . . . . . .
$30,000
To record the retirement of long-term debt.
3) Cash and Cash Equivalents. . . . . . . . . . . . . . . . $
5,000
Short-term Debt . . . . . . . . . . . . . . . . . . .
$ 5,000
To record additional short-term debt borrowings.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 3A
AEP GENERATING COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1997
PRO FORMA ADJUSTMENTS
<CAPTION>
Increase
(Decrease)
----------
(in thousands)
<S>
<C>
Decrease in operating revenues for reduction in
common equity ($27,000,000 x 12.16%)/(1-FIT Rate) . . . . .
= $(5,051)
Decrease in interest expense for reduction in
long-term debt ($30,000,000 @ 3.4%*). . . . . . . . . . . .
= (1,020)
Increase in interest expense for the increase
in short-term debt ($5,000,000 @ 6%*) . . . . . . . . . . .
= 300
Decrease in operating revenues for recovery of
decreased interest charges through the
return on other capital calculation . . . . . . . . . . . .
= (720)
Federal Income Taxes @ 35% . . . . . . . . . . . . . . . . . .
= (1,768)
To reflect the pro forma changes in operating revenues
under the unit power agreements and in interest expense
associated with the proposed transactions and the
related Federal income tax effect.
*Rate assumed solely for the purpose of these Pro Forma
Financial Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 4
AEP GENERATING COMPANY
STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1997
(UNAUDITED)
<CAPTION>
Pro
Forma
Per Books
Adjustments Pro Forma
---------
- ----------- ---------
(in
thousands)
<S> <C> <C>
<C>
OPERATING REVENUES . . . . . . . . . . . . . . $227,504
$(5,771) $221,733
-------
- ------ -------
OPERATING EXPENSES:
Fuel. . . . . . . . . . . . . . . . . . . . 97,293
97,293
Rent - Rockport Plant Unit 2. . . . . . . . 68,283
68,283
Other Operation . . . . . . . . . . . . . . 12,184
12,184
Maintenance . . . . . . . . . . . . . . . . 12,231
12,231
Depreciation. . . . . . . . . . . . . . . . 21,630
21,630
Taxes Other Than Federal Income Taxes . . . 3,473
3,473
Federal Income Taxes. . . . . . . . . . . . 3,181
(1,768) 1,413
-------
- ------ -------
TOTAL OPERATING EXPENSES . . . . . . . . 218,275
(1,768) 216,507
-------
- ------ -------
OPERATING INCOME . . . . . . . . . . . . . . . 9,229
(4,003) 5,226
NONOPERATING INCOME. . . . . . . . . . . . . . 3,755
3,755
-------
- ------ -------
INCOME BEFORE INTEREST CHARGES . . . . . . . . 12,984
(4,003) 8,981
INTEREST CHARGES . . . . . . . . . . . . . . . 4,014
(720) 3,294
-------
- ------ -------
NET INCOME . . . . . . . . . . . . . . . . . . $ 8,970
$(3,283) $ 5,687
=======
====== =======
The Pro Forma Adjustments are shown on Page 3A of these Financial
Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 5
AEP GENERATING COMPANY
STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1997
(UNAUDITED)
<CAPTION>
(in
thousands)
<S>
<C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . .
$1,953
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . .
8,970
CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . . . . .
8,286
-----
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . .
$2,637
=====
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 6
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1997
(UNAUDITED)
<CAPTION>
Pro
Forma
Per Books
Adjustments Pro Forma
-----------
- ----------- -----------
(in
thousands)
<S> <C> <C>
<C>
ASSETS
- ------
ELECTRIC UTILITY PLANT:
Production. . . . . . . . . . . . . . . . . .$ 9,353,218
$ 9,353,218
Transmission. . . . . . . . . . . . . . . . . 3,379,638
3,379,638
Distribution. . . . . . . . . . . . . . . . . 4,432,353
4,432,353
General (including mining assets and
nuclear fuel). . . . . . . . . . . . . . . 1,506,921
1,506,921
Construction Work in Progress . . . . . . . . 395,070
395,070
----------
----------
Total Electric Utility Plant . . . . . . .19,067,200
19,067,200
Accumulated Depreciation and Amortization . . 7,650,991
7,650,991
----------
----------
NET ELECTRIC UTILITY PLANT . . . . . . . .11,416,209
11,416,209
----------
----------
OTHER PROPERTY AND INVESTMENTS . . . . . . . . . 917,497
917,497
----------
----------
CURRENT ASSETS:
Cash and Cash Equivalents . . . . . . . . . . 86,083
$(25,000) 61,083*
Accounts Receivable (net) . . . . . . . . . . 577,077
577,077
Fuel . . . . . . . . . . . . . . . . . . . . 215,067
215,067
Materials and Supplies. . . . . . . . . . . . 246,168
246,168
Accrued Utility Revenues. . . . . . . . . . . 153,941
153,941
Prepayments . . . . . . . . . . . . . . . . . 129,444
129,444
----------
- ------- ----------
TOTAL CURRENT ASSETS . . . . . . . . . . . 1,407,780
(25,000) 1,382,780
----------
- ------- ----------
REGULATORY ASSETS. . . . . . . . . . . . . . . . 1,871,497
1,871,497
----------
----------
DEFERRED CHARGES . . . . . . . . . . . . . . . . 292,707
292,707
----------
- ------- ----------
TOTAL . . . . . . . . . . . . . . . . .$15,905,690
$(25,000) $15,880,690
The Pro Forma Adjustments are shown on Page 8 of these Financial
Statements.
