COLUMBUS, Ohio, May 30, 2002 - American Electric Power Company, Inc. (NYSE:AEP) announced today that it plans two concurrent public offerings of equity securities.

One offering will consist of 16 million shares of the company’s common stock. The second offering will be $300 million of equity units. Each equity unit will initially consist of a forward purchase contract for the company’s common stock and a senior note of the company. The price for the common stock under the forward purchase contract will be based upon the average trading price of the stock at the time the forward purchase contract is settled.

The joint book running managers for both of the offerings will be Goldman, Sachs & Co, J.P. Morgan Securities Inc. and Salomon Smith Barney Inc. The global coordinator will be Salomon Smith Barney Inc.

The offerings will be made under the company’s existing shelf registration statement. The company expects to issue the securities in mid-June.

American Electric Power is a multinational energy company with a balanced portfolio of energy assets. AEP, the United States’ largest electricity generator, owns and operates more than 42,000 megawatts of generating capacity in the U.S. and select international markets. AEP is a leading wholesale energy marketer, ranking among North America’s top providers of wholesale power and natural gas with a growing wholesale presence in European markets. In addition to electricity generation, AEP owns and operates natural gas pipeline systems, natural gas storage, coal mines, and the fourth-largest inland barge company 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 wires. The company is based in Columbus, Ohio.


This document contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including (1) statements concerning the Company’s plans, objectives, expected performance and expenditures and (2) other statements that are other than statements of historical fact. These forward-looking statements reflect assumptions, and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially from forward-looking statements are electric load and customer growth, abnormal weather conditions, availability of generating capacity, the ability to recover net regulatory assets and other stranded costs in connection with deregulation of generation, the outcome of environmental regulation and litigation, the impact of fluctuation in commodity prices and interest rates and other risks and unforeseen events over which the Company has no control. The reader is also directed to the Company’s periodic filings with the Securities and Exchange Commission for additional factors that may impact the Company’s results of operations and financial condition. Furthermore, historical results may not be indicative of the Company’s future performance.

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