{"slug":"aep","name":"American Electric Power","name_en":"American Electric Power","ticker":"AEP","updated_at":"2026-07-12T08:25:13.203903+00:00","canonical":"https://valuechain.wiki/aep","same_as":["https://finance.yahoo.com/quote/AEP","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=4904"],"citable":"밸류체인 그래프 기준 American Electric Power의 직접 연결 기업은 3곳(관계 기준 공급 3·매출 0)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, American Electric Power is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 4 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 유틸리티 · 데이터센터 부하·송전","kicker_en":"S&P 500 · Utilities · Datacenter load & transmission","lead":"미국 대형 전력 유틸리티. 데이터센터로 2030년까지 계약부하 63GW로 확대(약 90% 데이터센터)를 전망하고, 상업 부하가 연 20% 성장한다. Bloom 연료전지 1GW($26.5억)를 확보해 송전망 건설 전 데이터센터 전력을 메운다. 2026~30년 CAPEX 약 $780억(Q1 2026 신규 7GW). 그리드 건설·연료전지로 부하를 받는 유틸리티.","lead_en":"A large US electric utility. It expects to expand contracted load to 63GW by 2030 (~90% datacenter), with commercial load growing 20% a year, driven by datacenters. It secured 1GW of Bloom fuel cells ($2.65B) to bridge datacenter power before transmission is built. ~$78B capex 2026-30 (7GW new in Q1 2026). A utility absorbing load via grid build and fuel cells.","segments":{"parts":[{"name":"규제 유틸리티·송전"},{"name":"발전"}],"total":"2030 계약부하 +63GW(약 90% 데이터센터), 5년 CAPEX ~$78B, Q1 2026 신규 7GW","concentration":"데이터센터 부하 +63GW(2030). Bloom 1GW. FY2026 EPS 가이던스 $6.15~6.45·장기 EPS CAGR >9%."},"segments_en":{"parts":[{"name":"Regulated utility/transmission"},{"name":"Generation"}],"total":"+63GW contracted load by 2030 (~90% datacenter), ~$78B 5-yr capex, 7GW new in Q1 2026","concentration":"+63GW datacenter load by 2030. Bloom 1GW. FY2026 EPS guidance $6.15-6.45, long-term EPS CAGR >9%."},"returns_yearly":{"2021":10.7,"2022":10.4,"2023":-11,"2024":18.2,"2025":29.4,"2026":19.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"bloom-energy","name":"Bloom Energy","name_en":"Bloom Energy","tier":1,"returns_yearly":{"2021":-23.5,"2022":-12.8,"2023":-22.6,"2024":50.1,"2025":291.2,"2026":181.5}},{"slug":"quanta-services","name":"Quanta Services","name_en":"Quanta Services","tier":1,"returns_yearly":{"2021":59.5,"2022":24.6,"2023":51.7,"2024":46.6,"2025":33.7,"2026":56.1}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":1,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-3.7}},{"slug":"ls-electric","name":"LS일렉트릭","name_en":"LS ELECTRIC","tier":2,"returns_yearly":{"2021":-19.2,"2022":11.4,"2023":37.4,"2024":234.2,"2025":145,"2026":79.6}}],"analysis":"AEP의 논점은 '데이터센터 부하가 요금기반(rate base) 성장으로 전환된다'는 것이다. 규제 유틸리티·송전 사업자로서 데이터센터發 2030년까지 계약부하 63GW 확대(약 90% 데이터센터)와 연 20% 상업부하 성장을 전망하는데, 규제 유틸리티는 이 수요를 그리드 건설 CAPEX(5년 약 $780억)로 받아 요금기반을 키우는 구조다. 송전망 건설 전 공백은 Bloom 연료전지 1GW($26.5억)로 메워 부하를 놓치지 않는다. 리스크는 CAPEX의 요금 회수(규제 승인)와 금리·조달비용. 그래프 파급: 블룸에너지(연료전지) 조달과 그리드 기자재 공급망이 상류이고, 부하 약정 고객(하이퍼스케일러)이 성장의 출발점.","analysis_en":"AEP's thesis is datacenter load converting into rate-base growth. As a regulated utility and transmission operator, it projects 63GW of contracted datacenter-driven load by 2030 (~90% datacenter) and ~20% annual commercial-load growth, and a regulated utility absorbs that demand via grid CAPEX (~$78bn over five years) that expands rate base. The gap before transmission is built is filled by 1GW of Bloom fuel cells ($2.65bn) so load isn't lost. Risks are cost recovery of CAPEX (regulatory approval) and interest/financing costs. Graph propagation: Bloom Energy (fuel cells) procurement and grid-equipment supply are upstream, and load-commitment customers (hyperscalers) are the growth starting point.