AEP Reports Third Quarter Earnings

American Electric Power today reported 2006 third-quarter earnings, prepared in accordance with Generally Accepted Accounting Principles, of $265 million, or $0.67 per share, compared with $387 million, or $0.99 per share, for third-quarter 2005.

Ongoing earnings for third-quarter 2006 were $392 million, or $0.99 per share, compared with $370 million, or $0.95 per share, for third-quarter 2005.

GAAP earnings were less than ongoing earnings by $127 million for the quarter primarily because of an after-tax impairment of approximately $136 million related to the announced sale of the Plaquemine Cogeneration Facility in Louisiana to Dow Chemical. That impairment was partially offset by gains realized on the sale of other assets.



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