*The proposed dividends will be paid as the cash becomes available.
Over the next five
years AEP Generating Company will continue to receive a stream of
income under the
terms of the unit power agreements and will pay dividends to its
parent, American
Electric Power Company, Inc., from those earnings. Cash received
will exceed net
income primarily because of the recovery of depreciation expense.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 7
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1997
(UNAUDITED)
<CAPTION>
Pro
Forma
Per Books
Adjustments Pro Forma
-----------
- ----------- -----------
(in
thousands)
<S> <C> <C>
<C>
CAPITALIZATION AND LIABILITIES
- ------------------------------
CAPITALIZATION:
Common Stock - Par Value $6.50; Shares
Authorized - 300,000,000; Shares Issued -
197,709,992, of which 8,999,992 were held
in the treasury. . . . . . . . . . . . . . $ 1,285,115
$ 1,285,115
Paid-in Capital. . . . . . . . . . . . . . . 1,731,695
1,731,695
Retained Earnings. . . . . . . . . . . . . . 1,607,776
1,607,776
----------
----------
Total Common Shareholders' Equity. . . . . 4,624,586
4,624,586
Cumulative Preferred Stocks of Subsidiaries:
Not Subject to Mandatory Redemption. . . . 46,933
46,933
Subject to Mandatory Redemption. . . . . . 127,605
127,605
Long-term Debt . . . . . . . . . . . . . . . 4,786,636
$(30,000) 4,756,636
----------
- ------- ----------
TOTAL CAPITALIZATION . . . . . . . . . . 9,585,760
(30,000) 9,555,760
----------
- ------- ----------
OTHER NONCURRENT LIABILITIES . . . . . . . . . 1,065,046
1,065,046
----------
----------
CURRENT LIABILITIES:
Preferred Stock and Long-term Debt
Due Within One Year. . . . . . . . . . . . 344,039
344,039
Short-term Debt. . . . . . . . . . . . . . . 334,318
5,000 339,318
Accounts Payable . . . . . . . . . . . . . . 158,749
158,749
Taxes Accrued. . . . . . . . . . . . . . . . 476,480
476,480
Interest Accrued . . . . . . . . . . . . . . 111,530
111,530
Obligations Under Capital Leases . . . . . . 83,827
83,827
Other. . . . . . . . . . . . . . . . . . . . 328,069
328,069
----------
- ------- ----------
TOTAL CURRENT LIABILITIES. . . . . . . . . 1,837,012
5,000 1,842,012
----------
- ------- ----------
DEFERRED INCOME TAXES. . . . . . . . . . . . . 2,621,692
2,621,692
----------
- ------- ----------
DEFERRED INVESTMENT TAX CREDITS. . . . . . . . 398,168
398,168
----------
----------
DEFERRED GAIN ON SALE AND LEASEBACK -
ROCKPORT PLANT UNIT 2. . . . . . . . . . . . 238,278
238,278
----------
----------
DEFERRED CREDITS . . . . . . . . . . . . . . . 159,734
159,734
----------
- ------- ----------
TOTAL. . . . . . . . . . . . . . . . . . $15,905,690
$(25,000) $15,880,690
==========
======= ==========
The Pro Forma Adjustments are shown on Page 8 of these Financial
Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 8
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEET
MARCH 31, 1997
PRO FORMA ADJUSTMENTS
<CAPTION>
Debit Credit
- ------- --------
(in thousand)
<S>
<C> <C>
1) Long-term Debt . . . . . . . . . . . . . . . . . . . . . . . .
$30,000
Cash and Cash Equivalents. . . . . . . . . . . . . . . . . . .