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"데이터센터·산업 (부하)","counterparty_slug":null,"confidence":"high","metric":{"type":"capacity","unit":"GW","basis":"데이터센터 계약부하 2030년 +63GW(약 90% DC), 5년 CAPEX ~$78B, Q1 2026 신규 7GW, FY2026 EPS 가이던스 $6.15~6.45","value":63,"period":"by 2030","basis_en":"Contracted datacenter load +63GW by 2030 (~90% DC), ~$78B 5-yr capex, 7GW new in Q1 2026, FY2026 EPS guidance $6.15-6.45","qualifier":"contracted_load"},"note":"데이터센터 부하 약정(2030년까지 +24GW)이 성장의 출발점 — 규제 유틸리티는 이 수요를 그리드 CAPEX로 받아 요금기반을 키운다.","note_en":"Datacenter load commitments (+24GW by 2030) are the growth start — a regulated utility absorbs the demand via grid CAPEX that grows rate base.","sources":[{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"research","lang":"en","published_at":"2026-03-01","url":"https://www.tikr.com/blog/american-electric-power-stock-has-a-145-mean-target-and-63-gigawatts-of-contracted-load-to-back-it","title":"AEP: 계약부하 63GW·평균 목표주가 $145","title_en":"American Electric Power: 63 GW of contracted load and a $145 mean target","excerpt":"TIKR: 63GW 계약부하가 자본계획을 뒷받침, 평균 목표주가 $145. 데이터센터가 요금기반 성장으로 전환.","excerpt_en":"TIKR: 63GW of contracted load backs the capital plan; $145 mean target. Datacenter load converts into rate-base growth."},{"stance":"confirms","publisher":"미국 SEC 공시(EDGAR)","publisher_en":"US SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/4904/000000490426000011/a4q20258kpressreleaseex991.htm","title":"AEP 2025년 4분기·연간 실적(8-K)","title_en":"American Electric Power 4Q2025 Results (8-K)","excerpt":"4Q2025 실적: 데이터센터 계약부하 2030년 63GW로 확대, 5년 CAPEX ~$78B, FY2026 EPS 가이던스 $6.15~6.45·장기 CAGR >9%.","excerpt_en":"4Q2025 results: contracted datacenter load raised to 63GW by 2030, ~$78B 5-yr capex, FY2026 EPS guidance $6.15-6.45, long-term CAGR >9%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/0000004904/000000490426000011/a4q20258kpressreleaseex991.htm","title":"AEP FY2025 실적(8-K)","title_en":"AEP FY2025 results (8-K)","excerpt":"데이터센터·산업 부하에 전력 공급(2030년 +24GW).","excerpt_en":"Power to datacenter and industrial load (+24GW by 2030)."},{"stance":"confirms","publisher":"Utility Dive","publisher_en":"Utility Dive","kind":"research","lang":"en","published_at":"2025-01-01","url":"https://www.utilitydive.com/news/aep-data-centers-texas-ercot-crypto-pjm/756491/","title":"AEP, 2030년 부하 +24GW(데이터센터)","title_en":"AEP to add 24GW of load by 2030 (datacenters)","excerpt":"데이터센터·산업 부하에 전력 공급(2030년 +24GW).","excerpt_en":"Power to datacenter and industrial load (+24GW by 2030)."}]},{"direction":"cost","counterparty":"Bloom Energy","counterparty_slug":"bloom-energy","confidence":"high","metric":null,"note":"Bloom 연료전지 1GW($26.5억)를 확보 — 송전망 건설 전 데이터센터 전력을 메우는 브리지로, 부하를 놓치지 않으려는 조달이자 상류 공급 병목.","note_en":"Secured 1GW of Bloom fuel cells ($2.65bn) — a bridge to power datacenters before transmission is built, procurement to avoid losing load and an upstream supply bottleneck.