🇺🇸 English, 6 October 2026, data center buildout
American Electric Power Funds $78 Billion Data Center Buildout with Debt and Stock Sales
AEP is borrowing heavily and selling stock to fund its $78 billion capital plan for data center demand, while its dividend raise pace quietly shrinks.
AEP is funding a $78 billion capital plan for 2026 through 2030 to serve data center demand, and the dividend has to share the cash. AEP has raised its quarterly payout every year since 2013, but increases are getting smaller.
In 2025, AEP generated $6.94 billion in operating cash flow and paid $2.01 billion in dividends, using about 29% of operating cash. Capital spending is the strain, with capex and dividends leaving AEP about $3.33 billion short.
The regulated model protects the dividend. AEP has 69 gigawatts of new load contracted through 2030 under fully executed agreements, which puts AEP clearly among the utilities feeding the data-center buildout.