$30,000
To record the retirement of long-term debt
by AEP Generating Company.
2) Cash and Cash Equivalents. . . . . . . . . . . . . . . . . . .
$ 5,000
Short-term Debt . . . . . . . . . . . . . . . . . . . . . .
$ 5,000
To record additional short-term debt borrowings by
AEP Generating Company.
</TABLE>
<PAGE>
<PAGE>
FINANCIAL
STATEMENTS
PAGE 8A
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1997
PRO FORMA ADJUSTMENTS
The proposed transaction has no material net income effect on the
consolidated
entity as the significant unit power agreements are between
affiliated companies
and the intercompany transactions are eliminated in consolidation.
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 9
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED MARCH 31, 1997
(UNAUDITED)
<CAPTION>
Pro
Forma
Per Books
Adjustments Pro Forma
---------
- ----------- ----------
(in
thousands)
<S> <C> <C>
<C>
OPERATING REVENUES . . . . . . . . . . . . . . $5,823,521
$5,823,521
---------
---------
OPERATING EXPENSES:
Fuel and Purchased Power . . . . . . . . . . 1,680,474
1,680,474
Other Operation. . . . . . . . . . . . . . . 1,208,598
1,208,598
Maintenance. . . . . . . . . . . . . . . . . 496,803
496,803
Depreciation and Amortization. . . . . . . . 603,689
603,689
Taxes Other Than Federal Income Taxes. . . . 497,555
497,555
Federal Income Taxes . . . . . . . . . . . . 348,574
348,574
---------
---------
TOTAL OPERATING EXPENSES . . . . . . . . . 4,835,693
4,835,693
---------
---------
OPERATING INCOME . . . . . . . . . . . . . . . 987,828
987,828
NONOPERATING INCOME. . . . . . . . . . . . . . 7,848
7,848
---------
---------
INCOME BEFORE INTEREST CHARGES AND
PREFERRED DIVIDENDS. . . . . . . . . . . . . 995,676
995,676
INTEREST CHARGES . . . . . . . . . . . . . . . 375,125
375,125
PREFERRED STOCK DIVIDEND REQUIREMENTS
OF SUBSIDIARIES. . . . . . . . . . . . . . . 40,571
40,571
---------
- ------ ---------
NET INCOME . . . . . . . . . . . . . . . . . . $ 579,980 $ --
$ 579,980
=========
====== =========
AVERAGE NUMBER OF SHARES OUTSTANDING . . . . . 187,727
187,727
=========
=========
EARNINGS PER SHARE . . . . . . . . . . . . . . $3.09
$3.09
=========
=========
CASH DIVIDENDS PAID PER SHARE. . . . . . . . . $2.40
$2.40
=========
=========
The Pro Forma Adjustments are shown on Page 8A of these Financial
Statements.
</TABLE>
<PAGE>
<PAGE>
<TABLE>
FINANCIAL STATEMENTS
PAGE 10
AMERICAN ELECTRIC POWER COMPANY, INC.
AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
TWELVE MONTHS ENDED MARCH 31, 1997
(UNAUDITED)
<CAPTION>
(in thousands)
<S>
<C>
BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . .
. $1,477,852
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. 579,980
DEDUCTIONS:
Cash Dividends Declared. . . . . . . . . . . . . . . . . . . . .
. 450,313
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. (257)
BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . . . . . .
. $1,607,776
=========
</TABLE>
<PAGE>
<PAGE>
<TABLE>
AEP GENERATING COMPANY
SOURCES AND USES OF FUNDS
($ IN MILLIONS)
<CAPTION>
SOURCES OF FUNDS 1997 1998 1999 2000
2001 Total
- ---------------- ---- ---- ---- ----
---- -----
<S> <C> <C> <C> <C>
<C> <C>
Internal
- --------
Depreciation and Amortization 22 22 22 22
22 110
Deferred Income Taxes (Net) 5 5 (6) (6)
(6) (6)
Deferred Investment Tax Credits (3) (3) (3) (3)
(3) (15)
AFUDC 0 0 0 0
0 0
Other (Note 1) 5 (1) (1) (2)
(2) (1)
--- --- --- ---
--- ---
Total Internal Sources 29 23 12 11
11 86
External
- --------
Common Equity 0 0 0 0
0 0
Long-Term Debt 0 0 0 0
0 0
Short-Term Debt 18 1 (4) (5)
(5) 5
--- --- --- ---
--- ---
Total External Sources 18 1 (4) (5)
(5) 5
--- --- --- ---
--- ---
Total Sources 47 24 8 6
6 91
=== === === ===
=== ===
USES OF FUNDS
- -------------
Gross Construction Expenditures 4 6 2 2
2 16
AFUDC 0 0 0 0
0 0
--- --- --- ---
--- ---
Cash Construction Expenditures 4 6 2 2
2 16
Long-Term Debt Retirements 20 10 0 0
0 30
Special Dividends (Note 2) 23 8 6 4
4 45
--- --- --- ---
--- ---
Total Uses 47 24 8 6
6 91
=== === === ===
=== ===
Retained Earnings 2.12 2.51 3.22 3.00
3.68
Paid-in Capital 24.24 20.24 18.24 18.24
17.24
CAPITAL RATIOS (%)
- ------------------
COMMON EQUITY 21.11 20.51 20.21 21.50
22.45
LONG-TERM DEBT (INCL. STD) 78.89 79.49 79.79 78.50
77.55
----- ----- ----- -----
-----
TOTAL 100.00 100.00 100.00 100.00
100.00
NOTES
- -----
(1) Includes net earnings to common, regular dividends and changes
in working capital.