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/0000004904/000000490426000011/a4q20258kpressreleaseex991.htm","title":"AEP FY2025 실적(8-K)","title_en":"AEP FY2025 results (8-K)","excerpt":"데이터센터 전력에 Bloom 연료전지 1GW($26.5억) 확보.","excerpt_en":"Secures 1GW of Bloom fuel cells ($2.65B) for datacenter power."},{"stance":"confirms","publisher":"Utility Dive","publisher_en":"Utility Dive","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.utilitydive.com/news/aep-bloom-energy-fuel-cell-data-center/733150/","title":"AEP·Bloom 1GW 연료전지(데이터센터 전력)","title_en":"AEP-Bloom 1GW fuel cell deal for datacenters","excerpt":"데이터센터 전력에 Bloom 연료전지 1GW($26.5억) 확보.","excerpt_en":"Secures 1GW of Bloom fuel cells ($2.65B) for datacenter power."}]},{"direction":"revenue","counterparty":"소매·송배전 (규제)","counterparty_slug":null,"confidence":"high","metric":null,"note":"규제 소매·송배전이 안정적 요금기반 매출의 바닥 — 데이터센터 부하가 이 위에 CAPEX 성장으로 얹히는 구조.","note_en":"Regulated retail and T&D are the stable rate-base revenue floor onto which datacenter load stacks as CAPEX growth.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/0000004904/000000490426000011/a4q20258kpressreleaseex991.htm","title":"AEP FY2025 실적(8-K)","title_en":"AEP FY2025 results (8-K)","excerpt":"규제 소매·송배전 매출.","excerpt_en":"Regulated retail and T&D revenue."}]},{"direction":"cost","counterparty":"Quanta Services","counterparty_slug":"quanta-services","confidence":"mid","metric":null,"note":"송전·변전 시공을 콴타서비스 등에 발주 — 24GW 부하를 받는 그리드 CAPEX($540억)의 실행 파트너라, 시공 캐파가 요금기반 성장의 병목.","note_en":"Awards transmission/substation construction to Quanta and others — the execution partner for the grid CAPEX ($54bn) absorbing 24GW of load, so build capacity is the bottleneck to rate-base growth.","sources":[{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.nasdaq.com/articles/quanta-biggest-winner-data-center-power-demand","title":"Quanta, 데이터센터 전력 수요 최대 수혜","title_en":"Quanta, biggest winner from datacenter power demand","excerpt":"송전·변전 시공을 콴타서비스 등에 발주.","excerpt_en":"Contracts transmission and substation construction to Quanta and others."}]},{"direction":"cost","counterparty":"HD Hyundai Electric","counterparty_slug":"hd-hyundai-electric","confidence":"mid","metric":null,"note":"초고압 변압기를 HD현대일렉트릭 등에서 조달 — 송전망 증설의 핵심 기자재로, 글로벌 변압기 공급 부족이 그리드 건설 속도를 좌우한다.","note_en":"Sources extra-high-voltage transformers from HD Hyundai Electric and others — key grid gear whose global shortage governs how fast transmission gets built.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/0000004904/000000490426000011/a4q20258kpressreleaseex991.htm","title":"AEP FY2025 실적(8-K)","title_en":"AEP FY2025 results (8-K)","excerpt":"초고압 변압기를 HD현대일렉트릭 등에서 조달.","excerpt_en":"Sources EHV transformers from HD Hyundai Electric and others."}]},{"direction":"cost","counterparty":"발전·연료 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"가스·발전 설비와 연료비 — 규제·연료비 회수 구조에 묶여 있으나, 발전 믹스와 연료가격이 원가 변수.","note_en":"Generation assets and fuel cost — within regulated/fuel-recovery mechanics, but generation mix and fuel prices remain cost variables.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/0000004904/000000490426000011/a4q20258kpressreleaseex991.htm","title":"AEP FY2025 실적(8-K)","title_en":"AEP FY2025 results (8-K)","excerpt":"가스·발전 설비·연료.","excerpt_en":"Gas, generation gear and fuel."}]}]}