10/22/1999

AEP PLEASED BY PUCO DECISION TO WITHDRAW OPPOSITION TO MERGER

Columbus, Ohio and Dallas, Texas (Oct. 22, 1999) -- The Public Utility Commission of Ohio (PUCO) will notify the Federal Energy Regulatory Commission (FERC) that the PUCO is no longer opposing American Electric Power’s (NYSE: AEP) pending merger with Central and South West Corp. (NYSE: CSR) or seeking conditions on the merger. "We’re pleased by the action taken by the commissioners yesterday," said E. Linn Draper Jr., AEP chairman, president and chief executive officer. "The issues initially raised by the PUCO in its intervention have less to do with the merger than with Ohio's transition to a restructured electric industry. These issues will be addressed in our Ohio transition plan filing scheduled for later this year. We look forward to working cooperatively with the commission and its staff to ensure that the rules of the road for competition in Ohio are fair and effective for the company and its customers. "AEP has been a strong corporate citizen in Ohio. The PUCO’s action makes it easier for AEP to continue its commitment to its customers. And, once our merger is complete, we will be in an even better position to address the needs of our customers and communities." AEP and CSW announced their intention to merge on Dec. 22, 1997. The merger has received conditional approval by state regulatory commissions in Arkansas and Louisiana, and approval in Oklahoma, three of the four states within CSW's service territory. The Public Utilities Commission of Texas is scheduled to consider the merger for decision during its open meeting on Nov. 2; however, the Texas administrative law judge earlier determined that the merger is in the public interest. AEP and CSW reached a settlement with the FERC trial staff in which the staff supports a finding that the merger will have no adverse effect on competition. The FERC hearings concluded on July 19. On July 28, the FERC issued an order imposing a procedural schedule on the FERC administrative law judge calling for his proposal for decision no later than Nov. 24 and stating its intention to act on the pending merger no later than February or March of next year. AEP and CSW have announced settlement agreements with the International Brotherhood of Electrical Workers (IBEW) and the Utility Workers Union of America (UWUA) resulting in the IBEW and UWUA local unions withdrawing their opposition to completion of the merger; as well as with the Indiana Utility Regulatory Commission (IURC) resulting in Indiana customers receiving merger benefits and including a commitment by the IURC not to oppose the merger during consideration of the merger agreement by the FERC and the SEC. AEP and CSW also have announced a settlement agreement with key parties in Kentucky that has been approved by the Kentucky Public Service Commission, as well as a settlement agreement with the Missouri Public Service Commission addressing that commission's concerns about the effect of the merger on retail competition in the state. Additionally, AEP and CSW have reached settlements with a variety of wholesale customers who had intervened in federal proceedings. The Nuclear Regulatory Commission has approved a license transfer application related to the merger. The merger requires approval by the FERC and the SEC and review by the Department of Justice. Upon completion of the merger, the new company will be called American Electric Power. Central and South West Corp. is a global, diversified public utility holding company based in Dallas. CSW owns four electric operating subsidiaries serving 1.7 million customers in Texas, Oklahoma, Louisiana and Arkansas; a regional electricity company in the United Kingdom; other international energy operations and non-utility subsidiaries involved in energy-related investments, telecommunications, energy efficiency and financial transactions. 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. News releases and other information about CSW can be found on the World Wide Web at http://www.csw.com.

For More Information, Contact: For American Electric Power Pat Hemlepp 614/223-1620 For Central and South West Larry Jones 214/777-1276

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