6/17/2002

AEP SUBSIDIARIES TO REDEEM DEBENTURES AND FIRST MORTGAGE BONDS

Three public utility subsidiaries of American Electric Power (NYSE: AEP) today announced that on July 24, 2002, they will redeem all of their outstanding Junior Subordinated Deferrable Interest Debentures and certain of their First Mortgage Bonds.

Appalachian Power Co. will redeem all of the outstanding $75,000,000 principal amount of its 8-1/4% Junior Subordinated Deferrable Interest Debentures, Series A, due 2026, and all of the outstanding $90,000,000 principal amount of its 8% Junior Subordinated Deferrable Interest Debentures, Series B, due 2027. In addition, Appalachian will redeem all of the outstanding $40,000,000 principal amount of its First Mortgage Bonds, Designated Medium Term Notes, 6.65% Series, due May 1, 2003, and all of the outstanding $30,000,000 principal amount of its First Mortgage Bonds, Designated Medium Term Notes, 6.85% Series, due June 1, 2003.

Columbus Southern Power Co. will redeem all of the outstanding $72,842,500 principal amount of its 8-3/8% Junior Subordinated Deferrable Interest Debentures, Series A, due 2025, and all of the outstanding $40,000,000 principal amount of its 7.92% Junior Subordinated Deferrable Interest Debentures, Series B, due 2027.

Ohio Power Co. will redeem all of the outstanding $85,000,000 principal amount of its 8.16% Junior Subordinated Deferrable Interest Debentures, Series A, due 2025, and all of the outstanding $50,000,000 principal amount of its 7.92% Junior Subordinated Deferrable Interest Debentures, Series B, due 2027.

All of the debentures will be redeemed at 100 percent of the principal amount redeemed ($25 per share), plus interest accrued from July 1 to the date of redemption. Interest payable on June 30 will be paid in the usual manner.

The first mortgage bonds will be redeemed at the regular redemption price of 100 percent of the principal amount of each bond, plus accrued interest to the date of redemption.

Notice of the redemption is expected to be mailed on or before June 24.

These redemptions are in accordance with the terms of the indentures under which the debentures and the first mortgage bonds were issued. All of the debentures currently are listed on the New York Stock Exchange.

Bank One Trust Co., N.A., is the redemption agent and trustee for all of the debentures. Bankers Trust Co. is the redemption agent and trustee for Appalachian’s first mortgage bonds.

Contacts

Bette Jo Rozsa
Managing Director, Investor Relations
614/223-2840

Geoffrey Chatas
Vice President, Investor Relations and Corporate Finance
614/223-2873