Company reaffirms earnings guidance for 2001: $3.50 to $3.60 per share

COLUMBUS, Ohio, Sept. 28, 2001 - American Electric Power announced today that it has realigned executive management to prepare for the planned separation of its regulated and unregulated businesses.

According to E. Linn Draper Jr., AEP chairman, president and chief executive officer, the realignment, which is effective immediately, will allow the company’s executive team to apply diverse management experience to all of AEP’s businesses.

Thomas V. Shockley III will continue to report to Draper as vice chairman with the additional title of chief operating officer. He will have overall responsibility for AEP’s regulated and unregulated businesses as well as its engineering and technical development operations. Shockley was formerly president and chief operating officer of Central and South West Corp. and joined AEP when the two companies merged last year.

Two executives reporting to Shockley will head AEP’s marketing and trading operations. Eric J. van der Walde, executive vice president - marketing and trading, for AEP Energy Services, will continue in that role, overseeing the company’s trading activities in electricity, natural gas, energy futures and emissions credits. Van der Walde has led the tremendous growth in AEP’s trading business since joining the company in 1997 from Enron Capital and Trade Resources.

Steven A. Appelt, executive vice president - administration, AEP Energy Services, will also continue in his role. Appelt, who guided the development and implementation of AEP’s trading architecture and trading support functions, joined the company in 1998 from Enron Oil Trading and Transportation, where he was chief financial officer.

John F. Norris, senior vice president - operations and technical services, retains responsibility for AEP’s power plant fleet, the largest in the U.S., as well as the company’s natural gas pipelines, storage facilities, processing plants and other facilities. Norris, who will report to Shockley, joined AEP in 1999. He was previously president of the American Bureau of Shipping Group Inc., and earlier served in several senior positions with Duke Energy Corp.

Paul D. Addis, executive vice president - wholesale, is leaving AEP to pursue other interests. Addis founded AEP’s competitive wholesale business, which includes power generation, engineering, natural gas storage and pipelines, energy trading and marketing in the U.S. and Europe, and AEP’s unregulated retail business. “Paul has been the driving force behind the development of AEP’s competitive businesses into the vibrant, sustainable businesses they are today,” Draper said. “Our competitive wholesale business will remain a major focus of AEP’s strategy. We thank Paul for his efforts and wish him well.

“AEP remains committed to its wholesale strategy, which has achieved remarkable success in a short time,” Draper said. “We have every confidence that Eric and Steve, who have been integral parts of our competitive wholesale business since day one, will continue that record of success. Our wholesale businesses, together with our substantial regulated businesses, provide a balanced combination of growth and stability for our shareholders.”

Henry W. Fayne, executive vice president - finance and analysis and chief financial officer, has been named executive vice president and head of AEP’s regulated businesses. Following AEP’s corporate separation, the company’s regulated businesses will include regulated generating plants as well as energy delivery operations in 11 states. Fayne, who will report to Shockley, has held numerous positions with AEP since 1974, including controller and senior vice president - planning and budgeting.

William J. Lhota, executive vice president responsible for AEP’s energy delivery business, plans to retire at the end of the year after 37 years with AEP. “Bill Lhota’s contribution to AEP can’t be overstated,” Draper said. “In the history of AEP and the utility industry, few can match Bill’s standard of leadership and professionalism. We are grateful to him.”

Susan Tomasky, executive vice president and general counsel, becomes executive vice president - policy, finance and strategic planning. Tomasky, who will continue to report to Draper, will serve as chief financial officer. She will also be responsible for AEP’s corporate development activities. Tomasky joined AEP in 1998 and is former general counsel of the Federal Energy Regulatory Commission. Jeffrey D. Cross, senior vice president and deputy general counsel, has been named acting general counsel, reporting to Tomasky.

Donald M. Clements Jr., executive vice president - corporate development, plans to retire following a distinguished career in energy and law, spending the last seven years with AEP. Draper thanked Clements for his role in AEP’s success. “Don has played an important role in building today’s AEP and he will be missed.”

Robert P. Powers, senior vice president - nuclear generation, has been named executive vice president responsible for all nuclear engineering activities as well as some non-nuclear engineering. He will also oversee AEP’s research and development operations. Powers will report to Shockley and retains responsibility for AEP´s Cook nuclear generating station and AEP’s interest in the South Texas Project.

Joseph H. Vipperman continues in his roles as executive vice president - shared services, reporting to Draper.

“The changes we are making will infuse different strengths and new perspectives into all of our operations,” Draper said. “At the same time, we will maintain management continuity in critical areas. That will make AEP a stronger and more flexible competitor in the evolving energy marketplace.”

Draper reaffirmed AEP’s previously announced earnings guidance for 2001 in the range of $3.50 to $3.60 per share.

AEP has scheduled a conference call with financial analysts that will be broadcast live over the Internet at 10 a.m. EDT today. The webcast is available at http://www.videonewswire.com/event.asp?id=1274.

For those unable to listen during the live webcast, the call will be archived for replay on AEP´s web site.

American Electric Power is a multinational energy company based in Columbus, Ohio. AEP owns and operates more than 38,000 megawatts of generating capacity, making it America’s largest generator of electricity. The company is also a leading wholesale energy marketer and trader, ranking second in the U.S. in electricity volume with a growing presence in natural gas. AEP provides retail electricity to more than 7 million customers worldwide and has holdings in the U.S. and select international markets. Wholly owned subsidiaries are involved in power engineering and construction services, energy management and telecommunications.

Pat D. Hemlepp
Director, Corporate Media Relations
American Electric Power

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