(2) During the period 1997-2001, it is projected that $18 million
of special dividends
will be paid from additional accumulated Retained Earnings and
$27 million will
be paid from Paid-In Capital.
</TABLE>
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 388,536
<OTHER-PROPERTY-AND-INVEST> 6
<TOTAL-CURRENT-ASSETS> 46,660
<TOTAL-DEFERRED-CHARGES> 3,710
<OTHER-ASSETS> 5,803
<TOTAL-ASSETS> 444,715
<COMMON> 1,000
<CAPITAL-SURPLUS-PAID-IN> 42,235
<RETAINED-EARNINGS> 2,637
<TOTAL-COMMON-STOCKHOLDERS-EQ> 45,872
0
0
<LONG-TERM-DEBT-NET> 89,558
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 1,496
<LEASES-CURRENT> 476
<OTHER-ITEMS-CAPITAL-AND-LIAB> 307,313
<TOT-CAPITALIZATION-AND-LIAB> 444,715
<GROSS-OPERATING-REVENUE> 227,504
<INCOME-TAX-EXPENSE> 3,116
<OTHER-OPERATING-EXPENSES> 215,159
<TOTAL-OPERATING-EXPENSES> 218,275
<OPERATING-INCOME-LOSS> 9,229
<OTHER-INCOME-NET> 3,755
<INCOME-BEFORE-INTEREST-EXPEN> 12,984
<TOTAL-INTEREST-EXPENSE> 4,014
<NET-INCOME> 8,970
0
<EARNINGS-AVAILABLE-FOR-COMM> 8,970
<COMMON-STOCK-DIVIDENDS> 8,286
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 25,906
<EPS-PRIMARY> 0 <F1>
<EPS-DILUTED> 0 <F1>
<FN>
<F1> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 388,536
<OTHER-PROPERTY-AND-INVEST> 6
<TOTAL-CURRENT-ASSETS> (5,340)<F1>
<TOTAL-DEFERRED-CHARGES> 3,710
<OTHER-ASSETS> 5,803
<TOTAL-ASSETS> 392,715
<COMMON> 1,000
<CAPITAL-SURPLUS-PAID-IN> 15,235
<RETAINED-EARNINGS> 2,637
<TOTAL-COMMON-STOCKHOLDERS-EQ> 18,872
0
0
<LONG-TERM-DEBT-NET> 59,558
<SHORT-TERM-NOTES> 5,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 1,496
<LEASES-CURRENT> 476
<OTHER-ITEMS-CAPITAL-AND-LIAB> 307,313
<TOT-CAPITALIZATION-AND-LIAB> 392,715
<GROSS-OPERATING-REVENUE> 221,733
<INCOME-TAX-EXPENSE> 1,348
<OTHER-OPERATING-EXPENSES> 215,159
<TOTAL-OPERATING-EXPENSES> 216,507
<OPERATING-INCOME-LOSS> 5,226
<OTHER-INCOME-NET> 3,755
<INCOME-BEFORE-INTEREST-EXPEN> 8,981
<TOTAL-INTEREST-EXPENSE> 3,294
<NET-INCOME> 5,687
0
<EARNINGS-AVAILABLE-FOR-COMM> 5,687
<COMMON-STOCK-DIVIDENDS> 8,286
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 25,906
<EPS-PRIMARY> 0 <F2>
<EPS-DILUTED> 0 <F2>
<FN>
<F1> The proposed dividends will be paid as the cash becomes
available. Over
the next five years the Company will continue to receive a stream
of income
under the terms of the unit power agreements and will pay dividends
to its
parent, American Electric Power Company, Inc., from those earnings.
