COLUMBUS, Ohio, May 23, 2003 - American Electric Power (NYSE: AEP) filed a shelf registration with the Securities and Exchange Commission today to periodically sell up to $3 billion in debt or equity securities for general corporate purposes.

The filing replaces an existing shelf registration that was depleted by AEP’s debt and equity activity earlier this year, when the company issued $1.1 billion in equity and $800 million in debt. These actions, combined with the successful renegotiation of a credit facility due to mature in May, effectively eliminated AEP’s refinancing risk for this year.

“It is a common practice for companies to have adequate shelf available for future needs,” said Susan Tomasky, AEP executive vice president and chief financial officer. “However, we have no plans for debt or equity issuances at this time.”

A shelf registration gives a company advance regulatory approval to sell securities, allowing it flexibility in the timing and amount of an offering.

American Electric Power owns and operates more than 42,000 megawatts of generating capacity in the United States and select international markets and is the largest electricity generator in the U.S. AEP is also one of the largest electric utilities in the United States, with almost 5 million customers linked to AEP’s 11-state electricity transmission and distribution grid. The company is based in Columbus, Ohio.