9/8/1998

AEP Among Nation´s Most Efficient Utilities, According to Public Utilities Fortnightly Data

COLUMBUS, Ohio, Sept. 8, 1998 – American Electric Power (NYSE: AEP) is one of the most efficient utilities in the United States, according to data compiled by Public Utilities Fortnightly, a leading industry publication.

AEP ranked fourth on The Fortnightly 100, a list published in the Sept. 1 issue of Public Utilities Fortnightly. The publication uses historical fuel, operations and maintenance, capital and labor cost data for 140 holding companies to analyze the relative efficiency of each company. The highest-ranked companies on the list use less resources to produce electricity than companies with a lower ranking.

Central & South West, AEP´s partner in a merger announced Dec. 22, 1997, ranked sixth on the list. Ohio Valley Electric Corp., which supplies power to a uranium enrichment plant near Portsmouth, Ohio, and is 44.2 percent owned by AEP, ranked second. AEP operates OVEC.

"It´s gratifying to see these results, since they validate the efforts of AEP´s employees and management to make the best use of our resources and seek ways to become even more efficient," said E. Linn Draper Jr., AEP´s chairman, president and chief executive officer.

"We´re extremely pleased to see that Central & South West is also near the top of the list," Draper said. "This further substantiates why we know our merger will benefit our customers. Both companies have consistently ranked in the top five for customer service among utilities. We both have rates among the nation´s lowest. And, as the Public Utilities Fortnightly data shows, we are among the nation´s most efficient. Combining the best practices of AEP and CSW will help us continue to improve."

Utilities ranked in The Fortnightly 100 received a score ranging from zero for the least efficient to one for the most efficient. The 19 efficient utilities that earned the highest possible score were further analyzed based on the number of times they were used as peers in the assessment of lower-ranked companies.

The top 10 positions, including ties, in The Fortnightly 100 were:

1 - Idaho Power Inc.; 2 - Ohio Valley Electric Corp.; 3 - Montana Power Co.; 4 - American Electric Power; 5 - MidAmerican Energy Holdings Co. and Washington Water Power Co.; 6 - Central & South West Corp. and LG&E Energy Corp.; 7 - Western Resources Inc. and North Central Power Co. Inc.; 8 - Duke Energy Corp. and PacifiCorp; 9 - Upper Peninsula Energy Corp.; 10 - PG&E Corp.

AEP, a global energy company, is one of the United States´ largest investor-owned utilities, providing energy to 3 million customers in Indiana, Kentucky, Michigan, Ohio, Tennessee, Virginia and West Virginia. AEP has holdings in the United States, the United Kingdom, China and Australia. Wholly owned subsidiaries provide power engineering, energy consulting and energy management services around the world. The company is based in Columbus, Ohio. On Dec. 22, 1997, AEP announced a definitive merger agreement for a tax-free, stock-for-stock transaction with Central and South West Corp., a public utility holding company based in Dallas.

For More Information, Contact:
Pat D. Hemlepp
Manager, Media Relations
American Electric Power
614/223-1620

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