Cash
received will exceed net income primarily because of the recovery
of
depreciation expense.
<F2> All common stock owned by parent company; no EPS required.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 11,416,209
<OTHER-PROPERTY-AND-INVEST> 917,497
<TOTAL-CURRENT-ASSETS> 1,407,780
<TOTAL-DEFERRED-CHARGES> 292,707
<OTHER-ASSETS> 1,871,497
<TOTAL-ASSETS> 15,905,690
<COMMON> 1,285,115
<CAPITAL-SURPLUS-PAID-IN> 1,731,695
<RETAINED-EARNINGS> 1,607,776
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,624,586
127,605
46,933
<LONG-TERM-DEBT-NET> 4,786,636
<SHORT-TERM-NOTES> 74,046
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 260,272
<LONG-TERM-DEBT-CURRENT-PORT> 296,289
47,750
<CAPITAL-LEASE-OBLIGATIONS> 353,361
<LEASES-CURRENT> 83,827
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,204,385
<TOT-CAPITALIZATION-AND-LIAB> 15,905,690
<GROSS-OPERATING-REVENUE> 5,823,521
<INCOME-TAX-EXPENSE> 373,228
<OTHER-OPERATING-EXPENSES> 4,462,465
<TOTAL-OPERATING-EXPENSES> 4,835,693
<OPERATING-INCOME-LOSS> 987,828
<OTHER-INCOME-NET> 7,848
<INCOME-BEFORE-INTEREST-EXPEN> 995,676
<TOTAL-INTEREST-EXPENSE> 375,125
<NET-INCOME> 579,980
40,571 <F1>
<EARNINGS-AVAILABLE-FOR-COMM> 579,980
<COMMON-STOCK-DIVIDENDS> 450,313
<TOTAL-INTEREST-ON-BONDS> 243,432
<CASH-FLOW-OPERATIONS> 1,240,898
<EPS-PRIMARY> $3.09
<EPS-DILUTED> $3.09
<FN>
<F1> Represents preferred stock dividend requirements of
subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1997
<BOOK-VALUE> PRO-FORMA
<TOTAL-NET-UTILITY-PLANT> 11,416,209
<OTHER-PROPERTY-AND-INVEST> 917,497
<TOTAL-CURRENT-ASSETS> 1,382,780 <F1>
<TOTAL-DEFERRED-CHARGES> 292,707
<OTHER-ASSETS> 1,871,497
<TOTAL-ASSETS> 15,880,690
<COMMON> 1,285,115
<CAPITAL-SURPLUS-PAID-IN> 1,731,695
<RETAINED-EARNINGS> 1,607,776
<TOTAL-COMMON-STOCKHOLDERS-EQ> 4,624,586
127,605
46,933
<LONG-TERM-DEBT-NET> 4,756,636
<SHORT-TERM-NOTES> 79,046
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 260,272
<LONG-TERM-DEBT-CURRENT-PORT> 296,289
47,750
<CAPITAL-LEASE-OBLIGATIONS> 353,361
<LEASES-CURRENT> 83,827
<OTHER-ITEMS-CAPITAL-AND-LIAB> 5,204,385
<TOT-CAPITALIZATION-AND-LIAB> 15,880,690
<GROSS-OPERATING-REVENUE> 5,823,521
<INCOME-TAX-EXPENSE> 373,228
<OTHER-OPERATING-EXPENSES> 4,462,465
<TOTAL-OPERATING-EXPENSES> 4,835,693
<OPERATING-INCOME-LOSS> 987,828
<OTHER-INCOME-NET> 7,848
<INCOME-BEFORE-INTEREST-EXPEN> 995,676
<TOTAL-INTEREST-EXPENSE> 375,125
<NET-INCOME> 579,980
40,571 <F2>
<EARNINGS-AVAILABLE-FOR-COMM> 579,980
<COMMON-STOCK-DIVIDENDS> 450,313
<TOTAL-INTEREST-ON-BONDS> 243,432
<CASH-FLOW-OPERATIONS> 1,240,898
<EPS-PRIMARY> $3.09
<EPS-DILUTED> $3.09
<FN>
<F1> The proposed dividends will be paid as the cash becomes
available. Over
the next five years AEP Generating Company will continue to receive
a stream
of income under the terms of the unit power agreements and will pay
dividends
to its parent, American Electric Power Company, Inc., from those
earnings.
Cash received will exceed net income primarily because of the
recovery of
depreciation expense.
<F2> Represents preferred stock dividend requirements of
subsidiaries;
deducted before computation of net income.
</FN>
</TABLE>
