6/2/2005

AEP sets remarketing date for its Senior Notes due Aug. 16, 2007

COLUMBUS, Ohio, June 1, 2005 – American Electric Power (NYSE: AEP) and its remarketing agents, Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc., are giving notice that they expect to remarket on June 13, 2005 AEP’s Senior Notes due Aug. 16, 2007 (CUSIP No. 025537AC5). These notes were originally issued in June 2002 in connection with AEP’s sale of 9.25-percent Equity Units (NYSE: AEP PrA).

If the remarketing is successful, holders of record on June 8 of the outstanding Equity Units will receive the remaining proceeds, if any, from the remarketing after deduction of the amounts described below:

The proceeds of the remarketing of the Senior Notes held as a component of the Equity Units will be used to purchase treasury securities. The treasury securities will serve as substitute collateral for the Senior Notes component of the Equity Units to secure a holder’s obligation under the related forward purchase contracts. The proceeds of the treasury securities upon or after maturity will be used to (1) provide the consideration necessary to fulfill the related forward-purchase contracts on Aug. 16, 2005, and (2) pay an amount of cash equal to the interest payable on such Senior Notes on Aug.16, 2005 at the interest rate in effect prior to the resetting of the interest rate in the remarketing. A portion not exceeding 25 basis points (0.25%) of the total proceeds from the remarketing will be deducted and retained by the remarketing agents as a remarketing fee. In the event that there are any remaining proceeds, payment of such amount will be made on June 16, 2005.

AEP issued $345 million aggregate principal amount of the Senior Notes when it issued 6.9 million equity units at a public offering price of $50 per unit in June 2002. Each equity unit consists of an unsecured note and a forward-purchase contract to purchase AEP common stock on the settlement date Aug. 16, 2005.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. The remarketing will only be made pursuant to a prospectus supplement and accompanying base prospectus.

American Electric Power owns more than 36,000 megawatts of generating capacity in the United States and is the nation´s largest electricity generator. AEP is also one of the largest electric utilities in the United States, with more than 5 million customers linked to AEP’s 11-state electricity transmission and distribution grid. The company is based in Columbus, Ohio.

This report made by AEP and certain of its subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Although AEP and each of its registrant subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: electric load and customer growth; weather conditions, including storms; available sources and costs of, and transportation for, fuels and the credit-worthiness of fuel suppliers and transporters; availability of generating capacity and the performance of AEP’s generating plants; the ability to recover regulatory assets and stranded costs in connection with deregulation; the ability to recover increases in fuel and other energy costs through regulated or competitive electric rates; new legislation, litigation and government regulation including requirements for reduced emissions of sulfur, nitrogen, mercury, carbon and other substances; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions (including rate or other recovery for new investments, transmission service and environmental compliance); oversight and/or investigation of the energy sector or its participants; resolution of litigation (including pending Clean Air Act enforcement actions and disputes arising from the bankruptcy of Enron Corp.); AEP´s ability to constrain its operation and maintenance costs; AEP´s ability to sell assets at acceptable prices and on other acceptable terms, including rights to share in earnings derived from the assets subsequent to their sale; the economic climate and growth in AEP´s service territory and changes in market demand and demographic patterns; inflationary trends; AEP´s ability to develop and execute a strategy based on a view regarding prices of electricity, natural gas, and other energy-related commodities; changes in the creditworthiness and number of participants in the energy trading market; changes in the financial markets, particularly those affecting the availability of capital and AEP´s ability to refinance existing debt at attractive rates; actions of rating agencies, including changes in the ratings of debt; volatility and changes in markets for electricity, natural gas, and other energy-related commodities; changes in utility regulation, including membership and integration into regional transmission structures; accounting pronouncements periodically issued by accounting standard-setting bodies; the performance of AEP´s pension and other postretirement benefit plans; prices for power that AEP generates and sells at wholesale; changes in technology and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes and other catastrophic events.

MEDIA CONTACT:
Melissa McHenry
Manager, Corporate Media Relations
614/716-1120

ANALYSTS CONTACT:
Julie Sloat
Vice President, Investor Relations
614/716-2885

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